Valeura Energy Inc. · TSX:VLE
Valeura Energy — Corporate Update (October 2026)
29 slides from Valeura Energy's corporate update, October 2026
Slide 1: Corporate Update: Adding Value Through Growth
CORPORATE UPDATE Adding Value Through Growth October 2026
Slide 2: Disclaimers and Advisories
DISCLAIMERS AND ADVISORIES General Advisory The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. Prospective Maps The Gulf of Thailand maps featured in this presentation has been compiled by Valeura based on various
Slide 3: Recognised Value Delivery
FOCUSSED ON VALUE Share Price Performance Since 01 Jan 2022 (TSX: VLE) RECOGNISED 18 Farm-in 18 PTTEP Thailand(1) 16 16 VALUE DELIVERY 14 Acquisition Mubadala Energy 14 C$/share 12 Thailand 12 Acquisition KrisEnergy Market Data (TSX: VLE) 10 10 C$/share Thailand Share price (2) C$16.50/share 8 8 Mar
Slide 4: Valeura's Priorities
VALEURA’S PRIORITIES STRATEGY CORE DELIVER VALUE THROUGH GROWTH MAXIMISE CASHFLOW FROM OPERATIONAL EXCELLENCE INORGANIC GROWTH ORGANIC PORTFOLIO • Executive with proven • Accretive M&A based on ENABLER • Re-invest to replace/grow international operations value and operational reserves experience in
Slide 5: Material Producing Portfolio With Upside
PORTFOLIO Producing Thailand Exploration/ MATERIAL PRODUCING Development PORTFOLIO WITH UPSIDE Myanmar Cambodia Manora 70% OPERATED WI 2.0 MBBLS/D(1) Jasmine • Field life extended repeatedly 100% OPERATED WI 7.8 MBBLS/D(1) • Suraphi oil exploration discovery – • Production and reserves greatly devel
Slide 6: Nong Yao: Production Growth
Ubon BLOCK G11/48 NONG YAO: Nong Yao Northeast fairway PRODUCTION GROWTH Key Facts 2026 Work Programme Ownership 90% • Completed 7-well development and appraisal well Operator Valeura Energy campaign covering A and B platforms in 2026 • Innovative multi-lateral drilling Nong Licence Yao 2036 (2046 w
Slide 7: Wassana: A Cornerstone for Future Growth
BLOCK G10/48 North Satellite Niramai WASSANA: A CORNERSTONE FOR FUTURE GROWTH Key Facts 2026 Work Programme Redevelopment Ownership 100% • Workovers and ongoing maintenance focus area Operator Valeura Energy on existing MOPU facility Wassana • Complete construction and installation Licence expiry 20
Slide 8: Wassana Redevelopment
BLOCK G10/48 Project Status WASSANA • Construction of CPP completed 2 months early REDEVELOPMENT • Installation of jacket and pipelines completed • Expect to install CPP Project Overview onsite in October • Building a new Central Processing Platform to replace MOPU • Development drilling • Long desi
Slide 9: Jasmine: Exceeding Expectations
BLOCK B5/27 2026 Work Programme Longer-term Vision JASMINE: EXCEEDING • Completed 6 development and appraisal wells • Arresting natural declines EXPECTATIONS • Completed life-extension work on FPSO • Managing costs and improving efficiency • Planning for exploration on prospect • Near-field explorat
Slide 10: Manora: Emerging Organic Growth Story
BLOCK G1/48 MANORA: EMERGING Block G1/48 (Manora) ORGANIC GROWTH STORY Key Facts 2026 Work Programme Ownership 70% • Purchased Manora FSO for US$15.5 million(3), Oil field Prospect lease cost savings >US$5 million/year (or Production facility Operator Valeura Energy US$7.3/bbl) FSO Licence expiry 20
Slide 11: Gas Development and Promising Exploration
BLOCK G3/65 Nong Yao Northeast GAS DEVELOPMENT AND fairway Chang PROMISING EXPLORATION Daeng Key Facts 2026 Work Programme Ownership 40%(1) • FID of Bussabong gas field and commence development of 2 new platforms Bussabong Operator PTTEP • 3D Seismic processing and interpretation of ABM area to supp
Slide 12: Bussabong Gas Development FID
BLOCK G3/65 CEO: “We see this as just the beginning” • Multiple fault-block compartments BUSSABONG GAS • • Appraisal and exploration upside identified on 3D seismic Potential for further phases of development DEVELOPMENT FID • Repeatable development Phase 1 Project Overview model • Potentially a new
Slide 13: Multiple Exploration Opportunities Near Infrastructure
BLOCK G1/65 MULTIPLE EXPLORATION Block G1/65 OPPORTUNITIES NEAR INFRASTRUCTURE Surin- Tantawan 2026 Work Programme Salawin Key Facts North Ownership 40%(1) • 3D Seismic processing completed and interpretation ongoing Operator PTTEP • Planning for exploration drilling in H2’ 27 Licence expiry May 204
Slide 14: Prolific Oil & Gas Province
GULF OF THAILAND OVERVIEW PROLIFIC OIL & GAS PROVINCE Gulf of Thailand 1P Reserves (1) Life Index (Years) 3.2 2.8 4.7 4.9 4.7 5.0 Reserves Additions Production Reserves Cambodia/ Thaila nd Overla pping Cla ims Area Replacement YEAR-OVER-YEAR • Annually replaces production through ongoing development
Slide 15: Complexity Yields Reserves Growth
GULF OF THAILAND GEOLOGY COMPLEXITY YIELDS Conceptual Development Drilling Approach Actual Development Drilling Example (Jasmine) RESERVES GROWTH New wellhead platforms built to access further fault blocks Continuous Drilling: MULTIPLE STACKED RESERVOIRS, NUMEROUS FAULT BLOCKS B A C D • Unpenetrated
Slide 16: Adding Reserves, Adding Cash Flow
VALEURA RESERVES ADDING RESERVES, ADDING CASH FLOW 218% Reserves Replacement Adding Future Cash Flow 218% RRR OVER THREE YEARS BY EXTENDING ECONOMIC FIELD LIFE Valeura has added (organically) substantially more 2P End of field life extended for every field under Valeura’s reserves than it acquired f
Slide 17: Strong Cashflow Generation
CASH FLOW – Q2 2026 Q2 2026 CASHFLOW BRIDGE (US$ million) STRONG 260 (31) Lifting: 2.45 mmbbls Realised Price: US$105.8/bbl CASHFLOW (59) GENERATION Excellent Exposure to High Oil Prices (8) 163 (8) 154 • International pricing on par with Brent benchmark • Recent premia well above pre-war levels • S
Slide 18: 2026 Guidance
GUIDANCE 2026 GUIDANCE 2026 Revised 2026 Updated 2026 Commentary Guidance 2026 Work Programme Synopsis Guidance Guidance • Drilling rig on contract Jan-Aug 2026 • 16 development and appraisal wells and at least one • Range narrowed after 19.5 – 22.5 19.5 – 22.5 20.0 – 22.0 exploration well through A
Slide 19: Capital Allocation: Strong Cash Flow Underpins Optionality
CAPITAL ALLOCATION STRONG CASH FLOW UNDERPINS OPTIONALITY Strong Cash Flow CAPITAL / ORGANIC INVESTMENT • CAPEX: INVESTING TO MAINTAIN AGGREGATE PRODUCTION FROM EXISTING PRODUCING FIELDS • SATELLITE OIL FIELD DEVELOPMENTS AIMED AT INCREASING PRODUCTION ABOVE 25KBBL/D(1) • GAS AND OIL DEVELOPMENTS IN
Slide 20: Inorganic Growth: Unique Opportunities to Create Significant Value
INORGANIC GROWTH UNIQUE OPPORTUNITIES Myanmar TO CREATE SIGNIFICANT Laos VALUE Thailand 710 Cambodia Competitive Strength and Liquidity • Significant M&A experience in the SEA region US$ mm Phil. • Demonstrated ability to transact and close deals TOTAL LIQUIDITY (4) • Proven high quality operatorshi
Slide 21: Sustainable Operations
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE SUSTAINABLE >30 % OPERATIONS REDUCTION IN GHG INTENSITY Zero Environmental 2025 Sustainability Report • Full measurement and reporting of emissions • Delivered a further reduction in GHG emissions intensity of 13% in 2025 • Achieved a 30% reduction since origina
Slide 22: Delivering Substantial Value
DELIVERING SUBSTANTIAL VALUE “Catch the Energy” Conference Transformative Deals (2022) 2023 2024 2025 2026 • 20 mbbls/d production $16.50 (7) • Purchased for ~US$10 million, plus contingencies and costs Share Price (C$/share)(1) $ 2.70 $ 4.60 $ 7.80 $ 13.60 • Market liked the deal but concern on sho
Slide 23: Key Messages
KEY MESSAGES OPERATIONS ARE ON MARGINS ARE DRIVING TRACK STRONG GROWTH EMERGING DELIVERING DEVELOPMENT PRODUCTION BALANCE ORGANIC M&A RESERVES PROJECTS PRICE SHEET GROWTH CASH FLOW We are ready Energised reserves Is on target EXPOSURE Cash position has New well slots, Generation has Development Oppo
Slide 24: Footnotes
FOOTNOTES Slide 3: Recognised Value Delivery 1) Thailand’s government has granted executive approval for 40% interest transfer to Valeura. 2) 09 October 2026 3) ADTV 30 as of 09 October 2026 4) Q3 2026 average working interest share production before royalties 5) 30 September 2026 Slide 5: Material
Slide 25: Footnotes (continued)
FOOTNOTES (CONTINUED) Slide 9: Jasmine: Exceeding Expectations 1) Guidance 2026 average working interest share production before royalties 2) Gross 2P working interest share reserves and unrisked gross 2C resources per NSAI report, as of 31 December 2025 3) Anticipated recoverable volumes as represe
Slide 26: Footnotes (continued)
FOOTNOTES (CONTINUED) Slide 17: Strong Cashflow Generation 1) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated 06 August 2026 for reconciliation with financial statement Slide 18: 2026 Guidance 1) Full year average working interest share production before royalties 2) No
Slide 27: General Corporate Inquiries / Investor Inquiries
General Corporate Inquiries Sean Guest, President and CEO Yacine Ben-Meriem, CFO +65 6373 6940 Contact@valeuraenergy.com Investor / Media Inquiries Robin James Martin, SVP, Communications and Investor Relations +1 403 975 6752 IR@valeuraenergy.com
Slide 28: Continue to Strengthen the Balance Sheet
BALANCE SHEET Q2 2026 CASH BALANCE BRIDGE (US$ million) CONTINUE TO 154 US$17 million Wassana Redevelopment STRENGTHEN THE (55) 5 BALANCE SHEET (24) 342 316 (19) Q2 2026 Financials (7) 262 • Capex and expex of US$55 million; includes US$17 million for WSN Redevelopment • FCF: Generated US$105 millio
Slide 29: Türkiye Deep Tight Gas Play: Farm-in with Transatlantic
TÜRKIYE DEEP TIGHT GAS PLAY VERY LARGE PROVEN PLAY • Valeura lands 995 km2 (gross) • 41 km wide significantly over-pressured play • In-place gas proven across basin with drilling -Prospective Hanoglu-1 Resource estimated at 20 Tcfe(1) • All appraisal wells have flowed gas (12 tests) Excellent techni