Valeura Energy Inc Announces Q3 2026 Operations Update

CALGARY, AB / ACCESS Newswire / October 7, 2026 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) ("Valeura" or the "Company") provides an operations and financial update for Q3 2026.

Highlights

1. Working interest share production, before royalties.
2. Includes restricted cash of US$15.8 million.
3. Block G1/48, 90% operated working interest.
4. Block G3/65, 40% non-operated working interest; Thailand's cabinet has granted executive approval for the assignment of interest to Valeura. Completion anticipated in October 2026.
5. Block B5/27, 100% operated interest.
6. Block G10/48, 100% operated interest.

Dr. Sean Guest, President and CEO commented:

"Our Q3 2026 production was exactly on plan, and once again, confirms our guidance expectations for the full year 2026. Operational performance has been very strong, with no deviations from our high standards on health, safety, and environmental stewardship. At the same time, our financial performance has been remarkable as the Company is able to capture full benefit of current oil prices as it carries no hedging, operates under simple tax/royalty-based fiscal terms, and benefits from historic tax loss carry-forwards. Our balance sheet is stronger than ever before, with US$385 million in cash and no debt.

During Q3, we advanced several strategic priorities including securing government approval for our Block G1/65 and G3/65 farm-in(1), and thereafter taking a final investment decision to pursue the first phase of gas development on the Bussabong field. We are also encouraged by the potential for additional oil development on Block G1/48 as a result of our exploration discovery of the Suraphi field, which we believe has the potential to extend the productive life of the Manora field and may support further exploration and development opportunities in the area.

We also achieved a key milestone at our Jasmine field this quarter, with cumulative production hitting the milestone of 100 million barrels of oil produced to date. More recently, our Wassana redevelopment project achieved a key milestone as well. Onshore construction of our new-build CPP was completed early and is on track for accelerated installation, starting in October 2026.

Operationally and financially, our business is delivering extremely well and I am pleased to see external recognition of this across all aspects of our business. This quarter we were recognised by the Toronto Stock Exchange as one of the top 30 performing companies based on three-year share price performance. We received four awards from the Thailand Ministry of Environment for our environmental monitoring practices. And finally, our Company's approach to adopting new technology was recognised by the Society of Petroleum Engineers in Thailand in response to our introduction of complex multi-lateral drilling at the Nong Yao field. "

1. 40% non-operated working interest.

Q3 2026 Update

Valeura's working interest share production before royalties was on plan for Q3 2026, averaging 22.1 mbbls/d. The Company sold a total of 2.013 million bbls of oil during the quarter with average realised prices of US$97.4/bbl, resulting in revenue of US$196.1 million. Revenue includes crude oil receivables of US$22.5 million at 30 September 2026, in respect of oil sales just prior to the end of the quarter. The Company anticipates collecting upon such receivable in the early part of Q4 2026.

The Company's cash position increased to US$384.9 million at 30 September 2026. Valeura has no debt.

Wassana CPP Completion

Onshore construction of the Wassana CPP was fully completed on 01 October 2026. Jacket and CPP have been loaded on to vessels for transportation and installation on the field, starting in October. This follows the installation of an oil export pipeline which will connect the new CPP to the floating storage and offloading vessel, which was completed in September, on plan and budget. The Company is planning to begin development drilling late in 2026.

Overall, the Company's plan to accelerate the original Wassana redevelopment project schedule by approximately two months is on track. Management continues to forecast first oil production from the CPP at approximately the beginning of Q2 2027.

Results Timing

Valeura intends to release its full unaudited financial and operating results for Q3 2026 on 11 November 2026 and will discuss the results in more detail through a management webcast.

For further information, please contact:

Valeura Energy Inc. (General Corporate Enquiries) +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com

Valeura Energy Inc. (Investor and Media Enquiries) +1 403 975 6752
Robin James Martin, SVP, Communications and Investor Relations
IR@valeuraenergy.com

Contact details for the Company's advisors, covering research analysts and joint brokers, including ATB Cormark Capital Markets, Auctus Advisors LLP, Beacon Securities Limited, Canaccord Genuity Ltd (UK), Research Capital Corporation, Roth Canada Inc., and Stifel Nicolaus Europe Limited, are listed on the Company's website at www.valeuraenergy.com/investor-information/analysts/.

About the Company

Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and Türkiye. The Company is executing a growth-oriented strategy, reinvesting into its producing asset portfolio while deploying capital toward further organic and inorganic growth across Southeast Asia. Valeura is committed to delivering value-accretive growth for all stakeholders, underpinned by high standards of environmental, social and governance responsibility.

Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

Unaudited Financial Information

Certain anticipated financial and operating results for Q3 2026 in this news release are preliminary estimates based on unaudited financial information. These preliminary figures have not been audited or reviewed by the Company's auditor and remain subject to change, which changes could be material, upon completion of the Company's unaudited interim financial statements for the three and nine months ended 30 September 2026 and management's final review.

Advisory and Caution Regarding Forward-Looking Information

Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "target" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this news release includes, but is not limited to: the potential for more oil development on Block G1/48 as a result of the Company's exploration discovery of the Suraphi field; and timing for the installation of the Wassana CPP, development drilling, and first oil production. Forward-looking information is based on management's current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating and the continuity of existing fiscal and regulatory regimes; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct, including approval of gas pricing and formalization of gas sales agreements; future drilling activity on the required/expected timelines; the prospectivity of the Company's lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation on future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of geopolitical conflicts, including conflicts in the Middle East, and between Russia and Ukraine; royalty rates and taxes; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to fund its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms, including access to processing facilities; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company's reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; future debt levels; the Company's continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner; PTTEP's continued participation as operator and joint venture partner in accordance with expectations; the timely completion of construction and deployment of wellhead platforms; and the continued applicability of customary Thai domestic gas pricing frameworks. In addition, the Company's work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners' plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from the Farm-in and the Bussabong development, including the risk that actual capital expenditures exceed estimates or that development timelines are delayed; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company's ability to manage growth; the Company's ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; geopolitical risks and instability; and the risk associated with international activity. See the Company's most recent annual information form and the MD&A for a detailed discussion of the risk factors.

The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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SOURCE: Valeura Energy Inc.