Star Metro - Valeura Energy Inc. Announces Record Operational and Financial Performance in Q2 2026

The complete quarterly reporting package for the Company, including the unaudited financial statements (the "Interim Financial Statement") and associated management's discussion and analysis ("MD&A") are being filed on SEDAR+ at www.sedarplus.caand posted the Company's website at www.valeuraenergy.com.

Q2 Highlights

• Oil production of 2.030 million bbls, averaging 22,309 bbls/d ⁽¹⁾;

• Oil sales of 2.454 million bbls;

• Price realisations averaged US$105.8/bbl, resulting in revenue of US$259.8 million;

• Adjusted EBITDAX of US$162.8 million⁽²⁾, adjusted cashflow from operations of US$154.1 million⁽²⁾, and free cash flow of US$104.7 million⁽²⁾;

• Net cash of US$316.5 million⁽³⁾, with no debt;

• Secured a formal reduction of the Manora field's decommissioning liability, resulting in a partial release of bank guarantees, and therefore a 31% reduction in restricted cash; and

• Drilled the longest horizontal lateral ever recorded in the Gulf of Thailand and also the first ever complex multi-lateral development well in Thailand, both on the Company's Nong Yao field⁽⁴⁾.

Recent Achievements

1. Working interest share production, before royalties.

2. Non-IFRS financial measure or non-IFRS ratio - see "Non-IFRS Financial Measures and Ratios" section

3. Includes restricted cash of US$15.8 million.

4. Block G11/48, 90% operated working interest.

Dr. Sean Guest, President and CEO commented:

"From both a financial and operating perspective, Q2 2026 was an outstanding quarter.

The combination of higher oil sales volumes and sharply higher price realisations has flowed directly through to our highest priority metrics. We generated adjusted cash flow from operations of US$154 million⁽¹⁾, and free cash flow of US$104.7 million, enabling us to further bolster our balance sheet, which had US$316 million in cash as of 30 June 2026. While we believe this provides meaningful financial capacity to support our growth strategy, after the end of the quarter, we've added even more liquidity by entering into our maiden credit facility, which can provide up to US$325 million in debt by way of an uncommitted accordion feature.

From this position of strength, we are primed and ready to pursue our growth ambitions, both through M&A and also by accelerating select organic investments including a potential option to accelerate our Wassana redevelopment project, based on construction of our new-build central processing platform proceeding comfortably ahead of schedule. We also intend to bring our new drilling rig on contract earlier than originally envisaged, with plans to drill three new wells at Nong Yao."

1. Adjusted free cash flow is a non-IFRS financial measure that does not have a standardised meaning under IFRS - see "Non-IFRS Financial Measures" section.

2. PTTEP Energy Development Company Limited, a subsidiary of PTT Exploration and Production Public Company Limited.

3. Working interest share production before royalties.

Financial and Operating Results Summary

1. Working interest share production before royalties.

2. Non-IFRS financial measure or non-IFRS ratio - see "Non-IFRS Financial Measures and Ratios" section in this MD&A.

3. Includes restricted cash.

Financial Update

The Company's Q2 2026 financial performance reflects ongoing production operations at all four of its fields in the offshore Gulf of Thailand, and was strongly influenced by higher realised prices during the quarter as well as higher sales volumes.

Valeura's working interest share production before royalties averaged 22,309 bbls/d, resulting in a total of 2.030 bbls produced during Q2 2026, an increase of 4% over Q2 2025. Production was in line with the Company's expectations for the quarter, and continues to support its production guidance outlook for the full year 2026.

Oil sales totalled 2.454 million bbls during Q2 2026, which was substantially higher than production, and therefore represents a reduction in crude oil inventory, which was in a higher-than-usual position at the beginning of the quarter. Realised prices during Q2 2026 averaged US$105.8/bbl, a 56% increase over Q2 2025, and a reflection of higher global oil benchmark prices as a result of the conflict in the Middle East.

With the combination of higher oil sales and higher realised prices, Q2 2026 revenue was US$259.8 million, approximately double the Company's Q2 2025 revenue. Three parcels of crude oil were sold just prior to the end of Q2 2026, resulting in proceeds not being received until early Q3 2026. These sales are included in revenue, but are not reflected in the Company's cash position as at 30 June 2026.

Valeura's cost of operations in Q2 2026 was influenced by increases in the price of diesel, which is consumed across the Company's portfolio and comprises a material proportion of the operating budget. Operating costs for the quarter totalled US$58.3 million, equating to US$28.7/bbl of oil produced. As previously disclosed, in describing its cost of ongoing operations Valeura intends to focus primarily on operating costs, which is an IFRS measure. However, the Company continues to provide information on Adjusted opex, a non-IFRS measure⁽¹⁾, for historical comparative purposes. To derive Adjusted opex, the Company adjusts for (1) the cost of leases, relating primarily to floating infrastructure used in its operations, which totalled US$5.9 million in Q2 2026; and (2) the capitalisation of inventory, amounting in Q2 2026 to (US$5.5) million. These adjustments thereby result in Adjusted opex of US$58.7 million, or US$28.9/bbl of oil produced.

Valeura generated adjusted cashflow from operations⁽¹⁾ of US$154.1 million in Q2 2026, approximately a three-fold increase from Q1 2025, reflecting the higher cash flow margins which were driven by higher sales volumes and higher realised prices more than offsetting increases in operating costs.

Cash tax payments during Q2 2026 were US$19.2 million, relating primarily to Special Remuneratory Benefit ("SRB") obligations arising from the Company's 2025 production. Petroleum Income Taxes ("PITA") accrued relating to the Nong Yao, Wassana, and Manora fields was fully offset by the application of tax loss carry-forwards. No further PITA or SRB cash tax payments are anticipated in 2026.

Valeura made cash outlays in respect of its operations and capex of US$111.9 million in Q2 2026, and generated Other Income, primarily related to its overriding royalty on the Rossukon field and interest income, of US$5.4 million. As a result, the Company's performance was additive to its financial position. As at 30 June 2026, cash had increased to US$316.5 million, including restricted cash of US$15.8 million. Valeura's adjusted net working capital⁽¹⁾ increased to US$321.7 million as of 30 June 2026, an increase of 33% from 31 March 2026, and 23% from 31 December 2025.

During Q2 2026, Valeura and Thailand's upstream regulator agreed to a reduction in the anticipated future decommissioning cost of its Manora field, to match the estimates used in deriving Valeura's reported asset retirement obligations. As a result, the amount of security required to be lodged with the Government of Thailand to support this future spending was reduced, thereby reducing the Company's restricted cash while increasing its (unrestricted) cash. In addition, cash from the oil sales, occurring in late June 2026 was not received until early in the following quarter. As a result, the Company recorded a net crude⁽²⁾ receivable in the amount of US$42.7 million to reflect the timing of payment happening in Q3 rather than Q2 2026.

1. Non-IFRS financial measure or non-IFRS ratio - see "Non-IFRS Financial Measures and Ratios" section.

2. Excludes VAT.

Operations Update

During Q2 2026, Valeura had ongoing production operations at all of its Gulf of Thailand fields, including Jasmine, Manora, Nong Yao, and Wassana, resulting in average working interest share production before royalties of 22,309 bbls/d. One drilling rig was on contract throughout the quarter.

Jasmine / Ban Yen

Oil production before royalties from the Jasmine/Ban Yen field, in Licence B5/27 (100% operated interest) averaged 7,739 bbls/d during Q2 2026.

Work focused on routine production operations and maintenance during the quarter and in addition, the Company began a drilling campaign on the Jasmine field in mid-June 2026. The drilling campaign is being conducted from the Jasmine-C and Jasmine-D platforms, and includes three single-bore development wells, and a two-wellbore multi-lateral development well. Valeura will announce well results in due course.

Nong Yao

Oil production before royalties from the Nong Yao field, in Licence G11/48 (90% operated working interest) averaged 9,641 bbls/d during Q2 2026.

Production results reflect the impact of an eight-well drilling campaign conducted during Q1 and Q2 2026. Amongst the wells drilled was NYA-42ST1H which set a new Gulf of Thailand record for the longest horizontal lateral ever drilled. In addition, the campaign included Valeura's first ever multi-lateral well, NYB-02ST1, which entailed a complex junction point from which two separate horizontal production legs were drilled. This was the first multi-lateral with this level of complexity ever attempted in Thailand.

The Company conducted a five-day planned maintenance shutdown in July 2026, which was completed safely and on budget.

Engineering and construction work is progressing on the Company's project to add four additional well slots to the Nong Yao A platform, which is on-track and is targeting readiness for drilling from the new slots in Q4 2026. The Company intends to bring its new drilling rig on contract on approximately 01 November 2026 with a plan to drill three new wells at Nong Yao.

Wassana

Oil production before royalties from the Wassana field, in Licence G10/48 (100% operated interest), averaged 2,781 bbls/d during Q2 2026. No wells were drilled on the licence in Q2 2026, and no further wells are planned to be drilled from the field's current production facility, the Mobile Offshore Product ion Unit ("MOPU") Ingenium. Ongoing work is oriented toward maintaining the MOPU in good working order prior to deploying a new-build CPP.

Construction work on the CPP continues to progress ahead of schedule, with mechanical completion now anticipated 01 October 2026. Given this progress, the Company is working on an option to expedite the installation of the facility, potentially leading to earlier development drilling and therefore earlier first oil than originally envisaged.

Manora

Oil production before royalties from the Manora field, in Licence G1/48 (70% operated working interest), averaged 2,148 bbls/d during Q2 2026.

Work was largely focused on routine production operations and maintenance during the quarter.

In addition, the Company is preparing to drill an open water exploration well on Licence G1/48 to evaluate a potential oil accumulation within tie-back distance to the Manora platform. Valeura intends to mobilise its contracted drilling rig to the location in August 2026, following the Jasmine drilling campaign.

Block G1/65 and B3/65

Valeura anticipates near term approval of the Government of Thailand for a transfer of interest in Blocks G1/65 and G3/65, which will result in the Company holding a 40% working interest. Under the terms of its agreement with PTTEP, Valeura is required to pay to PTTEP its share of back costs and a carried seismic programme, as contemplated in the agreement between Valeura and PTTEP. As of 30 June 2026, such total was estimated as US$25.3 million (of which US$1.8 million has already been paid as a deposit).

During Q2 2026, Valeura and PTTEP continued the technical and commercial work to support the final investment decision ("FID") for a two-platform gas development in the Bussabong area of Block G3/65. Valeura anticipates FID later in 2026. In addition, the teams were working together to support planning the next phases of appraisal and exploration in both the G1/65 and G3/65 blocks. This will be guided by the new 3D seismic data, for which processing has recently been completed.

Türkiye

Valeura's farm-in partner, Transatlantic Petroleum LLD ("Transatlantic") has equipped the Devepinar-1 for a long-term test but continues to trouble-shoot the well's downhole conditions to facilitate continuous gas flow.

The work completed by Transatlantic has satisfied its earning requirements for the West Thrace licence and leases. Once government approval is granted and the interest is transferred, this will result in the following holdings: Transatlantic will hold a 50% working interest, Valeura 31.5%, and Pinnacle Turkey, Inc. ("Pinnacle") 18.5%. Valeura continues to hold 100% in the neighbouring Banarli block.

A further two-year appraisal period extension has been granted by the government for the West Thrace licence, resulting in a new expiry date of 27 June 2028. The Banarli licence was granted an extension of six months to 27 December 2026 to allow for the drilling of a commitment well by the land's shallow rights owner. This well has now been completed as a gas discovery and Valeura is preparing documentation for the two-year appraisal period. The East Banarli licence, which was deemed unprospective, has been returned to the government.

Guidance

Production is currently on target and Valeura is continuing to maintain the mid-point of its original full year 2026 guidance, however with the first half of the year completed, the Company is narrowing the range.

Guidance on full year adjusted opex is also maintained, although the Company acknowledges that this

metric is expected to be at the upper end of the range as it is influenced by the cost of diesel fuel which has recently trended above expectations as a result of the increased global price of oil and refined products.

All capital projects associated with Valeura's original 2026 work programme, and those added by way of its Revised Guidance, as announced in May 2026, remain on budget. Should the Company reach commercial agreements to accelerate the installation of the Wassana CPP then this will increase the 2026 Capex and will also accelerate some planned 2027 Capex into 2026. Any increase in this budget would be supported by the associated increase in production and cashflow in 2027. The Company intends to update the market when this option is firm.

1. Working interest share production before royalties.

2. Non-IFRS financial measure or non-IFRS ratio - see "Non-IFRS Financial Measures and Ratios" section.

The Company intends to fund its Adjusted opex and Adjusted capex spending from ongoing cash flow. Valeura intends to deploy financial resources from the Facility to support mergers and acquisitions, and plans to only draw from the Facility when acquisition funding is needed.

Webcast

Valeura's management team will host an investor and analyst webcast today, Thursday, 06 August 2026 at 09:00 Calgary / 16:00 London / 22:00 Bangkok / 23:00 Singapore to discuss this announcement. The live audio and video feed can be accessed via the link below. Written questions may be submitted through the webcast system or by email to [email protected].

Webcast link: https://events.teams.microsoft.com/event/51848c35-ba42-46e1-94c0-9735e851858d@a196a1a0-4579-4a0c-b3a3-855f4db8f64b

An audio only feed of the event is available by phone using the Conference ID and dial-in numbers below.

Conference ID: 587 823 291#

Dial-in numbers:

Canada: 833-845-9589

Singapore: +65 6450 6302

Thailand: +66 2 026 9035

Türkiye: 0800 142 034779

United Kingdom: 0800 640 3933

United States: (833) 846-5630

For further information, please contact:

Valeura Energy Inc. (General Corporate Enquiries) +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
[email protected]

Valeura Energy Inc. (Investor and Media Enquiries) +1 403 975 6752
Robin James Martin, SVP, Communications and Investor Relations
[email protected]

Contact details for the Company's advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Beacon Securities Limited, Canaccord Genuity Ltd (UK), Cormark Securities Inc., 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 Q2 2026 in this news release, including free cash flow, 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 six months ended 30 June 2026 and management's final review.

Non-IFRS Financial Measures and Ratios

Adjusted EBITDAX: is a non-IFRS financial measure which does not have a standardised meaning prescribed by IFRS Accounting Standards. This non-IFRS financial measure is included because management uses the information to analyse the financial performance of the Company. Adjusted EBITDAX is a non-IFRS and non-standardised variant of EBITDAX, adjusted to remove non-cash items as well as certain non-recurring costs including severance payments and other one-off items in relation to the Company's recent acquisitions. Adjusted EBITDAX is calculated by adjusting profit for the period before other items as reported under IFRS Accounting Standards to exclude the effects of other income, exploration, SRB, finance income and expense, depletion, depreciation & amortisation ("DD&A"), other costs, and certain non-cash items (such as impairments, foreign exchange, unrealised risk management contracts, reassessment of contingent consideration and gains or losses arising from the disposal of capital assets). In addition, share-based compensation is excluded from adjusted EBITDAX, as the expenses are not indicative of the underlying financial performance of the Company.

1. Items are not shown in the Financial Statements. - see the Adjusted G&A Expenses section for more details.

Adjusted opex and adjusted opex per barrel: are a non-IFRS financial measure and a non-IFRS financial ratio respectively, which do not have standardised meanings prescribed by IFRS Accounting Standards. This non-IFRS financial measure and ratio are included because management uses the information to analyse cash generation and financial performance of the Company. Operating cost represents the operating cash expenses incurred by the Company during the period including the leases that are associated with operations, such as bareboat contracts for key operating equipment, such as FSOs, floating production, storage, and offloading vessels ("FPSO"), MOPUs, and warehouses. Adjusted opex is calculated by effectively adjusting non-cash items from the operating cost and adding lease costs.

Adjusted opex is divided by production in the period to arrive at adjusted opex per barrel. Valeura calculates adjusted opex per barrel to provide a more consistent indication of the cost of field operations. Adjusted opex, as opposed to operating expenses, excludes the impacts of non-recurring, non-cash items such as prior period adjustments, and adds back lease costs in relation to FSOs, FPSOs, MOPU, and other facilities.

1. Operating costs, derived from the Interim Financial Statements, are presented net of crude oil inventory capitalisation

2. The item is not shown in the Financial Statements. The cost of crude inventory is capitalised from operating costs. As a result, the Company has excluded the effect of crude inventory capitalisation.

3. In accordance with IFRS 16 Leases, the Company recognised cost related to its operating leases - attributed to FSO and FPSO vessels and MOPU used at its Jasmine/Ban Yen, Nong Yao, Manora, and Wassana fields, as well as onshore warehouse facilities costs to its balance sheet and finance cost in the profit and loss statement. In order to report a more relevant lifting cost, the Company has included costs associated with these leases in the adjusted operating cost calculation. This will be a recurring adjustment.

Adjusted G&A expenses: is a non-IFRS financial measure, which does not have standardised meanings prescribed by IFRS Accounting Standards. This non-IFRS financial measure is included because management uses the information to analyse cash generation and financial performance of the Company. G&A expenses represent the administrative expenses incurred by the Company during the period, including personnel and office expenses, share-based compensation, severance, IT licences and consultancy and professional services. To analyse the Company's cash generation and financial performance, adjusted G&A expenses is calculated by deducting non-cash items such as the provision for severance, and share-based compensation, from the G&A expenses reported in the financial statements.

1. Adjusted G&A expenses are newly presented in the current period.

Adjusted cashflow from operations and adjusted cashflow from operations per barrel: are a non-IFRS financial measure and a non-IFRS financial ratio respectively, which do not have a standardised meaning prescribed by IFRS Accounting Standards. This non-IFRS finance measure and ratio are included because management uses the information to analyse cash generation and financial performance of the Company. Adjusted cashflow from operations is calculated using two methods which generate the same figures: a) by subtracting from oil revenues, adjusted opex, royalties, general and administrative costs which are adjusted for non-recurring charges (generating the adjusted pre-tax cashflow), and accrued PITA taxes and SRB expenses, and b) to enhance and facilitate to the reader a reconciliation of this non-IFRS measure, the Company also presented the adjusted cash flow from operations by calculating from cash generated from (used in) operating activities in the consolidated statement of cash flows, adjusting with non-cash items, adjusted opex, general and administrative costs which are adjusted for non-recurring charges (generating the adjusted pre-tax cashflow), and accrued PITA tax and SRB expenses.

Adjusted cashflow from operations is divided by production in the period to arrive at adjusted cashflow from operations per bbl. Valeura calculates adjusted cashflow from operations per barrel, to provide a more consistent indication of cashflow generated from operations by the Company.

1. Adjusted G&A expenses are newly applied to present adjusted cash flow from operations.

2. Includes non-cash items and other adjustments, including taxes paid, decommissioning expenditures and restricted cash movements, to align with net cash from operating activities.

3. Prior year adjusted pre-tax cashflow from operations and adjusted cashflow from operations are revised to align with the current period's presentation.

Free cash flow: is a non-IFRS financial measure which does not have a standardised meaning prescribed by IFRS Accounting Standards. This non-IFRS finance measure is included because management uses the information to analyse cash generation of the Company. Free cash flow is calculated by starting with adjusted cash flow from operations, subtracting adjusted capex, and exploration expenses, adding other income, and excluding any effects of foreign exchange gains or losses.

1. Prior year adjusted pre-tax cashflow from operations and adjusted cashflow from operations are revised to align with the current period's presentation

2. Exploration expenses include exploration expenses in profit and loss and exploration and evaluation assets ("E&E assets").

3. Prior year Free cash flow is revised to align with the current period's presentation.

Outstanding debt and net cash: are non-IFRS financial measures which do not have a standardised meaning prescribed by IFRS Accounting Standards. These non-IRFS financial measures are provided because management uses the information to a) analyse financial strength and b) manage the capital structure of the Company. These non-IFRS measures are used to ensure capital is managed effectively in order to support the Company's ongoing operations and needs.

Net working capital and adjusted net working capital: are non-IFRS financial measures which do not have a standardised meaning prescribed by IFRS Accounting Standards. These non-IFRS financial measures are included because management uses the information to analyse liquidity and financial strength of the Company. Net working capital is calculated by deducting current liabilities from current assets. Adjusted net working capital is calculated by adding back the current leases liabilities and including non-current restricted cash in net working capital.

The leases are associated with operations, such as bareboat contracts for key operating equipment, such as FSOs, FPSOs, MOPU, and warehouses which are included in the Company's disclosed adjusted opex (and adjusted opex guidance). Management believes the adjusted net working capital provides a useful data point to the reader to ascertain the business' next-twelve-months surplus or deficit capital requirement. It is also a data point that management uses for cash management.

Adjusted capex: is a non-IFRS measure which does not have a standardised meaning prescribed by IFRS Accounting Standards. Adjusted capex is defined as the addition in capital expenditure for capital work-in-progress, drilling, brownfield, and other PP&E. Management uses this non-IFRS measure to analyse the capital spending of the Company and assess investments in its assets.

1. Capital work-in-progress represents expenditures related to the Wassana redevelopment project incurred prior to the commencement of production.

2. Other PP&E includes office equipment and spare parts movement during the year.

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 in this news release includes, but is not limited to: timing for first oil from the Wassana CPP; timing to install the Wassana CPP; timing for payback of the projects associated with increasing 2026 capex and their expected yield of additional oil production; no further PITA or SRB cash tax payments being anticipated in 2026; timing to announce well results; timing to bring a new drilling rig on contract; the composition and timing of future drilling campaigns; timing for installation of the Wassana CPP and for first oil from the facility; timing for Bussabong FID; 2026 guidance estimates and anticipated outcomes; and intended use of financial resources from the Facility.

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; 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; 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 of 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 the ongoing conflicts between the U.S.-Israel and Iran, 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; 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; and the Company's continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. 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 acquisitions; 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; 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.

Certain forward-looking information in this news release may also constitute "financial outlook" within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura's prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific

assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management's assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura's current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook.

The forward-looking information contained in this new 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 new 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.

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

SOURCE: Valeura Energy Inc.

View the original press release on ACCESS Newswire

P.Lefebvre--SMC