Star Metro - Valeura Energy Inc. Announces Wassana Redevelopment Acceleration

Dr. Sean Guest, President and CEO commented:

"Work on our new-build central processing platform ("CPP") is proceeding on budget and remains ahead of schedule, with facility construction (also known as mechanical completion) in the yard expected to be complete by 01 October 2026. We are now taking the opportunity to install the facility earlier than originally planned, leading to the potential for first oil from the new development at approximately the beginning of Q2 2027.

As Valeura's first organic greenfield development in Thailand, and the largest capital venture ever undertaken by our Company, I am very pleased that this project is exceeding our expectations."

Project Acceleration

Valeura has finalised all commercial arrangements and contractual amendments required to start installation of the Wassana CPP in October 2026, approximately two months earlier than originally envisaged. Separately, the Company has provided notification to its drilling rig contractor to start its charter of the Shelf Enterprise drilling rig on 01 November 2026, to initially drill Nong Yao wells through the Nong Yao A facility's additional well slots and thereafter to support earlier development drilling on the Wassana field.

Guidance

While costs for the Wassana redevelopment are on budget, the Company anticipates that accelerating the project, including the corresponding drilling activity, will result in additional 2026 spending, mainly reflecting a shift from its 2027 budget into 2026. As a result, Valeura's new full year 2026 Adjusted capex⁽¹⁾ (including exploration spend) guidance is US$220 - 235 million (previously US$195 - 215 million). Given the anticipated production plateau rate of approximately 7,500 bbls/d from the new CPP, the Company anticipates that a two-month acceleration in start-up will result in approximately 430,000 bbls in additional oil production in 2027, versus the original project plan.

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

Wassana Redevelopment Background

In 2025, Valeura took a final investment decision to redevelop its Wassana field by deploying a new-build CPP with the objective of commercialising more oil volumes than would be possible with the existing production facility, the mobile offshore production unit ("MOPU") Ingenium, which is due for decommissioning at approximately the end of 2027. The redevelopment project has resulted in an increase in the total anticipated recoverable oil volumes and an extension in the anticipated end of economic life of the field. In addition, the CPP has been designed to facilitate the tie-in of additional satellite production facilities, which may be built in the future to develop additional accumulations of oil both to the north and south of the Wassana field. Recent mapping of the area south of the Wassana field has identified significant additional oil volumes and the Company is currently reviewing exploration drilling options to fully assess this satellite potential.

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.

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: timing for completion of CPP construction, installation, and first oil; composition and sequence of the Company's drilling programme with the Shelf Enterprise drilling rig; 2026 guidance estimates and anticipated outcomes; the potential for additional oil production in 2027; and the potential for the area south of the Wassana field to hold significant additional oil volumes.

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 funds 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.

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.

Non-IFRS Financial Measures and Ratios

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.

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

M.Anderson--SMC