Star Metro - Valeura Energy Inc. Announces Bussabong Development Final Investment Decision

CALGARY, AB / ACCESS Newswire / September 22, 2026 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) ("Valeura" or the "Company") announces that along with its partner, PTTEP Energy Development Company Limited, a subsidiary of PTT Exploration and Production Public Company limited ("PTTEP"), it has taken a Final Investment Decision ("FID") to proceed with an initial gas development at the Bussabong gas field (Block G3/65, 40% non-operated working interest) in the offshore Gulf of Thailand ("Phase 1").

The project will be Valeura's first organic gas development in its Thailand portfolio. Phase 1 of the Bussabong development establishes a repeatable development template for the eventual full development of the field.

Highlights

• Efficient design: Two gas wellhead platforms with 24 well slots each, tied in to processing infrastructure with a nine km sub-sea pipeline;
• Fully funded: Approximately US$35 million capex for facilities, installation, and pipelines spread over approximately two years, plus capex associated with drilling 25 development wells, estimated at approximately US$20-25 million (net to Valeura 40% share);
• Rapid development: Phase 1 entails deployment of two wellhead facilities with first production approximately year-end 2028;
• Economically resilient: Robust economics, in keeping with Valeura's strategy to pursue value-accretive growth; and
• Substantial running room: Valeura's first gas production in Thailand, opening the way to further phases of development in the future.

Dr. Sean Guest, President and CEO commented:
"I am pleased to have rapidly turned our strategic farm-in with PTTEP into tangible development action. Within 14 months of entering into this arrangement, we are taking our first gas FID, which we believe sets us on a course to broaden and diversify our business in the Gulf of Thailand.

Phase 1 is set to unfold quickly, with first gas planned for approximately the end of 2028. This quick action reflects PTTEP's customary streamlined approach and underscores the importance of establishing this strategic relationship.

Moreover, the capital outlay associated with the project is modest, in part reflecting the resource synergies available through the operator PTTEP, but also reflecting the initial nature of this development. The Bussabong field production area is expected to offer significant appraisal and exploration upside already identified on 3D seismic data, with the potential for further phased development in the future. As such, we see this as just the beginning - an exciting first step in what will be a methodical, phased approach to build production materiality and longevity, both from the Bussabong gas field, and also from the various other oil and gas focus areas we have identified on Block G3/65."

Bussabong
Bussabong is a gas field in the eastern part of Block G3/65, with geological similarities to many other gas fields in the offshore Gulf of Thailand. The field's reservoirs are divided into multiple fault-block compartments, which lend themselves to a phased, repeatable development model.

The Bussabong area was fully covered in pre-existing 3D seismic data and contained several historic gas discoveries prior to Valeura entering into the farm-in agreement with PTTEP (the "Farm-in"). An additional exploration well in 2025 was also successful which led PTTEP and Valeura to immediately engage in development planning once the partnership began.

Thailand's upstream regulator has already approved a defined production area for the Bussabong field, for which full field development could ultimately entail further phased development to fully commercialise the field and identified prospects. Valeura envisages further final investment decisions in the coming years, subject to favourable definition of resources through step-out exploration and appraisal drilling.

Initial Development
Phase 1 entails two wellhead platforms of 24 well slots each, to be deployed toward the northern end of the Bussabong field, in water depths of between 75 and 90 metres, and tied in by way of a short 12" seabed pipeline to gas processing infrastructure at the Bongkot gas field, nine km east in the neighbouring Block G2/61. Bongkot is operated by PTTEP and no new processing capacity is required to accommodate the Bussabong production.

The platforms' design specifications are consistent with a large number of other facilities in the Gulf of Thailand. Valeura anticipates that both construction and maintenance thereafter will benefit from PTTEP's optimised supply chain, owing to its position as the dominant gas operator in Thailand.

Capital Investment and Timeline
Phase 1 capital spending associated with the facilities, installation, and pipelines, net to Valeura's 40% working interest, is expected to be approximately US$35 million, and will be spent in 2027 and 2028. In addition, the Company anticipates drilling capex associated with the currently planned 25 development wells, in the range of US$20-25 million (Valeura 40% working interest share). No material spending is planned for 2026 in connection with the development.

The Company anticipates first gas production at approximately the end of 2028.

Economics and Production Profile
The operator has indicated to Valeura that the facilities and wells planned as part of Phase 1 are intended to deliver sales gas production of approximately 30 mmcf/d (12 mmcf/d Valeura share⁽²⁾) in 2029, and then increase to approximately 40 mmcf/d (16 mmcf/d Valeura share⁽¹⁾) in 2030. Based on samples collected during exploration drilling, the gas is expected to be relatively dry (approximately 20 bbls of condensate per mmcf gas).

In accordance with standard practice in Thailand, the operator will now work with regulators and the gas customer to formalise a gas sales agreement. The gas sales price is expected to reflect established pricing arrangements in the Gulf of Thailand and details will be subject to confidentiality obligations owed to the government, regulators and gas customer.

Thai domestic gas is typically sold under long-term, take-or-pay contracts priced against a basket of commodities including fuel oil and is adjusted for inflation indices. The Company expects that the customary pricing framework will yield terms that support robust project economics for the development, subject to successful negotiation of a gas sales agreement on anticipated terms.

Valeura's reserves will next be evaluated as of 31 December 2026, at which time the Company expects its external reserves evaluator will, providing a gas sales agreement has been executed, add these volumes to the Company's reserves.

(1) Once in operation, Valeura intends to report production as its 40% working interest share of gross sales gas, before government take (including royalties). Valeura and PTTEP entitlement to production revenue is defined by the terms of a production sharing contract which provides a mechanism for cost recovery and for the sharing of profits, as more fully described in the Company's 25 July 2025 announcement.

Farm-in Status
Valeura's interest in Bussabong arises through the Farm-in, under which the Company earns a 40% non-operated working interest in each of Blocks G1/65 and G3/65. The cabinet of the government of Thailand has granted executive approval for the transfer of this working interest from PTTEP to Valeura, which is anticipated to occur as an administrative step later in September or early October 2026. The Company does not intend to make a further announcement on the transfer of interest.

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: completion of administrative steps to constitute closing of the Farm-in and anticipated timing thereof; the anticipated timing for first gas production at Bussabong; estimated capital expenditures for Phase 1 and the anticipated allocation thereof across 2027 and 2028; anticipated production rates and production profiles, including plateau gross sales gas rates; the expectation that the gas sales price will reflect established pricing arrangements in the Gulf of Thailand; the expectation that Phase 1 will support robust project economics; expectations regarding the addition of reserves following execution of a gas sales agreement and year-end evaluation; the anticipated timing and completion of regulatory and government approvals, including formalisation of a gas sales agreement; the potential for subsequent development phases and further final investment decisions fully commercialise the Bussabong field and exploit identified prospects; the Company's strategy to broaden and diversify its business in the Gulf of Thailand; the Company's growth-oriented strategy, including further organic and inorganic growth across Southeast Asia; expectations regarding the benefits of PTTEP's supply chain and operational efficiencies; and management's belief that the development meets the Company's investment criteria for value-accretive growth.

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.

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SOURCE: Valeura Energy Inc.

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F.Tremblay--SMC