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Valeura Energy Inc. 2024 Results Overview March 2025
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Disclaimers and Advisories 2 General Advisory The information contained in this present ation does not purport to be all-inclusive or contain all information that readers may require. Prospective invest ors are encouraged to conduct their own analysis and review of Valeura Energy Inc. (“Valeura”, “VLE”, the “Corporat ion”, the “Company”, “us”, “our” or “we”) and of the information contained in this present ation. Without limitat ion, prospective invest ors should read the entire record of publicly filed documents relating to the Corporation, consider the advice of their financial, legal, account ing, tax and ot her prof essional advisors and such ot her factors they consider appropriate in invest igating and analysing the Corporation. An invest or should rely only on the information provided by the Corporation and is not entit led to rely on part s of that information to the exclusion of ot hers. The Corporation has not authorised anyone to provide invest ors with addit ional or different information, and any such information, including statement s in media articles about Valeura, should not be relied upon. In this present ation, unless ot herwise indicated, all dollar amounts are expressed in United St ates dollars. An invest ment in the securities of Valeura is speculative and involves a high degree of risk that should be considered by potent ial invest ors. Valeura’s business is subject to the risks normally encountered in the oil and gas industry and, more specif ically, in the part icular jurisdict ions in which the Corporation operates, and certain ot her risks that are associated with Valeura’s stage of development. An invest ment in the Corporation’s securities is suit able only for those purchasers who are willing to risk a loss of some or all of their invest ment and who can af ford to lose some or all of their invest ment. This present ation does not constitute or form part of any of fer or invitation to sell or issue, or any solicit ation of any of fer to purchase or subscribe for any securities, or a proposal to make a takeover bid in any jurisdict ion. Neither this document nor the fact of its dist ribution nor the making of the present ation constitutes a recommendation regarding any securities. This present ation is being provided to you for information purposes only. Forward-Looking Information Certain information included in this present ation 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 ot her purposes, such as making invest ment decisions. Forward-looking information typically contains statement s with words such as “ant icipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggest ing future outcomes or statement s regarding an outlook. Forward-looking information in this present ation includes, but is not limited to, the Company’s belief that it has added to the ultimate potent ial of its port folio; the anticipated economic life of its port folio; expectations regarding future cash flow; the expectation that ARO on its December 31, 2024 balance sheet will indicate a reduction of approximat ely 35% versus December 31, 2023 and more than 50% since first assuming operatorship of its assets; business objectives and targets; organic and inorganic growt h opportunit ies; the anticipated end of life for Valeura’s Thailand assets; the potent ial for adding reserves through the Wassana field redevelopment as well as through ongoing infill development, appraisal drilling, and exploration targets; statement s related to the Company’s 2025 product ion guidance of 23.0 – 25.5 Mbbl/d; estimates of the Company’s RLI; timing for FID readiness on the potent ial Wassana field redevelopment; management’s anticipation of a higher product ion prof ile with longer field life from the Wassana field, should it opt to proceed with the redevelopment; forecast Brent crude oil reference prices; assumption of a single tax filing; estimated cost s for the event ual decommissioning of its fields; the intention to disclose a summary of the NSAI 2024 Report to Thailand’s upstream regulat or; the anticipated filing date of the Company’s annual information form along with its estimates of reserves and resources; and the timing of the invest or and analyst webcast. In addit ion, statement s related to “reserves” and “resources” are deemed to be forward-looking information as they involve the implied assessment, based on certain estimates and assumptions, that the resources can be discovered and prof itably produced in the future. 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 is based on management’s current expectations and assumptions regarding, among ot her things: political stability of the areas in which the Company is operating; continued safet y of operations and abilit y to proceed in a timely manner; continued operations of and approvals fort hcoming from governments and regulat ors in a manner consistent with past conduct; abilit y to achieve extensions to licences in Thailand and Türkiye to support at tract ive development and resource recovery; 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 product ion rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future cost s; future currency exchange rates; interest rates; the abilit y to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; the impact of conflicts in the Middle East; royalt y rates and taxes; management’s estimate of cumulative tax losses being correct; future capital and ot her expenditures; the success obtained in drilling new wells and working over existing wellbores; the perf ormance of wells and facilities; the availability of the required capital to funds its exploration, development and ot her operations, and the abilit y of the Company to meet its commitments and financial obligat ions; the abilit y of the Company to secure adequate processing, transport ation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulat ory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growt h; the sufficiency of budget ed capital expenditures in carrying out planned activities; the impact of increasing compet it ion; the availability and ident if ication of mergers and acquisition opportunit ies; the abilit y to successfully negotiate and complete any mergers and acquisition opportunit ies; the abilit y to ef ficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; international trade policies; future debt levels; and the Company’s continued abilit y to obtain and retain qualified staff and equipment in a timely and cost ef ficient manner. In addit ion, the Company’s work programmes and budget s are in part based upon expected agreement among joint venture part ners and associated exploration, development and marketing plans and anticipated cost s and sales prices, which are subject to change based on, among ot her things, the actual result s of drilling and related activity, availability of drilling, of fshore storage and of floading facilities and ot her specialised oilf ield equipment and service providers, changes in part ners’ 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 signif icant 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 result s to differ mat erially from those anticipated by the Company including, but not limited to: the abilit y of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public healt h emergencies and/or pandemics; compet it ion for specialised equipment and human resources; the Company’s abilit y to manage growt h; the Company’s abilit y to manage the cost s related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; the risk that the Company’s tax advisors’ and/or audit ors’ assessment of the Company’s cumulative tax losses varies signif icant ly from management’s expectations of the same; potent ial changes in joint venture part ner strategies and part icipation in work programmes; uncertainty regarding the contemplated timelines and cost s for work programme execution; the risks of disruption to operations and access to worksites; potent ial changes in laws and regulat ions, including international treaties and trade policies; the uncertainty regarding government and ot her approvals; count erparty risk; the risk that financing may not be available; risks associated with weat her delays and natural disast ers; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors. Certain forward-looking information in this present ation may also constitute “financial outlook” within the meaning of applicable securities legislation. Financial outlook involves statement s about Valeura’s prospective financial perf ormance 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 ot her specif ic assumptions and risk factors in relation to such financial outlook noted in this present ation. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this present ation is made as of the date hereof and provided for the purpose of helping readers underst and Valeura’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for ot her purposes or in ot her circumstances and that the risk factors described above or ot her factors may cause actual result s to differ mat erially from any financial outlook. The forward-looking information contained in this present ation is made as of the date hereof and the Company undertakes no obligat ion to update publicly or revise any forward-looking information, whet her as a result of new information, future event s or ot herwise, unless required by applicable securities laws. The forward-looking information contained in this present ation is expressly qualified by this cautionary statement. Oil and Gas Advisories Reserves and contingent resources disclosed in this present ation are based on an independent evaluat ion conduct ed by the incumbent independent petroleum engineering firm, NSAI with an ef fective date of December 31, 2024. The NSAI estimates of reserves and resources were prepared using guidelines outlined in the Canadian Oil and Gas Evaluat ion Handbook and in accordance with National Instrument 51-101 - St andards of Disclosure for Oil and Gas Activities. The reserves and contingent resources estimates disclosed in this present ation are estimates only and there is no guarantee that the estimated reserves and contingent resources will be recovered. This present ation contains a number of oil and gas met rics, including “NAV”, “reserves replacement ratio”, “RLI”, and “end of field life” which do not have standardised meanings or standard met hods of calculation and therefore such measures may not be comparable to similar measures used by ot her companies. Such met rics are commonly used in the oil and gas industry and have been included herein to provide readers with addit ional measures to evaluat e the Company’s perf ormance; how ever, such measures are not reliable indicators of the future perf ormance of the Company and future perf ormance may not compare to the perf ormance in previous periods. “NAV” is calculated by adding the estimated future net revenues based on a 10% discount rate to net cash, (which is comprised of cash less debt as of December 31, 2024. NAV is expressed on a per share basis by dividing the total by current basic common shares outst anding. NAV per share is not predictive and may not be reflective of current or future market prices for Valeura. “Reserves replacement ratio” for 2024 is calculated by dividing the difference in reserves between the NSAI 2024 Report and the NSAI 2023 report , plus actual 2024 product ion, by the assets’ total product ion before royalt ies for the calendar year 2024. “RLI” is calculated by dividing reserves by management’s estimated total product ion before royalt ies for 2025. “End of field life” is calculated by NSAI as the date at which the monthly net revenue generated by the field is equal to or less than the asset’s operating cost. Reserves Reserves are estimated remaining quantities of commercially recoverable oil, natural gas, and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data, the use of established technology, and specif ied economic conditions, which are generally accepted as being reasonable. Reserves are furt her categorised according to the level of certainty associated with the estimates and may be sub-classif ied based on development and product ion status. Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Developed reserves are those reserves that are expected to be recovered from existing wells and inst alled facilities or, if facilities have not been inst alled, that would involve a low expenditure (e.g., when compared to the cost of drilling a well) to put the reserves on product ion. Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut in, they must have previously been on product ion, and the date of resumpt ion of product ion must be known with reasonable certainty. Developed non-producing reserves are those reserves that either have not been on product ion, or have previously been on product ion, but are shut in, and the date of resumpt ion of product ion is unknown. Undeveloped reserves are those reserves expected to be recovered from known accumulations where a signif icant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of product ion. They must fully meet the requirements of the reserves classif ication (proved, probable, possible) to which they are assigned. Probable reserves are those addit ional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Possible reserves are those addit ional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable plus possible reserves. The estimated future net revenues disclosed in this present ation do not necessarily represent the fair market value of the reserves associated therewit h. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the ef fects of aggregat ion. Cont ingent Resources Cont ingent resources are those quantities of petroleum estimated, as of a given date, to be potent ially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Cont ingencies are conditions that must be satisf ied for a port ion of contingent resources to be classif ied as reserves that are: (a) specif ic to the project being evaluat ed; and (b) expected to be resolved within a reasonable timeframe. Cont ingent resources are furt her categorised according to the level of certainty associated with the estimates and may be sub‐classif ied based on a project mat urit y and/or characterised by their economic status. There are three classif ications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classif ication of estimated resources described in the Canadian Oil and Gas Evaluat ion Handbook as the best estimate of the quantity that will be actually recovered; it is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilist ic met hods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the best estimate. The project mat urit y subclasses include development pending, development on hold, development unclarif ied and development not viable. The contingent resources disclosed in this present ation are classif ied as either development unclarif ied or development not viable. Development unclarif ied is defined as a contingent resource that requires furt her appraisal to clarify the potent ial for development and has been assigned a lower chance of development until commercial considerations can be clearly defined. Chance of development is the likelihood that an accumulation will be commercially developed. Conversion of the development unclarif ied resources referred to in this present ation is dependent upon (1) the expected timetable for development; (2) the economics of the project; (3) the marketability of the oil and gas product ion; (4) the availability of infrastructure and technology; (5) the political, regulat ory, and environmental conditions; (6) the project mat urit y and definit ion; (7) the availability of capital; and, ultimately, (8) the decision of joint venture part ners to undertake development. The major positive factor relevant to the estimate of the contingent development unclarif ied resources referred to in this present ation is the successful discovery of resources encountered in appraisal and development wells within the existing fields. The major negative factors relevant to the estimate of the contingent development unclarif ied resources referred to in this present ation are: (1) the outst anding requirement for a definit ive development plan (2) current economic conditions do not support the resource development, (3) limited field economic life to develop the resources and (4) the outst anding requirement for a final invest ment decision and commitment of all joint venture part ners. Development not viable is defined as a contingent resource where no furt her data acquisition or evaluat ion is currently planned and hence there is a low chance of development, there is usually less than a reasonable chance of economics of development being positive in the foreseeable future. The major negative factors relevant to the estimate of development not viable referred to in this present ation are: (1) current economic conditions do not support the resource development, and (2) availability of technical knowledge and technology within the industry to economically support resource development. If these contingencies are successfully addressed, some port ion of these contingent resources may be reclassif ied as reserves. Of the best estimate 2C contingent resources estimated in the NSAI 2024 Report , on a risked basis: 74% of the estimated volumes are light/medium crude oil, with the remainder being heavy oil; 77% are categorised as Development Unclarified, with the remainder being Development Not Viable. Development Unclarified 2C resources have been assigned an average chance of development for the four fields risks ranging from 2530% to 50% depending on oil type, while 2C Development Not Viable resources have been assigned an average chance of development risks ranging from 1416% to 4517%. Glossary bbl: barrels of oil; bbls/d; barrels per day; Mbbl: thousand barrels of oil; MMbbl: million barrels of oil. U.S. Investors This present ation does not constitute an of fer to sell or the solicit ation of an of fer to buy, nor shall there be any sale of securities of the Corporation in any jurisdict ion in which an of fer, solicit ation or sale would be unlawf ul prior to regist ration or qualification under the securities laws of such jurisdict ion. The securities have not been approved or disapproved by the Securities and Exchange Commission (“SEC”) or by any state securities commission or regulat ory authority, nor have any of the foregoing authorities passed on the accuracy or adequacy of the disclosures contained herein and any represent ation to the contrary is a criminal of fense. The securities of the Corporation have not been and will not be regist ered under the United St ates Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state and may only be of fered for sale and sold pursuant to an available exempt ion from regist ration under the U.S. Securities Act. Prospective invest ors will be required to represent , among ot her things, that they meet the requirements of an available exempt ion from the regist ration requirements of the U.S. Securities Act and are familiar with and underst and the terms of the of fering and have all requisit e authority to make such invest ment. IN MAKING AN INVESTMENT DECI SION, INVESTORS MUST RELY ON THEIR OWN EXAMI NATION OF THE COR PORATION AND THE TERMS OF THE OFFERI NG, INCLUDI NG THE MER I TS AND RISKS INVOLVED. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES OR ANY SECURITIES REGULATOR PASSED ON THE ACCURACY OR ADEQUACY OF THIS PRESENTATION. ANY REPRESENTATION TO THE CONTRARY IS A CRIMI N AL OFFEN SE.
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Key Achievements in 2024 Production is up ✓ Production increased 12% year-over-year(1) ✓ Developed Nong Yao C Field ✓ Full year of successful infill development drilling Accelerating Cashflow ✓ Built $259 million in cash by year-end ✓ Corporate re-organisation supercharges near term cash flow ✓ ~US$400 million in tax losses(3) Adding Reserves ✓ 245% 2P reserves replacement ratio and all field lives extended(4) ✓ 2C increased 140% ✓ 100% success on exploration and appraisal Building Efficiency ✓ Opex reduced to US$25.7/bbl(2) ✓ Capex delivered below guidance, but more wells drilled! ✓ Greenhouse gas emissions intensity reduced approximately 20% Delivering Value ✓ Net Asset Value increased to US$1 billion (2P basis)(5) ✓ Equates to C$13.6/share 3 All delivered with no significant environmental or safety incidents
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Recognised Value Delivery Market Data (TSX: VLE) Share price(3) C$8.35/ share Market cap(3) US$621 mm EV(3) US$362 mm Brokers’ 2025F FCF(3) US$140 mm Brokers’ Avg Target Price(3) C$12.8/ Share Shares o/s(3) 106.2 mm 30D ADTV(3) 601 k shares Shareholders(3) Thoresen Thai: 16.5% Baillie Gifford: 13.1% Executive & Board: 6.7% Share Price Performance Since Jan 1, 2022 (VLE) Award 2024 EIA(2) Monitoring Excellence Office of Natural Resources and Environmental Policy Award Executive of the Year APAC Energy Council awards June 2024 Award Upstream Company of the Year APAC Energy Council awards June 2024 Award New Entrant of the Year APAC Energy Council awards June 2023 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Volume (mm shares) C$/share C$/share 0 1 2 3 -- Award Canada’s Top Growing Companies The Globe and Mail Report on Business Magazine Acquisition KrisEnergy Thailand Acquisition Mubadala Energy Thailand Key Metrics Production(4) 26.1 mbbls/d LTM oil revenue(5) US$679 mm Cash at bank(5) US$259 mm Debt Nil NAV 2024YE 2P Reserves(6) US$1,012 mm 4
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Adding (not just replacing) Reserves 5 Production(2) AdditionYE 2022 2P(1) 29 38 50 (7.5) (8.4) 16.3 20.5 End 2022 2P 2023 Production 2023 Addition E nd 2023 2P 2024 Production 2024 Addition E nd 2024 2P YE 2023 2P(1) 245% Reserves Replacement Ratio(4) YE2024 2P(1) Production(2) Addition 219% Reserves Replacement Ratio(3) Production and Additions History (MMbbl) Valeura added more reserves organically over the last two years than it acquired from KrisEnergy and Mubadala 68 261 426 194 429 667 359 752 990 1P 2P 3P 2022YE 2023YE 2024YE NPV10 After Tax (US$ million) + 132% + 188% + 427%
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2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Field Life Extended for Every Field 6 +2.7 years+2.5 yearsJasmine +2.8 years+1.5 yearsManora +5.0 years+1.4 yearsNong Yao NSAI 2022 Report NSAI 2023 Report NSAI 2024 Report +5.2 years +4.3 years +6.4 years +8.3 years Wassana field redevelopment: ▪ NSAI 2024 Report still considers conservative “MOPU Replacement” redevelopment ▪ Proposed field redevelopment plan would increase reserves further and significantly extend field life (well beyond 2036) ▪ Targeting final investment decision (FID) early Q2 2025 +3.5 years+4.8 yearsWassana Organic growth drives multiple years of additional cash flow generation 2P End of Field Life(1)
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Financial Results Highlights 7 Q4 2024 Highlights Balance Sheet (at Dec 31, 2024) FY 2024 Highlights Revenue & Cost Drivers Production 26.1 mbbl/d 18% vs. Q3 Q3 2024: 22.2 mbbl/d Lifting 2.95 mmbbl 67% vs. Q3 Q3 2024: 1.77 mmbbl Realised Price US$76.7/bbl 3% vs. Q3 Q3 2024: US$78.9/bbl Capex US$39 mm 11% vs. Q3 Q3 2024: US$35 mm Opex / bbl(1) US$22.8/bbl 13% vs. Q3 Q3 2024: US$26.3/bbl Financial Highlights Oil Revenue US$226 mm 62% vs. Q3 Q3 2024: US$139 mm Adj EBITDAX(1) US$132 mm 88% vs. Q3 Q3 2024: US$71 mm Adj CFO(1) US$107 mm 114% vs. Q3 Q3 2024: US$50 mm Revenue & Cost Drivers Financial Highlights Oil Revenue US$679 mm 38% vs. 2023 FY 2023: US$493 mm Adj EBITDAX(1) US$378 mm 64% vs. 2023 FY 2023: US$231 mm Adj CFO(1) US$273 mm 80% vs. 2023 FY 2023: US$152 mm Production 22.8 mbbl/d 43% vs. 2023 FY 2023: 16.0 mbbl/d Lifting 8.35 mmbbl 43% vs. Q3 FY 2023: 5.85 mmbbl Realised Price US$81.3/bbl 4% vs. Q3 FY 2023: US$84.3/bbl Capex US$134 mm 29% vs. Q3 FY 2023: US$104 mm Opex / bbl(1) US$25.7/bbl 9% vs. Q3 FY 2023: US$28.3/bbl Net Cash(2) US$259 mm (US$ 236 mm unrestricted) 72% vs. Dec-23 As at Dec 31, 2023 : US$151mm Book Value(1) US$528 mm 86% vs. Dec-23 As at Dec 31, 2023 : US$284mm Adj WC(1) US$206 mm 75% vs. Dec-23 As at Dec 31, 2023 : US$118mm
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Q4 2024 Financial Results and Cash Bridge 8 Q4 2024 Financials (US$ mm) (1) (26) 226 (28) (55) (10) 134 107 Revenues Royalties Adj Opex SG&A Adj Pretax CFO PITA & SRB Adj CFO Lifting: 2.95 mmbbls Realised Price: US$76.7 /bbl Q4 2024 Cash Bridge (US$ mm) 156 107 (39) (0) 35 259 Cash Balance @ 30 Sep 2024 Q4 Adj CFO Adj Capex Expex Change in W/C and Others Cash Balance @ 31 Dec 2024 ▪ Q4 2024 financial performance characterised by increased production volumes and oil sales, partially offset by lower realised oil prices, as compared to Q3 2024 ▪ Sold 2.9 mmbbls of oil at an average realised price of US$76.7/bbl ▪ Q4 Revenues stood at US$226 mm, up 62% vs Q3 ▪ Adj Opex(1) per barrel improved to US$22.8 /bbl vs. US$26.3 /bbl in Q3, improving Adj Pretax CFO(1) margins (to 47%) ▪ Accrued tax liability of c. US$26 mm of which SRB represented bulk of the liability ▪ Ended the Quarter (and the year) with US$259 mm of cash SRB: US$ 26mm (1) (1) (1) (1) (1) (1)
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FY 2024 Financial Results and Cash Bridge 9 FY 2024 Financials (US$ mm) (55) (29) 679 (82) (215) (26) 357 273 Revenues Royalties Adj Opex SG&A Adj Pretax CFO PITA & SRB Adj CFO Lifting: 8.35 mmbbls Realised Price: US$81.3 /bbl FY 2024 Cash Bridge (US$ mm) 151 273 (134) (8) 11 (19) (13) 259 Cash Balance @ 31 Dec 2023 Q4 Adj CFO Adj Capex Expex Change in W/C and Others FSO Acquisition 2018-2021 Taxes & SRB Cash Balance @ 31 Dec 2024 PITA: US$ 55 mm | SRB: US$ 29mm (1) (1) (1) (1)(1) ▪ FY 2024 performance marked by 12% year-over-year increase in production to 22.8 mbbl/d ▪ Generated revenue of US$679 mm, with average price realisation of US$81.3/bbl ▪ Adj Opex(1) per barrel improved to US$25.7/bbl vs. US$28.3/bbl in FY 2023 ▪ Recorded US$ 273 mm in Adj CFO, with 40% margin ▪ Nong Yao FSO acquisition highly accretive – helps optimise and reduce operating expenses ▪ Strengthened the balance sheet with record high year-end cash position of US$259 million and zero debt
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$184 $129 $84 ARO Q1 2023 2023YE 2024YE Significant Reductions in Abandonment Costs 10 0 20 40 60 80 100 Well P&A Platform, Jacket, MOPU F(P)SO Pipeline Disposal Post Monitoring Survey Site Clearance 2023 Estimate 2024 Estimate Abandonment Cost Estimates (100% basis, US$ million)(1) Asset Retirement Obligation (54%) (2) (1) (35%) Engineering studies have yielded significant cost reductions in every aspect of field decommissioning When coupled with field life extension, ARO liability was reduced by >50%
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Strengthening the Balance Sheet Balance Sheet Evolution (US$ mm) Total Assets Liabilities and Shareholders’ Equity A resilient and flexible balance sheet 46 553 598 15 129 84 18 151 259 21 291 245 28 284 528 64 704 857 64 704 857 2022YE 2023YE 2024YE 2022YE 2023YE 2024YE 13x − Cash − Other Assets − Decommissioning Liabilities − Other Liabilities − Shareholder’s Equity 19x▪ Transformation and ongoing strengthening of the business reflected in the balance sheet ▪ Total assets increased 13 -fold while shareholders’ equity increased 19-fold (vs YE 2022) ▪ Book value / Shareholder’s equity increased by 86% YoY ▪ Net cash position - No debt ▪ Reserves upgrades continue to contribute to the strengthening of the balance sheet ▪ Material reduction in ARO – Down 35% YoY Total Assets Shareholders Equity 11
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2025 Guidance 12 2025 Guidance Comment Production(1) 23.0 – 25.5 mbbls/d ▪ Continuing production at all four Gulf of Thailand licences ▪ Production additions from ongoing drilling throughout the year Adjusted Opex(2) US$215 – 245 million ▪ Equates to approximately US$26/bbl, based on mid-point of production guidance range ▪ Includes the cost of leasing vessels, including Nong Yao C MOPU, Jasmine FPSO, Manora and Wassana FSOs, totalling approximately US$33 mm Adjusted Capex(2) US$125 – 150 million ▪ Budget largely fixed due to having drilling rig on contract for full year (development and exploration drilling account for ~85% of total capex) ▪ Does not include any post-FID costs for the Wassana redevelopment - Guidance to be updated should FID be approved Exploration expense Approximately US$11 million ▪ Continually seeking to optimise drilling schedule - Ratree prospect on Licence B5/27 - Additional exploration in Q4 – potential Nong Yao D follow-up Free Cash Flow US$112 – 227 million ▪ Brent Oil Price US$65 to US$85 (realised price US$2.3 premium) ▪ Based on mid point of guidance for production, Opex and Capex
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What to expect in 2025 13 Organic Growth M&A Asset Activity Q1 2025 Q2 2025 Q3 2025 Q4 2025 Wassana Redevelopment procurement & contracting Redevelopment FID Manora Development and appraisal drilling Debottlenecking Jasmine Jasmine C,D, Ban Yen dev & appr drilling Ratree exploration Emissions reduction and power project Jasmine A,B dev & appr drilling Nong Yao Nong Yao A, B, C dev & appr drilling Nong Yao D evaluation, exploration drilling Corporate Inorganic Growth Potential Investment Decision
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▪ 2023 appraisal proved significantly more potential recoverable oil ▪ Reserves increased ~3-fold since acquisition ▪ Further increases expected post FID ▪ Extended field life Wassana – Significant Value Potential Through Redevelopment Redevelopment Scope 4.7 6.1 12.9 12.9 End 2021 End 2022 End 2023 End 2024 Post FID Redevelopment Driven by 2P Reserves Increase (mmbbls)(1) Mayura Niramai Wassana A Licence G10/48 (Wassana) 14 Oil field MOPU FSO Future Platform ▪ Expand catchment area ▪ Develop deeper oil horizons - Appraised in 2023 ▪ New, higher capacity facility - 60 mbbl/d liquids, 10 mbbl/d oil - 24 well slots + 6 extension option ▪ Potential to become a production hub ▪ Risers fur future tie-ins - Niramai discovery - Mayura discovery area 2023 2024 2025 2026 2027 Appraisal FEED Contracting Engineering and Construction Wells A28, A28-ST1 Front-end Engineering and Design Contracting DrillWell Planning Engineering, Procurement, Construction Hook up, commissioning Aim for Final Investment Decision First Oil Project Delivery Timeline
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NAV (After Tax) (US$ million) • 2P NAV of over US$1.0 billion • Equates to C$13.6 per share ✓ Net cash ~C$3.5 /share and undelaying NPV10 more than C$10/share • Valeura delivered a NAV CAGR of over 80% 752 259 1,012 2024YE NPV10 31 Dec 2024 Net Cash (US$mm) 2024 NAV10 (US$mm) 10.12 13.613.49NAV/share (C$) Valeura Delivered a NAV CAGR of +80% Since Taking Over the Assets (1) 15 4.17 7.56 13.61 - 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 NAV / Share (CAD$) Share Price (CAD$) NAV (After Tax) Per Share vs Share Price (C$/share) (1) (2) 2023 YE 2024 YE 2022 YE (3)
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Q&A Session
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Footnotes 17 1) Initial headline consideration US$4.3 million plus additional contingent payments made of US$7.0 million. Subsequent sale of licence G6/48 recouped US$5.0 million and an ongoing royalty interest in Rossukon field oil production 2) Environmental Impact Assessment 3) As of March 25, 2025 4) Q4 2024 average working interest share production before royalties 5) 12-month (LTM) total to December 31, 2024 6) NPV10 of 2P reserves as of December 31, 2024, as per NSAI, plus December 31, 2024 cash balance of US$259mm. Slide 4: Recognised Value Delivery 1) Average working interest share production before royalties 2) Adjusted opex, a non-IFRS Measure – Please refer to March 25, 2025 Management’s Discussion and Analysis for reconciliation with financial sta tements. 3) US$373.2 million as at December 31, 2024, subject to final approval from tax authorities. 4) Based on Dec 31, 2024 2P gross (before royalties) working interest share reserves and full year 2024 working interest share p roduction before royalties 5) Based on Dec 31, 2024 2P NPV10 after tax plus cash of US$259.4 million at Dec 31, 2024 (no debt), and assuming US$/C$ exchang e rate of 1.435, and 106.65 million common shares outstanding Slide 3: Key Achievements 2024 1) 2P gross (before royalties) working interest share reserves as of Dec 31, 2022, 2023, and 2024. Wassana working interest was 89% at Dec 31, 2022 and 100% at Dec 31, 2023 and 2024 2) Working interest share production before royalties 3) Based on Dec 31, 2023 2P gross (before royalties) working interest share reserves and full year 2023 working interest share p roduction before royalties 4) Based on Dec 31, 2024 2P gross (before royalties) working interest share reserves and full year 2024 working interest share p roduction before royalties Slide 5: Adding (not just replacing) Reserves 1) Based on Dec 31, 2024 2P gross (before royalties) working interest share reserves Slide 6: Field Life Extended for Every Field 1) Non-IFRS Measure – Please refer to appendix for reconciliation with financial statement 2) Includes restricted cash Slide 7: Results Highlights 1) Non-IFRS Measure – Please refer to MD&A for reconciliation with financial statement Slide 8: Q4 2024 Financial Results and Cash Bridge
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18 Footnotes (continued) 1) Non-IFRS Measure – Please refer to MD&A for reconciliation with financial statement Slide 9: FY 2024 Financial Results and Cash Bridge 1) Decommissioning obligations, total US$83.6 million at December 31, 2024 2) Liability as at closing of acquisition from Mubadala Petroleum Slide 10: Significant Reductions in Abandonment Costs 1) Average working interest share production before royalties. 2) Adjusted Opex and Adjusted Capex are Non -IFRS Measures – Please refer to the March 25, 2025 Management’s Discussion and Analysis for reconcil iation with financial statements Slide 12: 2025 Guidance 1) Proved + Probable (2P) gross (before royalties) working interest share reserves as of December 31, 2024, 2023, and 2022 per N etherland Sewell & Associates, Inc. Slide 14: Wassana – Significant Value Potential Through Redevelopment 1) Based on Dec 31, 2024 2P NPV 10 after tax plus net cash of US$259.4 million at Dec 31, 2024 (no debt), and assuming US$/C$ exchange rate of 1.435, and 106.65 million common shares outstanding 2) Based on Dec 31, 2023 2P NPV 10 after tax plus net cash of US$151.2 million at Dec 31, 2023 (no debt), and assuming US$/C$ exchange rate of 1.342 and 102.96 million common shares outstanding 3) Based on Dec 31, 2022 2P NPV 10 after tax plus net cash of US$6.4 million at Dec 31, 2022, and assuming US$/C$ exchange rate of 1.359 and 87.15 million commo n shares outstanding Slide 15: Valeura Delivered a NAV CAGR of +80% Since Taking Over the Assets
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General Corporate Inquiries Sean Guest, President and CEO Yacine Ben-Meriem, CFO +65 6373 6940 Contact@valeuraenergy.com Investor / Media Inquiries Robin Martin, VP , Communications and Investor Relations +1 403 975 6752 / +44 7392 940495 IR@valeuraenergy.com