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Valeura Energy Inc. Q3 2025 Results Overview November 2025 #1 Growing Company
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Disclaimers and Advisories 2 174177 425671 7F7F7F F2F2F2 04AEEF 0170C0 37B050 C00000 DDEBF8 000000 666666 FFFFFF 7030A0 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. 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, timing for anticipated product ion start from the Wassana redevelopment project, the future tie-on of satellite developments and future of the assets; the abilit y of the Company’s strong financial position to support its growt h projects and for its business to support invest ment plans; the expectation of no furt her cash tax payments in 2025; the timing of drilling on Jasmine/Ban Yen field; the expectation of product ion rates being weight ed to the second half of 2025; the expected reduction in diesel consumpt ion as a result of the Jasmine low-BTU gas generator; timing for completion of the Nong Yao drilling programme; completion of the Company’s purchase of the Manora FSO system; all of the Company’s guidance outlook expectations; and expectations regarding the Farm-in, Including receiving government approval of Thailand's minister of energy. 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. Maps The Gulf of Thailand maps featured in this press release has been compiled by Valeura based on various public and proprietary data sources. Polygons ident if ied as oil fields and gas fields are not necessarily indicative of commercial viability, nor does the Company represent that aerial extent of such polygons correlates to ultimate potent ial recovery of oil and gas from such accumulations. 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 and a preparation date of May 14, 2025 post-FID and February 13, 2025 pre-FID. 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”, “RLI”, “EOFL”, and “IRR” 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 basic common shares outst anding. NAV per share is not predictive and may not be reflective of current or future market prices for Valeura. “RLI” is calculated by dividing reserves by management’s estimated total product ion before royalt ies for 2025. “EOFL” 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. “IRR” is used by management as a measure of the prof itability of a potent ial invest ment. It is calculated as the discount rate that would result in a net present value of zero. 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 on hold, development unclarif ied, or development not viable. Development on hold is defined as a contingent resource where there is a reasonable chance of development, but there are major non-technical contingencies to be resolved that are usually beyond the control of the operator. 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 Wassana FID Report , on a risked basis: 100% of the estimated volumes are heavy oil; less than 1% are categorised as Development Not Viable, with the remainder categorised as Development Unclarified. There are no Development On Hold resources within the 2C category. MAKING AN INVESTMENT DECI SION, INVESTORS MUST RELY ON THEIR OWN EXAMI NATION OF THE CORPORATION AND THE TERMS OF THE OFFERI NG, INCLUDI N G 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 NAL OFFEN SE.
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Highlights 3 M&A …opportunities look more promising than ever Financial Performance …Q3 has strengthened our platform Growth …we are delivering Execution …is world class Value …is undeniable 174177 425671 7F7F7F F2F2F2 04AEEF 0170C0 37B050 C00000 DDEBF8 000000 666666 FFFFFF 7030A0 ▪ Large-scale farm-in signed with PTTEP(1) ▪ Development planning on existing discoveries ▪ 1,200 km2 new seismic acquired in Q3 2025 ▪ Wassana full field re-development remains on plan ▪ Everything is up vs last quarter and last year(2) ▪ Margins are strong, even at current prices ▪ Balance sheet has grown ▪ Ability to fund growth has increased even more ▪ Guidance is intact ▪ Current production higher than any quarter average in 2025 to date(3) ▪ Production growth from most profitable field (Nong Yao) ▪ Opex is down, at mid- point of range on a per-bbl basis(4) ▪ GHG emissions intensity reduced every year under Valeura operatorship ▪ Two deals signed in Q3 2025 ▪ Very active evaluation underway ▪ Current opportunities are larger, potentially transformative ▪ Maintaining strict screening criteria ▪ Significant near-term catalysts in next nine months ▪ Strong business delivery while share price has moved lower ▪ Never been a better time to buy 1) Completion of Farm -in subject to Government of Thailand approval 2) Q3 2025 vs Q2 2025 and Q3 2024 3) November 1 -12, 2025 working interest share production before royalties 4) Adjusted opex per bbl, A non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated November 14, 2025 for reconciliation with financial statement Slide 3: Highlights
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Growth Strategy in Action – Strategic Farm-in with PTTEP Cambodi a/Thai land Overlapping Cl aims Area M alaysia/Thailand Joint Devel opment Ar ea Gulf of Thailand Valeura (op) Valeura (PTTEP op) PTTEP Chevron Medco Northern Gulf Pet. Overlapping claims Oil field Gas field Focus areas 22,757 km2 Valeura’s gross acreage in Thailand (1) 15 Oil and gas discoveries Gas exposure Enables portfolio diversification Partnership with PTTEP National oil company of Thailand Strategic growth in both assets and partnership ▪ PTTEP is the largest oil and gas operator in Thailand ▪ Valeura earns a 40% non-operated working interest(1) ▪ Portfolio diversity: adds 1) gas opportunities and 2) medium to long term growth via infrastructure-led exploration ▪ Blocks next to major producing gas fields and Valeura’s producing oil fields ▪ Tieback opportunities yield short development times and high returns ▪ Blocks contain 15 existing oil and gas discoveries Low entry costs ▪ US$14.7 million (net) in back costs to June 30, 2025 – including block initiation fees and four wells drilled to date ▪ Carry PTTEP on cost of extra 3D seismic acquisition next to Valeura’s Nong Yao Field – capped at US$2.2 million (net) Immediate activity ▪ PTTEP & Valeura teams already working together on all technical and commercial matters ▪ ~1200 km2 3D Seismic completed in 2025 to support near/mid-term exploration ▪ De-risked by historic discoveries and 4 recent wells drilled ▪ Near-term development planning ongoing to support FID in 2026 Block G1/65 Block G3/65 1) Completion of Farm -in subject to Government of Thailand approval Note: Map based on various public and proprietary sources. See disclaimers in July 25, 2025 press release Slide 4: Growth Strategy in Action – Strategic Farm-in with PTTEP 4
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Block G3/65: Immediate Development Opportunities in Large Exploration Block (1) 5 New 3D Seismic ▪ Oil-bearing play fairway between Nong Yao and Ubon oil fields ▪ Within tie-in distance to Valeura’s (90%) Nong Yao infrastructure ▪ New 3D seismic acquisition completed ▪ Exploration and appraisal drilling planned for early 2027 ▪ Low-risk oil exploration prospects identified on Valeura existing 3D data ▪ Potential for accelerated drilling of near -field tieback 4 km from NY -A platform ▪ Suite of step-out prospects that can be drilled from NY -A platform ▪ Immediately west of PTTEP’s Bongkot gas field ▪ Multiple proven gas discoveries including new 2025 exploration well ▪ Currently progressing discoveries in existing 3D seismic data to development planning ▪ Potential for a fast-track gas development tied back to Bongkot ▪ Planning for FID in 2026 ▪ PTTEP ability to deliver lowest cost option given ongoing activity & scale Nong Yao Oil Field Ubon- Undeveloped oil Bongkot Gas Field 821 mmcf/d gas 23.5 mbbls/d condensate 1) Completion of Farm -in subject to Government of Thailand approval Note: Map based on various public and proprietary sources. See disclaimers in July 25, 2025 press release Slide 5: Block G3/65: Immediate Development Opportunities in Large Exploration Block(1) New 3D Seismic Oil fields Gas fields Prospects Licence G3/65 Licence G11/48 MTJDA Bussabong Gas Discovery Area Nong Yao North-East Oil Prospect Existing 3D Seismic Area
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▪ Immediate reserves adds upon FID of main Wassana field redevelopment ▪ Sufficient resources identified for an initial (North) satellite development ▪ Further drilling being planned to justify a second (South) satellite development Wassana Redevelopment – A Cornerstone for Future Growth 6 Main Wassana Field Area Licence G10/48 (Wassana) Oil field MOPU FSO Future Platform ▪ Production to 2043(1), design life further ▪ Two risers for future satellite tiebacks ▪ Strong estimated economics, even at US$60/bbl Brent: – 40% IRR(2) – 18-month payback – US$12-16/bbl adjusted Opex(2) – US$218 million 2P NPV10(3) Reserve Adds and Further “Spoke” Expansion Potential Wassana Central Processing “Hub” Redeveloped Wassana Field 1) 2P field life per December 31, 2024 NSAI Wassana FID Report 2) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated May 14, 2025 for reconciliation with financial sta tements 3) 2P gross (before royalties) working interest reserves as of December 31, 2024, as per NSAI Wassana FID Report as described in the May 14, 2025 press release 4) 2P gross (before royalties) working interest share reserves as of December 31, 2022, 2023, and 2024 . Wassana working inter est was 89% at December 31, 2022 and 100% at December 31, 2023 and 2024 5) Proved + Probable (2P) gross (before royalties) working interest share reserves as of December 31, 2024 per NSAI 2024 Report Slide 6: Wassana Redevelopment – A Cornerstone for Future Growth Wassana Central Processing Platform Niramai-4 ST1 Wassana CR Niramai Wassana-3 South Wassana Mayura North Satellite ▪ Sufficient resources already discovered South Satellite ▪ Seeking to amass enough resource for a second satellite 6.1 12.9 Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 Wassana 2P Reserves (mmbbls)(4) 20.5 Post-FID(3) Pre-FID(5)
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Wassana Redevelopment Construction 7 Project Progress Update ▪ Project is on track for first oil in Q2 2027 ▪ High confidence for delivery at or below budget – Fixed price contract for platform – Main procurement all completed and on track for delivery ▪ Construction is currently ahead of plan – Reviewing ability to accelerate if pace is maintained ▪ Aggregate progress: approximately 35% complete Rendition: Wassana Central Processing Platform Fixed jacket structure ▪ More permanent design type New-build processing platform ▪ Higher processing capacity ▪ Engineered to accommodate tie- in of additional satellite platforms Deck Construction ▪ Cellar deck and Mezzanine deck construction underway ▪ Anticipate “stacking” nodes and lower decks in December 2025 Jacket Nodes Construction
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Well Delivery is Driving Production 8 6 8 10 12 Pre-drill Q3 average Q3 exit rate 10 12 14 16 18 20 22 24 26 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Nov 2025 to date ▪ Enhanced production from Valeura’s most profitable field ▪ Ten wells drilled in Q3 2025 ▪ Results may add to ultimate production potential (reserves) ▪ Potential to extend field life ▪ Included challenging extended- reach horizontal targets ▪ Safe execution across the board Current production higher than any 2025 quarter to date ▪ Nong Yao drilling delivering expected production increases ▪ Manora debottlenecking project successfully delivered ▪ Jasmine drilling programme started early Q4 2025 – Nine wells planned, including development and appraisal targets – Initial wells are contributing to production already Nong Yao drilling in Q3 2025 Current drilling pushing production higher Production guidance confirmed for 2025 Working Interest Production (mbbls/d)(1) Working Interest Production (mbbls/d)(1) 1) Working interest share production before royalties Slide 8: Well Delivery is Driving Production
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Q3 2025 Financial Results Highlights (1/2) 9 Key Metrics - Operational 22,210 21,412 22,976 1,765 1,902 2,160 Q3 2024 Q2 2025 Q3 2025 Production (bbls/d) Liftings (mbbls) Stronger production and cost control… Adjusted Opex(2) (US$mm) 78.9 67.9 72.1 80.4 67.3 69.5 Q3 2024 Q2 2025 Q3 2025 Realised Price (US$/bbl) Brent (US$/bbl) 54 55 53 26.3 28.0 24.8 Q3 2024 Q2 2025 Q3 2025 Adj. Opex (US$mm) Adj. Opex / bbl (US$/bbl) ▪ Uplift in realised price vs last quarter, though remains significantly below Q3 2024 ▪ Premium expanding vs Brent (1.4) +0.7 +2.5 1) Working interest share production before royalties 2) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated November 14, 2025 for reconciliation with financia l statement Slide 9: Q3 2025 Financial Results Highlights (1/2) Production (1) & Liftings Realised Price (US$/bbl) ▪ Higher production ✓ Up 7% vs last quarter and up 3% vs Q3 2024 ▪ Higher liftings ✓ Up 14% vs last quarter and up 22% vs Q3 2024 ▪ Reduction in Adjusted Opex / bbl ▪ Reflecting higher production, structural cost base reductions and ongoing cost optimisation
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Q3 2025 Financial Results Highlights (2/2) 10 Key Metrics - Financial 71 62 81 51% 48% 52% Q3 2024 Q2 2025 Q3 2025 EBITDAX (US$mm) EBITDAX Margin (%) … Translating into Sustainable Margins and Cash Flows ▪ Higher EBITDAX ✓ Up 29% vs last quarter and up 14% vs Q3 2024 ▪ Improved EBITDAX margins ✓ Up c. 400bps vs last quarter and up 100 bps vs Q3 2024 ▪ Net cash higher at US$248mm ✓ Up 3% vs last quarter and up 59% vs Q3 2024 ▪ Adjusted net working capital also higher at US$275mm, up 5% vs previous quarter and up 66% compared to Q3 2024 156 242 248 Q3 2024 Q2 2025 Q3 2025 ▪ Stronger Adj. CFO ✓ Up 45% vs last quarter and up 46% vs Q3 2024 ▪ Improved Adj. CFO margins ✓ Up c. 800bps vs last quarter and up 1,100 bps vs Q3 2024 50 51 73 36% 39% 47% Q3 2024 Q2 2025 Q3 2025 Adj CFO (US$mm) Adj CFO Margin (%) 166 262 275 Q3 2024 Q2 2025 Q3 2025 EBITDAX (US$mm) Adjusted CFO (1,2) (US$mm) Net Cash (US$mm) Adjusted NWC (3) (US$mm) 1) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated November 14, 2025 for reconciliation with financia l statement 2) Adjusted cashflow from operations 3) Adjusted net working capital Slide 10: Q3 2025 Financial Results Highlights (2/2)
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156 77 73 (19) (53) (7) (4) Oil Revenues Royalties Adj Opex SG&A Pre-Tax Adj CFO Tax (PITA+SRB) Adj CFO Q3 2025 Cashflow Bridge: High Margin Barrels 11 Q3 2025 Financials (US$ mm) Lifting: 2.16mmbbls Realised Price: US$71.2/bbl ▪ Sold 2.16 mmbbls of oil at an average realised price of US$71.2/bbl - Premium to Brent expanded - US$2.5/bbl premium in Q3 2025 ▪ Adjusted Opex(1) per barrel improved to US$24.8/bbl ▪ Operating netback of US$38.6/bbl ▪ Recorded US$73 mm in Adjusted CFO(1), with higher margins (47%) (1) (1) 1) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated November 14, 2025 for reconciliation with financia l statement Slide 11: Q3 2025 Cashflow Bridge: High Margin Barrels 174177 425671 7F7F7F F2F2F2 04AEEF 0170C0 37B050 C00000 DDEBF8 000000 666666 FFFFFF 7030A0 • SRB: US$3.6mm • CorpTax: US$0.5mm
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Q3 2025 Cash Bridge: Strong Balance Sheet 12 Q3 2025 Financials (US$ mm) ▪ Capex of US$52 mm which includes US$15.9 mm associated with Wassana Redevelopment ▪ Other income of ~US$3 mm(2) ▪ Deployed US$4 mm for NCIB and G1/G3 farm-in deposit ▪ Generated Adjusted Free Cash Flow(1) of US$24 mm during the quarter ▪ Further strengthening the balance sheet: - Cash balance at quarter end of US$248 mm - Adjusted net working capital to US$275 mm 1) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated November 14, 2025 for reconciliation with financia l statement 2) Represents Other Income as per the financial statements minus refund from prior owner of the Thai assets related to tax adjus tment payments accrued prior to Valeura take over of the assets, and FX gain/loss 3) Anti dilution purchases represents cash out and cancelation/non issuance of options and PSUs & RSUs, that would have otherwis e led to an increase in share count Slide 12: Q3 2025 Cash Bridge: Strong Balance Sheet (2) (3) 174177 425671 7F7F7F F2F2F2 04AEEF 0170C0 37B050 C00000 DDEBF8 000000 666666 FFFFFF 7030A0 242 252 248 73 (52) (0) 3 (14) (4) Cash Balance @ 30 Jun 2025 Q3 Adj CFO Adj. Capex Expex Other& interest income Adj Change in W/C Performa Q3 Cash Balance Others Costs Cash Balance @ 30 Sep 2025 Adj FCF 24 mm • NCIB • G1/G3 Farm -in Deposit • 2025 Corp Tax payment (1) (1) • Wassana Redevelopment capex US$ 15.9 mm
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Strong Cash Flow Underpins Capital Allocation Optionality – M&A and returns 13 174177 425671 7F7F7F F2F2F2 04AEEF 0170C0 37B050 C00000 DDEBF8 000000 666666 FFFFFF 7030A0 Capital / Organic Investment ▪ Capex: Investing to maintain aggregate production from existing producing fields – 20 – 25 mbbls/d into the 2030’s(1) ▪ Exploration spending: Selectively target organic resource growth ▪ Compelling regional market dynamics: ▪ Strict acquisition criteria: Anchored on value accretion ▪ Cash generative assets or firm line of sight to cash generation ▪ Transformative opportunities being actively pursued Value Accretive M&A Returns Cash Flow ▪ Share buybacks and anti-dilution purchases – NCIB allows buyback of 10% public float – Total 2.76 million shares and share-related instruments repurchased last 12 months(2) – Shares outstanding reduced to 105.7 million shares(3) – Goal is to offset natural dilution and reduce share count Slide 13: Strong Cash Flow Underpins Capital Allocation Optionality – M&A and returns 1) Working interest share production before royalties 2) Last 12-months to November 14, 2025 3) At November 6, 2025 Attractive regional market Reduced # of operators Shallower buyer pool Allocating Capital to Maximise Value Creation
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Major Achievements Not Fully Reflected in Market Valuation 14 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 4 5 6 7 8 9 10 Oct-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Volume (mm shares) C$/share C$/share 10 9 8 7 6 Completion of Internal Restructuring Record Reserves and Resources FID on Wassana Field Redevelopment Strategic Farm - in Agreement with PTTEP Ranked No. 1 of Canada’s Top Growing Companies Türkiye Joint Venture Agreement Dislocation between delivery and share price performance = An undeniable investment opportunity ▪ New business ▪ G1/65, G3/65 next steps – Government approval – Quantifying the resource potential ▪ FID on Gulf of Thailand G3/65 gas developments ▪ Reserves update for December 31, 2025 ▪ Türkiye Gas Testing Upcoming CatalystsShare Price Performance Since end of Q3 2024 (TSX: VLE) Major catalysts to drive further value generation Production Increases Increase Adj FCF Progress Strategic imperatives
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0.9x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 1.1x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 4.3x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Peer Group Trading multiples Material Upside to the Current Valuation 15 174177 425671 7F7F7F F2F2F2 04AEEF 0170C0 37B050 C00000 DDEBF8 000000 666666 FFFFFF 7030A0 Peer Group EV / 2025E FCF (x)(1,2) Current Valuation Indicates A Significant Upside Peer Group EV / 2025E CFO (x)(1,2) (4) Peers’ Median: 2.2x Valeura traders at a significant discount to Peers Current share price not reflective of inherent value (C$/sh) Peers’ Median: 2.8x Peer Group EV / 2025E EBITDA (x)(1,2) Peers’ Median: 11.2 x (3) 7.14 12.38 14.84 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 Current Share Price (Nov14, 2025) Analysts Concensus Implied NSAI 2P NAV Slide 15: Material Upside to the Current Valuation 1) Peer group comprised of 19 upstream companies (IPC, Africa Oil,, Frontera Energy, Amplitude Energy, Tullow Oil, Vaalco Energy, Hibiscus Petroleum, Enquest, Jadestone Energy, PetroTal, Gran Tierra Energy, Canacol Energy, Genel Energy, Parex, Capricorn Energy, Pharos Energy, Karoon Energy, Panoro Energy 2) As per Factset as of November 17, 2025 – Certain peer group companies excluded due negative/not available EBITDA or CFO 3) Latest Analysts' targets dated Novemver 17, 2025, Analysts consists of Cormark , Auctus, Stiflel, Canaccord, and Research Capital 4) Refer to Wassana Redevelopment announcement details. NAV adjusted for current FX and outstanding share count
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Conclusion 16 M&A …opportunities look more promising than ever Financial Performance …Q3 has strengthened our platform Growth …we are delivering Execution …is world class Value …is undeniable ▪ Proven ability to transact on major M&A ▪ Rapidly built a strongly cash -flowing business –Second largest oil producer in Thailand –Significantly extended portfolio life ▪ Exceptional balance sheet strength –Working capital US$275 million, no debt(1) ▪ Strong strategic relationships Valeura’s Thailand Country Entry Valeura’s Next Chapter ▪ Leveraging our reputation to do it again –Opportunities are transformative –Financially stronger than ever ▪ Value generation is at the core of every capital allocation decision Slide 16: Material Upside to the Current Valuation 1) September 30, 2025
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Q&A Session Dr. Sean Guest President and CEO Yacine Ben-Meriem CFO Dr. Greg Kulawski COO Robin Martin VP, Communications and Investor Relations Speakers: Moderator:
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Footnotes 18 1) Completion of Farm -in subject to Government of Thailand approval 2) Q3 2025 vs Q2 2025 and Q3 2024 3) November 1 -12, 2025 working interest share production before royalties 4) Adjusted opex per bbl, A non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated November 14, 2025 for reconciliation with financial statement Slide 3: Highlights 1) Completion of Farm -in subject to Government of Thailand approval Note: Map based on various public and proprietary sources. See disclaimers in July 25, 2025 press release Slide 4: Growth Strategy in Action – Strategic Farm-in with PTTEP 1) Completion of Farm -in subject to Government of Thailand approval Note: Map based on various public and proprietary sources. See disclaimers in July 25, 2025 press release Slide 5: Block G3/65: Immediate Development Opportunities in Large Exploration Block(1) 1) 2P field life per December 31, 2024 NSAI Wassana FID Report 2) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated May 14, 2025 for reconciliation with financial sta tements 3) 2P gross (before royalties) working interest reserves as of December 31, 2024, as per NSAI Wassana FID Report as described in the May 14, 2025 press release 4) 2P gross (before royalties) working interest share reserves as of December 31, 2022, 2023, and 2024 . Wassana working inter est was 89% at December 31, 2022 and 100% at December 31, 2023 and 2024 5) Proved + Probable (2P) gross (before royalties) working interest share reserves as of December 31, 2024 per NSAI 2024 Report Slide 6: Wassana Redevelopment – A Cornerstone for Future Growth 1) Working interest share production before royalties Slide 8: Well Delivery is Driving Production 1) Working interest share production before royalties 2) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated November 14, 2025 for reconciliation with financia l statement Slide 9: Q3 2025 Financial Results Highlights (1/2)
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19 Footnotes (continued) 1) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated November 14, 2025 for reconciliation with financia l statement 2) Represents Other Income as per the financial statements minus refund from prior owner of the Thai assets related to tax adjus tment payments accrued prior to Valeura take over of the assets, and FX gain/loss 3) Anti dilution purchases represents cash out and cancelation/non issuance of options and PSUs & RSUs, that would have otherwis e led to an increase in share count Slide 12: Q3 2025 Cash Bridge: Strong Balance Sheet Slide 13: Strong Cash Flow Underpins Capital Allocation Optionality – M&A and returns 1) Working interest share production before royalties 2) Last 12-months to November 14, 2025 3) At November 6, 2025 Slide 15: Material Upside to the Current Valuation 1) Peer group comprised of 19 upstream companies (IPC, Africa Oil,, Frontera Energy, Amplitude Energy, Tullow Oil, Vaalco Energy, Hibiscus Petroleum, Enquest, Jadestone Energy, PetroTal, Gran Tierra Energy, Canacol Energy, Genel Energy, Parex, Capricorn Energy, Pharos Energy, Karoon Energy, Panoro Energy 2) As per Factset as of November 17, 2025 – Certain peer group companies excluded due negative/not available EBITDA or CFO 3) Latest Analysts' targets dated September 5, 2025, Analysts consists of Cormark , Auctus, Stiflel, Canaccord, and Research Capital 4) Refer to Wassana Redevelopment announcement details. NAV adjusted for current FX and outstanding share count Slide 16: Material Upside to the Current Valuation 1) September 30, 2025 1) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated November 14, 2025 for reconciliation with financia l statement 2) Adjusted cashflow from operations 3) Adjusted free cashflow 4) Adjusted net working capital Slide 10: Q3 2025 Financial Results Highlights (2/2) 1) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated November 14, 2025 for reconciliation with financia l statement Slide 11: Q3 2025 Cashflow Bridge: High Margin Barrels
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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