Slides
Page 1
* valeura energy Q2 2026 RESULTS OVERVIEW Adding Value Through Growth August 2026 2025 WINNER REPORT ON BUSINESS CANADA'S TOP GROWING COMPANIES
Page 2
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW DISCLAIMERS AND ADVISORIES 2 GeneralAdvisory The informationcontainedin this presentationdoesnot purpo rtto be all-inclusiveor containall informationthat readersmay require. Prospec tive inves torsareenc ouragedtoconducttheirownanalysisandreviewofValeuraEnergyInc. (“Valeura”,“VLE”,the“Corporation”,the“Company” ,“us”,“our”or“we”)andofthe informationcontainedin thispresentation. Withoutlimitation,prospect iveinves torsshouldreadtheent irerecordofpubliclyfileddocumentsrelatingto theCorpo ration, considertheadvic eoftheirfinancial,legal,ac counting,taxandotherprofes sionaladvis orsandsuchotherfactorstheyconsiderappropriatein inves tigatingandanalysing the Corpo ration. An inves torshouldrelyonlyon the informationprovidedby the Corpo rationand is not ent itledto relyon partsof thatinformationto the exclusi onof others. TheCorpo rationhasnotaut ho risedanyonetoprovideinves torswithaddit ionalordifferentinformation,andanysuchinformation,includingstatem entsin media articl esaboutValeura,shouldnotbereliedupon. Inthispresentation,unlessotherwiseindicated,alldollaram ountsareexpress edin UnitedSt atesdollars. Aninves tmentin thesecurit iesofValeurais speculativeandinvolvesa highdegreeofriskthatshouldbeconsideredbypotentialinves tors. Valeura’sbusines sis subjec tto therisksnormallyenc ount eredin theoilandgasindustryand,morespecifically,in theparticularjurisdictionsin whi chtheCorpo rationoperates,andcertainotherrisks thatareas sociat edwithValeura’sstageofdevelopment. An inves tmentin theCorpo ration’ssecurit iesis suitableonlyforthosepurchaserswhoarewillingto riska lossof someoralloftheirinves tmentandwhocanaffordtolosesomeoralloftheirinves tment. Thispresentationdoesnotconsti tuteor formpartof anyofferor invitationto sellor issue,or anysolici tationof anyofferto purchaseor subscribeforanysecurit ies,or a proposalto make a takeoverbid in any jurisdiction. Neither this documentnor the fact of its distributionnor the making of the presentationconsti tutesa recomm endat ionregardinganysecurit ies. Thispresentationis beingprovidedtoyouforinformationpurpo sesonly. Forward-LookingInformationCertai ninformationincludedin this presentationconsti tutesforward-lookinginformationunder applic ablesecurit ieslegislation. Suc h forward-lookinginformationis forthepurpo seof explainingmanagement ’scurrentexpectat ionsandplansrelatingto thefuture. Readersarecautionedthatrelianceon such informationmay not be appropriatefor otherpurpo ses,such as makinginves tmentdec isions. Forward-lookinginformationtypicallycontainsstatem entswith words such as “anticipat e”,“believe”,“expect”,“plan”,“intend”,“estimate”,“propose” ,“project ”,“target ”or similarwords sugges tingfuture outcom esor statem ents regardinganoutlook. Certai ninformationincludedin thispresentationconsti tutesforward-lookinginformationunderapplic ablesecurit ieslegislation. Suc hforward-lookinginformationis for the purpo seof explainingmanagement ’scurrentexpectat ionsand plansrelatingto the future. Readersare cautionedthat relianceon such informationmay not be appropriatefor other purpo ses,such as makinginves tmentdec isions. Forward-lookinginformationtypicallycontainsstatem entswith words such as “anticipat e”, “believe”,“expect”,“plan”,“intend”,“estimate”,“propose” ,“project ”,“target ”or similarwordssugges tingfutureoutcom esor statem entsregardingan outlook. Forward- lookinginformationin thispresentationincludes ,butis notlimitedto: timingforfirstoilfromtheWassanaCPP; timingto installtheWassanaCPP; timingforpaybackof the projectsas sociat edwithincreasing20 26capexand theirexpectedyiel dof addit ionaloil production; no furtherPITAor SRB cashtax paymentsbeingant icipatedin 20 26; timingto announcewellresults; timingto bringa newdrillingrig on contrac t; thecompos itionandtimingof futuredrillingcampaigns; timingforinstallati onof the WassanaCPPandforfirstoilfromthefacility; timingforBussabongFID; 20 26guidancees timat esandant icipatedoutcom es; andintendeduseoffinancialresourcesfrom the Facili ty. Althoughthe Companybelievesthe expectat ionsand as sumptionsrefl ectedin such forward-lookinginformationare reasonable,they may proveto be incorrect. Forward-lookinginformationis bas edon management ’scurrentexpectat ionsandas sumptionsregarding,am ongotherthings: politicalstabilityof theareasin whi chthe Companyis operating; continuedsafet yof operationsandabili tyto proceedin a timelymanner; continuedoperationsof andapproval sforthcom ingfromgo vernments and regul atorsin a mannerconsist entwith pas tconduct; futuredrillingac tivityon the required/expectedtimelines; the prospect ivityof the Company’slands; the continuedfavourablepricingandoperatingnet backsac rossits busines s; futureproductionratesandas sociat edoperatingnet backsandcashflo w; dec linerates; future sourcesof funding; futureec onomicconditions; theimpactof inflationof futurecost s; futurecurrencyexchangerates; interestrates; theabili tyto meetdrillingdeadlines andfulfilcomm itmentsunderlicencesandleases; futurecomm odityprices; theimpactoftheongo ingconflictsbet weentheU.S.-IsraelandIran,andbet weenRussiaand Ukraine; royaltyratesandtaxes; futurecapitalandotherexpendi tures; thesuccessobtainedin drillingnewwellsandworkingoverexist ingwellbores; theperformanceof wells and facilities; the availabilit yof the requiredcapitalto fund its explorat ion,developmentand other operations,and the abili tyof the Companyto meet its comm itmentsandfinancialobligations; theabili tyoftheCompanytosecureadequateprocess ing,transportation,frac tionati onandstoragecapacityonac ceptableterms; thecapacityandreliabilityof facilities; theapplic ationof regul atoryrequirementsrespectingabandonmentandreclamat ion; therecoverabilityof theCompany’sreserves and contingentresources; futuregrowth; the sufficienc yof budgetedcapitalexpendi turesin carryingout plannedac tivities; the impactof increasingcompetition; the abili tyto efficientlyintegrateas setsandem ployeesac quiredthroughac quis itions; glo balenergypoliciesgo ingforward; futuredebtlevels; andtheCompany’scontinued abili tyto obtainand retainqualifiedstaffand equipmentin a timelyand costefficientmanner. In addit ion,the Company’sworkprogramm esand budgetsare in part bas eduponexpectedagreem entam ongjointvent urepartnersand as sociat edexplorat ion,developmentand market ingplansand ant icipatedcost sand salesprices, whi charesubjec tto changebas edon,am ongotherthings,theac tualresultsof drillingandrelatedac tivity,availabilit yof drilling,offshorestorageandoffloadingfacilities and other specialisedoilfieldequipmentand serviceproviders,changesin partners’plans and unexpec teddelaysand changesin marketconditions. Althoughthe Companybelievestheexpectat ionsandas sumptionsrefl ectedin suchforward-lookinginformationarereasonable,theymayprovetobeincorrect. Forward-lookinginformationinvolvessignificantknownandunknownrisksanduncertainties. Explorat ion,apprais al,anddevelopmentofoilandnat uralgasreservesand resourcesarespeculativeac tivitiesandinvolvea degreeofrisk. A numberoffactorscouldcauseac tualresultsto differmateriallyfromthoseant icipatedbytheCompany including,but not limitedto: the abili tyof managementto executeits busines splanor realiseant icipatedbenefitsfromac quis itions; the riskof disruptionsfrompublic healthem ergenciesand/orpandemics; competitionforspecialisedequipmentandhumanresources; theCompany’sabili tyto managegrowth; theCompany’sabili tyto managethecost srelatedto inflation; disruptionin supplychains; theriskof currencyfluct uations; changesin interestrates,oilandgaspricesandnet backs; theriskthat the Company’stax advis ors’and/oraudit ors’as sessm entof the Company’scumulativetax lossesvariessignificantlyfrom management ’sexpectat ionsof the same; potentialchangesin joint vent urepartnerstrat egi esand participationin work programm es; uncertaintyregardingthe contemplat edtimelinesand cost sfor work programm eexecution; therisksof disruptionto operationsandac cessto worksites; potentialchangesin lawsandregul ations,includinginternationaltreatiesandtrade policies; theuncertaintyregardinggo vernmentandotherapproval s; counterpart yrisk; theriskthatfinancingmaynotbe available; risksas sociat edwithweat herdelays andnat uraldisasters; andtheriskas sociat edwithinternationalac tivity. Seethemostrecentannualinformationformandmanagement ’sdiscussi onandanalysisof the Companyfora det aileddiscussi onoftheriskfactors. Certai nforward-lookinginformationin thispresentationmay als oconsti tute“financialoutlook”withinthe meaningof applic ablesecurit ieslegislation. Financialoutlook involvesstatem entsaboutValeura’sprospect ivefinancialperformanceor positio nand is bas edon and subjec tto the as sumptionsand riskfactorsdes cribedabovein respectof forward-lookinginformationgenerallyas wellas anyotherspecificas sumptionsandriskfactorsin relationto suchfinancialoutlooknotedin thispresentation. Suc has sumptionsarebas edonmanagement ’sas sessm entoftherelevantinformationcurrentlyavailable,andanyfinancialoutlookincludedin thispresentationis made as of the dat ehereo fand providedfor the purpo seof helpingreadersunderstandValeura’scurrentexpectat ionsand plansfor the future. Readersare cautionedthat relianceon any financialoutlookmay not be appropriatefor otherpurpo sesor in othercircumstancesand thatthe risk factorsdes cribedaboveor otherfactorsmay causeac tualresultstodiffermateriallyfromanyfinancialoutlook. Theforward-lookinginformationcontainedin thispresentationis madeas of thedat ehereo fandtheCompanyundertakesnoobligationto updatepubliclyor reviseany forward-lookinginformation,whetheras a resultof new information,futureeventsor otherwise,unlessrequiredby applic ablesecurit ieslaws. The forward-looking informationcontainedin thispresentationis express lyqualifiedbythiscautionarystatem ent. Maps The Gulfof Thailandmapsfeaturedin thispresentationhas beencompiledby Valeurabas edon variouspublicand proprietarydat asources. Polygonsident ifiedas oil fieldsand gas fieldsarenotnec essarilyindicativeofcomm ercialviabili ty,nordoestheCompanyrepresentthataerialextentofsuchpolygo nscorrelat estoultimatepotentialrecoveryofoilandgasfromsuch ac cumulatio ns. Oil and Gas AdvisoriesRes ervesand contingentresourcesdisclos edin this presentationare bas edon an independentevaluati onconductedby the incumbentindependentpet roleum engineeringfirm,NSAI with an effectivedat eof December31, 20 24and a preparationdat eof May 14, 20 25post-FID and February13, 20 25pre-FID. The NSAI es timat esof reservesand resourceswerepreparedusingguidelinesoutlinedin theCanadi anOilandGasEvaluati onHandbookandin ac cordancewithNationalInstrument51-10 1- St andardsof DisclosureforOiland Gas Activities. The reservesand contingentresourceses timat esdisclos edin this presentationare es timat esonly and there is no guaranteethat the es timat edreservesand contingent resourceswillberecovered. Thispresentationcontainsa numberofoilandgasmetric s,including“NAV”,“RLI”,“EOFL”,and“IRR”whi chdonothavestandardisedmeaningsor standardmethodsofcalculatio nandtherefore suchmeasuresmaynotbe comparableto similarmeasuresusedby othercompanies. Suc hmetric sarecomm onlyusedin theoil andgasindustryandhavebeenincludedherei nto provide readerswith addit ionalmeasuresto evaluatethe Company’sperformance; however,such measuresare not reliableindicatorsof the future performanceof the Companyand future performancemaynotcomparetotheperformanceinpreviousperiods. “NAV”is calculatedby addingthees timat edfuturenetrevenuesbas edona 10% discountrateto netcash,(whichis comprisedof cashles sdebt)as ofDecember31, 20 24. NAVis express edon a persharebas isbydividingthetotalbybas iccomm onsharesoutst anding. NAVpershareis notpredictiveandmaynotberefl ectiveofcurrentorfuturemarketpricesforValeura. “RLI”is calculatedbydividingreservesbymanagement ’ses timat edtotalproductionbeforeroyaltiesfor20 25. “EOFL”is calculatedbyNSAIasthedat eatwhi chthemonthlynetrevenuegenerat edbythefieldis equaltoorles sthantheas set’soperatingcost. “IRR”is usedbymanagementasa measureoftheprofitabilityofa potentialinves tment. It is calculatedasthediscountratethatwouldresultina netpresentvalueofzero. ReservesRes ervesare es timat edremainingquantit iesof comm erciallyrecoverableoil, nat uralgas,and relatedsubstancesant icipatedto be recoverablefromknownac cumulatio ns ,as of a givendat e,bas edontheanalysisofdrilling,geological,geophysical,andengineeringdat a,theuseofes tablishedtechnology,andspecifiedec onomicconditions ,whi charegenerallyac ceptedas beingreasonable. Res ervesarefurthercategoris edac cordingtothelevelofcertaintyas sociat edwiththees timat esandmaybesub-classifiedbas edondevelopmentandproductionstatus. Provedreservesarethosereservesthatcanbe es timat edwitha highdegreeof certaintyto be recoverable. It is likelythattheac tualremainingquantit iesrecoveredwillexceedthees timat ed provedreserves. Developedreservesarethosereservesthatareexpectedto be recoveredfromexist ingwellsandinstalledfacilitiesor,if facilitieshavenotbeeninstalled,thatwouldinvolvea lowexpendi ture (e.g., whencomparedtothecostofdrillinga well)toputthereservesonproduction. Developedproducingreservesarethosereservesthatareexpectedtoberecoveredfromcompletionintervalsopenatthetimeofthees timat e. Thesereservesmaybecurrentlyproducingor,if shutin,theymusthavepreviouslybeenonproduction,andthedat eofresumptio nofproductionmustbeknownwithreasonablecertainty. Developednon-producingreservesare those reservesthat eit herhave not been on production,or have previouslybeen on production,but are shut in, and the dat eof resumptio nof productionis unknown. Undevelopedreservesarethosereservesexpectedto be recoveredfromknownac cumulatio nswherea significantexpendi ture(e.g., whencomparedto thecostof drillinga well)is requiredto renderthemcapableofproduction. Theymustfullymeettherequirementsofthereservesclassific ation(proved,probable,possible)towhi chtheyareas signed. Probablereservesarethoseaddit ionalreservesthatareles scertaintoberecoveredthanprovedreserves. It is equallylikelythattheac tualremainingquantit iesrecoveredwillbegreaterorles s thanthesumofthees timat edprovedplusprobablereserves. Possi blereservesarethoseaddit ionalreservesthatareles scertainto be recoveredthanprobablereserves. It is unlikelythattheac tualremainingquantit iesrecoveredwillexceedthesumof thees timat edprovedplusprobablepluspossiblereserves. Thereis a 10% probabilitythatthequantit iesac tuallyrecoveredwillequalor exceedthesumofthees timat edprovedplusprobable pluspossiblereserves. Thees timat edfuturenetrevenuesdisclos edinthispresentationdonotnec essarilyrepresentthefairmarketvalueofthereservesas sociat edtherewith. Thees timat esof reservesandfuturenetrevenueforindividualpropertiesmaynotrefl ectthesameconfidencelevelas es timat esof reservesandfuturenetrevenueforall properties ,dueto theeffectsofaggregat ion. ContingentResourcesContingentresourcesare those quantit iesof pet roleumes timat ed,as of a given dat e,to be potentiallyrecoverablefrom known ac cumulatio nsusing es tablished technologyortechnologyunderdevelopment ,butwhi charenotcurrentlyconsideredtobecomm erciallyrecoverableduetooneormorecontingencies. Contingenciesareconditionsthatmust besatisfiedfora portionofcontingentresourcestobeclassifiedasreservesthatare: (a)specifictotheprojectbeingevaluated; and(b)expectedtoberesolvedwithina reasonabletimeframe. Contingentresourcesare furthercategoris edac cordingto the levelof certaintyas sociat edwiththe es timat esand maybe sub‐classifiedbas edon a projectmaturit yand/orcharacterisedby theirec onomicstatus. Therearethreeclassific ationsofcontingentresources: lowes timat e,bes tes timat eandhighes timat e. Bestes timat eis a classific ationofes timat edresourcesdes cribedin the Canadi anOil and Gas Evaluati onHandbookas the bes tes timat eof the quantit ythat will be ac tuallyrecovered; it is equallylikelythat the ac tualremainingquantit iesrecoveredwill be greateror les sthanthe bes tes timat e. If probabilisticmethodsare used,thereshouldbe at leasta 50 percentprobabilitythatthe quantit iesac tuallyrecoveredwillequalor exceedthe bes t es timat e. The projectmaturit ysubclassesincludedevelopmentpending,developmenton hold, developmentunclarifiedand developmentnot viable. The contingentresourcesdisclos edin this presentationareclassifiedaseit herdevelopmentonhold,developmentunclarified,ordevelopmentnotviable. Developmenton holdis definedas a contingentresourcewherethereis a reasonablechanc eof development ,buttherearemajornon-technicalcontingenciesto be resolvedthatareusuall y beyondthecontroloftheoperator. Developmentunclarifiedis definedas a contingentresourcethatrequiresfurtherapprais alto clarifythepotentialfordevelopmentandhasbeenas signeda lowerchanc eof developmentuntil comm ercialconsiderationscanbeclearlydefined. Chanceofdevelopmentis thelikelihoo dthatanac cumulatio nwillbecomm erciallydeveloped. Conversionof the developmentunclarifiedresourcesreferredto in thispresentationis dependentupon(1) the expectedtimetablefor development; (2) the ec onomicsof the project; (3) the market abilityof theoilandgasproduction; (4) theavailabilit yof infras truct ureandtechnology; (5) thepolitical,regul atory,andenvironmentalconditions; (6) theprojectmaturit yanddefinition; (7) theavailabilit yofcapital; and,ultimately,(8) thedec isionofjointvent urepartnerstoundertakedevelopment. Themajorpositivefactorrelevantto the es timat eof the contingentdevelopmentunclarifiedresourcesreferredto in thispresentationis thesuccessfuldiscoveryof resourcesenc ount eredin apprais aland developmentwells within the exist ingfields. The major negativefactorsrelevantto the es timat eof the contingentdevelopmentunclarifiedresourcesreferredto in this presentationare: (1) theoutst andingrequirementfora definitivedevelopmentplan; (2) currentec onomicconditionsdo notsupporttheresourcedevelopment; (3) limitedfieldec onomiclifeto developtheresources; and(4) theoutst andingrequirementfora finalinves tmentdec isionandcomm itmentofalljointvent urepartners. Developmentnotviableis definedasa contingentresourcewherenofurtherdat aac quis itionorevaluati onis currentlyplannedandhencethereis a lowchanc eofdevelopment ,thereis usuall y les sthana reasonablechanc eof ec onomicsof developmentbeingpositivein theforeseeablefuture. Themajornegativefactorsrelevantto thees timat eof developmentnotviablereferredto in this presentationare: (1) current ec onomicconditionsdo not supportthe resourcedevelopment; and (2) availabilit yof technicalknowledgeand technologywithin the industryto ec onomical lysupportresourcedevelopment. Ifthesecontingenciesaresuccessfullyaddres sed,someportionofthesecontingentresourcesmaybereclassifiedasreserves. Of the bes tes timat e2C contingentresourceses timat edin the NSAI WassanaFID Report,on a riskedbas is: 10 0% of the es timat edvolumesare heavyoil; les sthan 1% are categoris edas DevelopmentNotViable,withtheremaindercategoris edasDevelopmentUnclarified. TherearenoDevelopmentOnHoldresourceswithinthe2C category. MAKINGAN INVESTMENTDECISION,INVESTORSMUSTRELYON THEIROWNEX AM INATIONOF THECORPORATIONANDTHETERMSOF THEOFFERING,INCLUDINGTHEMERITSANDRISKS INVOLVED. THESECURITIESHAVENOTBEENAPPROV EDOR DISAPPROVEDBY THESECURITIESANDEX CHANGECOM MISSIONOR BY ANYSTATESECURITIESCOM MISSIONOR REGULATORY AUTHORITY,NORHAVEANYOF THEFOREGOINGAUTHORITIESOR ANYSECURITIESREGULATORPASSEDON THEACCURACYOR ADEQUACYOF THISPRESENTATION. ANYREPRESENTATION TOTHECONTRARYIS A CRIMINALOFFENSE.
Page 3
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW KEY FIGURES 3 US$317mm CASH (2) Reduced restricted cash Q2 2026 OVERVIEW ADJUSTED CFO (1) Top Quartile - $77.1/bbl US$154 mm Slide 3: Q2 2026 Overview 1) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated 06 August 2026 for reconciliation with financial statement 2) 30 June 2026 3) Revolving facility plus accordion expansion feature (subject to lender consent and market conditions) plus cash as at 30 June2026 4) Q2 2026 5) Subject to government approval 33 Oil Producing Oil and Gas Exploration/ Development Thailand Myanmar Cambodia Malaysia 3 Intro by Sean on Key points: - We generated a lot of cash - Prices were high, but we take a long-term view of oil price - Project scope increases are driven by value (tested at $70/bbl) not by recent windfall margins - New business remains our priority US$106/bb l REALISED PRICE (4) Continuing strong premiums Operational Delivery ▪ Excellent Safety & Environmental ▪ Production right on plan ▪ New drilling results have met or exceeded expectations ▪ Longest horizontal & first multi -lateral well ▪ Wassana Redevelopment ahead of plan & under budget ▪ Adding 4 well slots to Nong Yao platform FREE CASH FLOW (1) A record for the Company US$105 mm
Page 4
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW DRILLING ENHANCING EFFICIENCY 4 New Frontiers in Drilling THAILAND’S FIRST COMPLEX MULTI -LATERAL WELL: NYB02ST1 New Drilling Rig Contract SHELF DRILLING ENTERPRISE RIG ▪ Premium jack-up drilling rig ▪ Suitable for drilling anywhere in the Gulf of Thailand ▪ Favourable rig rate ▪ Locked in for a three-year term ▪ Starting Q4 2026 ▪ Initial operation: production enhancement wells at Nong Yao, Wassana redevelopment drilling ▪ Single well slot consumed ▪ Re-entry sidetrack from an existing well, complex junction point ▪ Two development targets delivered ▪ Separate wellbores into two unconsolidated reservoirs ▪ Technology applicable across Valeura’s portfolio (inc. Wassana) ~30% reduction in rig day rate Drilling slide by Greg - Signing of rig contract at a significantly lower rate – >30% reduction in day rate - This is our biggest capex item so this represents a significant savings - Longest horizontal - Drilled first complex ML - Have just completed another one on Jasmine??? - What ML mean – LONGEST HORIZONTAL LATERAL IN THAILAND: NYA-42ST1H ▪ Horizontal lateral measuring 4,960’ Leg #1 Leg #2
Page 5
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW WASSANA REDEVELOPMENT BLOCK G10/48 Slide 7: Wassana Redevelopment 1) 2P field life per 31 December 2025 NSAI Wassana FID Report 2) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated 14 May 2025 for reconciliation with financial statements 3) NPV10 of 2P reserves as of 31 December 2024, as per NSAI Wassana FID Report as described in the 14 May 2025 press release 4) Working interest share production before royalties Project Overview ▪ Building a new Central Processing Platform to replace MOPU facility ▪ Production to 2042 (1), design life further ▪ Higher fluid capacity (from 35 to 62 mbbls/d) ▪ Production growth (from 3 to 10 mbbls/d)(4) ▪ Two risers for future satellite tiebacks ▪ Potential developments to the north and south of main field ▪ Evaluating Minimum Scope Wellhead platform designs ▪ Ahead of schedule. Mechanical completion expected 01 October 2026 ▪ Intend to accelerate install to start in October (subject to a queue) ▪ Two months earlier of 7.5 mbbls/d = ~0.5 mmbbls ▪ Moves capex from 2027 into 2026 ▪ Could result in 2027 being Valeura’s lowest annual capex yet Acceleration Opportunity Robust Economics PROJECT ECONOMICS (US$60/BBL) • 40% IRR(2) • 18-month payback • US$12-16/bbl adjusted Opex(2) • US$218 million 2P NPV10(3) Wassana CPP July 2026 5 Wassana overview by Greg - Redev work all going well, ahead of schedule and on budget - We plan to accelerate installation, need to finalise details, there’s a queue - Likely to be some costs involved, but will accelerate by ~2 mo, 7,500 bbls/d - Will not take costs over budget, but moves capex from 2027 to 2026 - Sets us up for a low capex year in 2027, potentially our lowest VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW
Page 6
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW NONG YAO SLOT EXPANSION PROJECT BLOCK G11/48 6 NYA Slots overview by Greg - Additional project in 2026 - 4 new slots - Current plan is to drill three new wells in these slots in Q4 - With success these wells are expected to add about 300k bbl/d Project Overview ▪ Modifying Nong Yao A to add four additional well slots ▪ Enables more drilling without waiting for existing wells to reach the end of their productive life (and become donor slots) ▪ Scope addition to the 2026 work programme: ▪ US$7 million additional capex Status and Update ▪ On schedule ▪ Fabrication of new components underway ▪ Topside modifications underway ▪ Offshore installation planned for October 2026 ▪ Planning three new wells in Q4 2026 Flowline Modifications New Subsea Casing Guide Clamps Electrical and Instrumentation Room Addition / Deck Extension Clamp Locations
Page 7
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEWVALEURA ENERGY | CORPORATE UPDATE ORGANIC GROWTH STRATEGIC FARM-IN WITH PTTEP PTTEP p a r t n e r s h i p NATIONAL OIL COMPANY OF THAILAND Gas e x p o s u r e ENABLES PORTFOLIO DIVERSIFICATION 22,757 km2 VALEURA’S GROSS ACREAGE IN THAILAND(1) 15 OIL AND GAS DISCOVERIES 1) Completion of Farm-in subject to Government of Thailand approval Note: Map based on various public and proprietary sources. See disclaimers in 25 July 2025 press release Slide 9: Strategic Farm -in with PTTEP VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW Block G3/65 Block G11/48 Bussabong Gas Development Angun, Bondarik, Mantana Exploration Nong Yao NE Expl’n 7 Farm-in Overview • Valeura earns a 40% non -operated working interest (1) • Valeura to pay 40% share of back -costs, plus carried 3D seismic over the Nong Yao Northeast focus area • Government approval required for transfer of interest, progressing Attractive Opportunity • Two large blocks with existing oil and gas discoveries • Adjacent to major producing gas fields and Valeura’s oil fields • Potential for tie -back to existing infrastructure, short time -lines • Provides portfolio diversity and medium/long -term growth Project Update • PTTEP & Valeura teams working together on technical and commercial matters • 3D seismic acquired, processed, and recently received • Interpreters working to propose 2027 exploration programme • Bussabong gas development planning progressing • Anticipate FID shortly after Valeura has formally entered the block
Page 8
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEWVALEURA ENERGY | CORPORATE UPDATE CONTINUE TO EXPECT ~BRENT EQUIVALENT PRICING PRICE REALISATIONS 60 70 80 90 100 110 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Valeura Realised Price Brent Benchmark Dubai Benchmark Valeura Price Realisations and key Benchmarks (US$/bbl) • Thailand oil sales are based on Dubai crude oil benchmark, +/ - a negotiated premium or discount • Dubai – Brent relationship has been volatile • Dubai significantly above Brent in March 2026 • Now noticeably below Brent • Premiums have increased • Historically Valeura realisations approximately equivalent to Brent • Q2 2026 a slight discount to Brent Additional comments on Brent vs Dubai Dubai now in mild contango Partial normalisation of shipping from Middle East Correction from extreme Dubai-Brent diff we saw in Q1 Fundamentals like OPEC+ allowing more bbls affects Dubai more directly than Brent (i.e. OPEC+ bbls are the ones Asia buys…medium sour crudes, vs the light sweets like Brent and WTI) Exacerbated by Russian crude continuing to flow into Asia, meaning there’s competition (with attractively priced bbls) Dubai likely to strengthen again as demand for medium sour crude picks back up, which could be driven by increased Asian refinery demand and/or demand for bbls to refill SPRs Prices slide by Yacine - Dubai-Brent has been volatile - March way above, now well below - Premiums have changed too - Continue to expect about Brent equivalent
Page 9
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEWVALEURA ENERGY | CORPORATE UPDATE STRONG CASHFLOW GENERATION CASH FLOW – Q2 2026 Q2 2026 Financials • Net revenue stood at US$260 million, up 101% q -o-q, amidst higher sales volumes and higher realised price • Sold 2.45 mmbbls of oil at an average realised price of US$105.8/ bbl • Adjusted Opex of US$58 million, equating to US$28.9/bbl • Adjusted after tax cashflow from operations of US$154 million, reflecting a 3x growth compared to past quarter 9 (1)U S $77.1/bbl ADJUSTED CFO / BBL 1) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated 06 August 2026 for reconciliation with financial s tatement Slide 12: Strong Cashflow Generation At average realised price of US$105.8/bbl Q2 2026 CASHFLOW BRIDGE (US$ million) 260 (31) (59) (8) 163 (8) 154 Oil Revenues Royalties Adj. Opex SG&A Pre-tax Adj. CFO Tax (PITA + SRB) Adj. CFO Lifting: 2.45 mmbbls Realised Price: US$105.8/bbl (1) (1) (1) • SRB: US$0.4mm • PITA/ Corp Tax: US$8.0mm Cashflow slide by Yacine - Record high revenue - A windfall quarter - Atx Adj CF a 3-fold increase from past qtr
Page 10
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEWVALEURA ENERGY | CORPORATE UPDATE CONTINUE TO STRENGTHEN THE BALANCE SHEET BALANCE SHEET Q2 2026 Financials • Capex of US$54 million; includes US$44 million for WSN Redevelopment • FCF: Generated US$105 million of free cash flow (2) during the quarter • Taxes Paid: US$19 million related mostly to 2025 SRB, paid in May. No PITA tax paid • Deployed US$7 million on anti-dilution purchases during the year (2) 10 U S $ 316mm NET CASH (WITH NO DEBT) Q2 2026 CASH BALANCE BRIDGE (US$ million) 316 154 (54) (1) 5 (24) (19) (7) 262 342 Cash Bal (31 Mar 2026) Adj. CFO Adj. Capex Expex Other & Interest Inc Adj. Change in W/C Pro-forma Cash Bal (31 Dec 2025) Taxes Paid NCIB/ Anti Dilution Cash Bal (31 Dec 2025) FCF US$105 MILLION (1) (1) (1) 1) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated 06 August 2026 for reconciliation with financial statement 2) 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 13: Continuing to Strengthen the Balance Sheet Inc restricted cash of US$15.5mm US$17 million Wassana Redevelopment (1) U S $ 105mm FREE CASH FLOW Cash slide by Yacine - Heavy investment quarter, largely related to Wassana redev - Comment on WC changes? - Taxes paid in relation to 2025 SRB - Additive to the balance sheet
Page 11
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW 2026 GUIDANCE GUIDANCE 2026 Guidance Revised 2026 Guidance Updated 2026 Guidance Commentary Production(1) 19.5 – 22.5 mbbls/d 19.5 – 22.5 mbbls/d 20.0 – 22.0 mbbls/d • Range narrowed after 6 months of on-plan performance Capex and Exploration spending US$ 175 – 195 million US$ 195 – 215 million US$ 195 – 215 million • Original work projects all on budget • Increased scope for Nong Yao A expansion Adjusted Opex(2) US$ 190 – 220 million US$ 190 – 220 million US$ 190 – 220 million • Guidance unchanged • Influenced by diesel prices 2026 Work Programme Synopsis ▪ Drilling rig on contract Jan -Aug 2026, plus new rig charter starting Q4 2026 ▪ 16 development and appraisal wells and at least one exploration well through August ▪ Potential to accelerate the Wassana re -development project ▪ Exploration and development planning on Blocks G1/65 and G3/65, including two high -priority areas: ▪ Bussabong gas development ▪ Nong Yao NE exploration 20 – 25m b b l s / d LONG-TERM PRODUCTION (From Jasmine, Nong Yao, Manora, and Wassana) Slide 14: 2026 Guidance 1) Full year average working interest share production before royalties 2) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated 06 August 2026 for reconciliation with financial statement 11 Guidance slide by Yacine - No major changes - Just narrowing the production band as 6-mo are behind us - Capex projects all on schedule - When we land all the details on accelerating Wassana, will move some spend from 2027 to 2026 - Even opex unchanged, but admittedly trending toward upper end due to diesel
Page 12
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW SUBSTANTIAL LIQUIDITY DEBT FACILITY 12 Cash Debt facility Accordion Total Liquidity ▪ Revolving credit facility: US$75 million ▪ Expandable via accordion feature: additional US$250 million (1) ▪ Scope to increase the accordion for the right opportunity ▪ Establishes important new financing relationships ▪ Syndicate of three leading international banks and a global commodities trading house ▪ Three-year tenor at 4.00% margin over SOFR(2), if drawn ▪ No principal repayment over the first two years ▪ Market standard covenants: no hedging requirement ▪ Funds available for general corporate purposes Valeura’s Maiden Debt Facility >US$640mm( 3) “The Company intends to deploy these financial resources to add value through mergers and acquisitions” Slide 15: Substantial Liquidity 1) Uncommitted accordion feature 2) Secured Overnight Financing Rate 3) Revolving facility plus accordion expansion feature (subject to lender consent and market conditions) plus cash as at 30 June2026 Debt slide by Yacine - You will see that we have no need for a corporate facility – cash keeps strengthening - This is about having the banks lined up acquisition financing
Page 13
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW STRONG CASH FLOW UNDERPINS OPTIONALITY CAPITAL ALLOCATION 13 SHALLOWER BUYER POOL REDUCED # OF OPERATORS ATTRACTIVE REGIONAL MARKET • CAPEX: INVESTING TO MAINTAIN AGGREGATE PRODUCTION FROM EXISTING PRODUCING FIELDS • 20 – 25 MBBLS/D INTO THE 2030’S(1) • GAS AND OIL DEVELOPMENTS IN G1 & G3 • EXPLORATION SPENDING: SELECTIVELY TARGET ORGANIC RESOURCE GROWTH CAPITAL / ORGANIC INVESTMENT Strong Cash Flow VALUE ACCRETIVE M&A • 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 RETURNS • SHARE BUYBACKS AND ANTI-DILUTION PURCHASES • NCIB ALLOWS BUYBACK OF 10% PUBLIC FLOAT • GOAL IS TO OFFSET NATURAL DILUTION AND REDUCE SHARE COUNT Ma xi m is i ng Value ALLOCATING CAPITAL TO MAXIMISE VALUE CREATION Slide 16: Strong Cash Flow Underpins Optionality 1) Working interest share production before royalties 2) At 30 June 2026 So what to do with the cash slide, by Sean: • Capital allocation priorities unchanged • Adding value through growth • M&A remains a priority • Transformative things being worked
Page 14
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW 14 OPERATIONS ARE ON TRACK KEY MESSAGES SEIZING OPPORTUNITY MARGINS ARE STRONG CASH FLOW Generation has been strong INNOVATION Multi-lateral drilling, pushing the envelope of what’s possible PRODUCTION Is on target Guidance is unchanged, but narrowed PRICE EXPOSURE Fully exposed to high oil prices BALANCE SHEET Cash position has grown substantially Debt facility adds more liquidity SCOPE EXPANDED More drilling, more well slots, shorter line of sight to Wassana redevelopment M&A We are ready Opportunity set is exciting and potentially transformative Conclusion slide by Sean • Operations are on track • Margins are strong and we are generating a lot of cash…windfall quarter • But we continue to take a long-term view on prices • Projects that warrant accelerating are going ahead (not a knee jerk to high prices though) • M&A opportunity set is exciting, we are prepared
Page 15
Dr. Sean Guest President and CEO Yacine Ben-Meriem CFO Dr. Greg Kulawski COO Moderator: Robin Martin SVP , Communications and Investor Relations Q&A SESSION
Page 16
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW FOOTNOTES 16 Slide 3: Q2 2026 Overview 1) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated 06 August 2026 for reconciliation with financial statement 2) 30 June 2026 3) Revolving facility plus accordion expansion feature (subject to lender consent and market conditions) plus cash as at 30 June2026 4) Q2 2026 5) Subject to government approval Slide 4: Recognised Value Delivery 1) Farm-in closing subject to government approval 2) 31 July 2026 3) ADTV 30 as of 31 July 2026 4) Q2 2026 average working interest share production before royalties 5) 30 June 2026 1) 2026 guidance average working interest share production before royalties 2) Subject to closing of PTTEP Farm-in, pending government approval Slide 6: Material Producing Portfolio With Upside Slide 7: Wassana Redevelopment 1) 2P field life per 31 December 2025 NSAI Wassana FID Report 2) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated 14 May 2025 for reconciliation with financial statements 3) NPV10 of 2P reserves as of 31 December 2024, as per NSAI Wassana FID Report as described in the 14 May 2025 press release 4) Working interest share production before royalties 1) Completion of Farm-in subject to Government of Thailand approval Note: Map based on various public and proprietary sources. See disclaimers in 25 July 2025 press release Slide 9: Strategic Farm -in with PTTEP
Page 17
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW FOOTNOTES (CONTINUED) 17 Slide 14: 2026 Guidance 1) Full year average working interest share production before royalties 2) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated 06 August 2026 for reconciliation with financial statement Slide 15: Substantial Liquidity 1) Uncommitted accordion feature 2) Secured Overnight Financing Rate 3) Revolving facility plus accordion expansion feature (subject to lender consent and market conditions) plus cash as at 30 June2026 Slide 16: Strong Cash Flow Underpins Optionality 1) Working interest share production before royalties 2) At 30 June 2026 1) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated 06 August 2026 for reconciliation with financial s tatement Slide 12: Strong Cashflow Generation 1) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated 06 August 2026 for reconciliation with financial statement 2) 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 13: Continuing to Strengthen the Balance Sheet
Page 18
General Corporate Inquiries Sean Guest , President and CEO Yacine Ben-Meriem, CFO +65 6373 6940 Contact@valeuraenergy.com Investor / Media Inquiries Robin Martin , SVP, Communications and Investor Relations +1 403 975 6752 IR@valeuraenergy.com
Page 19
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEWVALEURA ENERGY | CORPORATE UPDATE Slide 4: Recognised Value Delivery 1) Farm-in closing subject to government approval 2) 31 July 2026 3) ADTV 30 as of 31 July 2026 4) Q2 2026 average working interest share production before royalties 5) 30 June 2026 RECOGNISED VALUE DELIVERY FOCUSSED ON VALUE 19 - 2 4 6 8 10 12 14 16 0 2 4 6 8 10 12 14 16 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 Volume (mm shares) C$/share C$/share 0 1 2 – 3 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 Award Canada’s Top Growing Companies (No. 8) The Globe and Mail Report on Business Magazine Award Canada’s Top Growing Companies (No. 1) The Globe and Mail Report on Business Magazine Market Data (TSX: VLE) Share price (2) C$12.53/share Market cap (2) US$949 mm EV(2) US$632 mm Shares o/s (2) 106.3 mm Average Daily Volume (3) 733 k shares US$6.5 mm Shareholders (2) Thoresen Thai: 15.1% Baillie Gifford: 14.6% Executive & Board: 4.9% Key Metrics Q2 2026 Production (4) 22.3 mbbls/d Cash at bank (5) US$316.5 mm Debt(5) Nil Share Price Performance Since 01 Jan 2022 (TSX: VLE) 19 Acquisition KrisEnergy Thailand Acquisition Mubadala Energy Thailand Farm-in PTTEP Thailand(1) Quick touch by Sean - Reflect on long-term value creation - Maintaining our conviction has worked very well
Page 20
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW STRATEGY VALEURA’S PRIORITIES 20 CORE ENABLER DELIVER VALUE THROUGH GROWTH FOCUS Cash flow Safe & responsible operator Very high HSE standards Seek out operating synergies Create a cash foundation Resilient balance sheet / Liquidity Optimise shareholder returns Robust risk management Strict screening to ensure value Seek economics of scale MAXIMISE CASHFLOW FROM ORGANIC PORTFOLIO INORGANIC GROWTHOPERATIONAL EXCELLENCE ▪ Accretive M&A based on value and operational efficiencies ▪ Current or near -term producing / free cash flowing assets ▪ Consolidator of choice in the Southeast Asia region ▪ Executive with proven international operations experience in major companies ▪ Relentless focus on operational efficiency and margins ▪ Responsible corporate citizen with “Licence To Operate” ▪ Re-invest to replace/grow reserves ▪ Near-field exploration & develop underexploited opportunities ▪ Sustain strong cash flows as foundation to Company Quick touch by Sean - Strategy has not changed - Cash flow from the organic portfolio is our priority - Operations reflect ongoing commitment to doing things right - Primed and ready to grow inorganically
Page 21
VALEURA ENERGY | Q2 2026 RESULTS OVERVIEW G3/65 MATERIAL PRODUCING PORTFOLIO WITH UPSIDE PORTFOLIO Manora 70% OPERATED WI 2.0 MBBLS/D(1) • Exploration well drilling now • Success could lead to additional development on Block G1/48 Jasmine 100% OPERATED WI 7.8 MBBLS/D(1) • Drilling underway, including multi -lateral • Approaching 100mmbbls produced Nong Yao 90% OPERATED WI 8.2 MBBLS/D(1) • Successful multi -later drilling and longest ever Hz in Gulf of Thailand • Adding additional well slots Wassana 100% OPERATED WI 3.0 MBBLS/D(1) 2121 G1/65 40% NON-OP WI(2) • Government approval • New seismic now available 40% NON-OP WI(2) • Government approval • Development planning at Bussabong gas discoveries – FID in 2026 Producing Exploration/ Development Thailand Myanma r Camb odia Malaysia 21 1) 2026 guidance average working interest share production before royalties 2) Subject to closing of PTTEP Farm-in, pending government approval Slide 6: Material Producing Portfolio With Upside • Redevelopment ahead of schedule • Target start of installation in October 2026 Operations round-up by Greg - Production on target, totals here sum to 21 mbbls/d, mid point of guidance (unchanged) - Manora, Jasmine exactly as expected. - Nong Yao a little better performance than plan, Wassana a little lower (but not investing into MOPU)