Valeura Energy (VLE) investor relations material

Company overview and financial highlights

• Produces 22,000 barrels of oil per day offshore in the Gulf of Thailand, with reserves of 58 million barrels and a market cap of $1.1 billion.

• Ended Q1 with $262 million in cash, no debt, and generated nearly $250 million in cash flow from operations in 2025.

• Share price appreciation linked to strategic acquisitions and operational execution, with recent boosts from higher oil prices.

• Recognized as Canada's top growing company by The Globe and Mail.

• Major shareholders include Baillie Gifford (17%) and Thoresen Thai, with board and management holding 6-7%.

Strategic pillars and asset development

• Strategy centers on value-driven growth through organic reinvestment, disciplined M&A, and operational excellence.

• Four producing assets: Manora and Jasmine (mature, outperforming expectations), Nong Yao and Wassana (in growth phase, undergoing expansions).

• Wassana field undergoing major redevelopment with a new processing platform, targeting robust economics even at $60 oil.

• Strategic farm-in with PTTEP for blocks G1/65 and G3/65, adding 22,000 sq km and 15 oil and gas discoveries.

• Development planning underway for Busabong gas area, with final investment decisions expected mid-year.

Operational performance and reserves

• Achieved 218% reserve replacement over three years, doubling reserves while maintaining production guidance.

• Extended economic field life for all core assets, validated by third-party reserves evaluator.

• 2025 revenues reached nearly $600 million at $70/bbl oil, with adjusted OpEx at $26/bbl and tax advantages from prior acquisitions.

• Oil sales tied to Dubai benchmark, currently benefiting from $100+ oil prices with no price caps in Thailand.