Valeura Energy (VLE) Corporate presentation summary

Strategic priorities

• Growth strategy centers on cash flow from operated assets, reinvestment in reserves, near-field exploration, operational efficiency and value-accretive regional acquisitions.

• Acquisition criteria prioritize cash-generative or near-term cash-flow assets, operational synergies and strict value screening; share buybacks aim to offset dilution and reduce share count.

• Liquidity at 30 Sep 2026 totaled US$710mm, including US$385mm cash, an undrawn US$250mm revolving facility and a US$75mm accordion, subject to conditions.

Producing assets and development

• Q3 2026 production was 22.1 mbbls/d; portfolio guidance production is 20.0–22.0 mbbls/d for 2026, with long-term production targeted at 20–25 mbbls/d.

• Wassana CPP construction finished two months early; installation was expected in October 2026, with first production targeted for start of Q2 2027 and output rising from 3 to 10 mbbls/d.

• Wassana redevelopment economics at US$60/bbl include 40% IRR, 18-month payback, US$12–16/bbl adjusted opex and US$218mm 2P NPV10.

• Nong Yao completed a seven-well 2026 campaign and plans three further wells for Q4; four new well slots and multi-lateral drilling support production growth.

• Bussabong gas development reached FID in Sep 2026; Phase 1 targets first gas around end-2028, with 40% working-interest sales volumes of 12 mmcf/d in 2028 and 16 mmcf/d in 2029.

Exploration and reserves

• Suraphi oil discovery at Manora encountered 162 ft and 172 ft net oil pay across two fault blocks; development concept studies began, with a potential 4.5 km tie-back to Manora-A.

• 2027 exploration plans include two potential wells south of Wassana, Nong Yao Northeast drilling in Q1, and Block G1/65 drilling planning for H2.

• Bussabong appraisal and exploration upside is supported by 3D seismic; additional phases could support a repeatable development cycle, potentially with a new FID every 24 months.

• Three-year reserves replacement was 218%; 2P economic field life extended by 5 years at Manora, 6 at Nong Yao, 8 at Jasmine and 14 at Wassana.

• Gulf of Thailand reserves replacement averaged 100% per year over the past five years; indicative well costs are US$2mm for gas and US$3–5mm for oil.