Valeura Energy (VLE) Investor Update summary

Reserves and resources growth

• Added 20.5 million barrels of 2P reserves, achieving a 245% reserve replacement ratio and extending field life for all assets, with end-of-field life now into the 2030s or beyond.

• Proved plus probable reserves now stand at 50 million barrels, with over 90% from Nong Yao, Jasmine, and Wassana fields.

• 2C contingent resources more than doubled to 48 million barrels, bringing total 2P plus 2C to approximately 100 million barrels.

• Jasmine field's 2P reserves replacement ratio was 324%, with end of field life extended from December 2028 to August 2031.

• Field life extensions and successful drilling underpin production guidance of 20,000–25,000 barrels per day through at least 2030.

Value creation and financial impact

• Net asset value (NAV) now exceeds $1 billion, with a 76% year-on-year increase in 2P NPV10 after-tax to $752 million.

• NAV per share stands at $13.6, with $3.5 per share in cash and $10.1 per share in asset value.

• Decommissioning liability reduced by about 50% since early 2023, and ARO liability down 35% from 2023.

• 2P NPV10 after tax increased 76% year-on-year, and 1P NPV10 after tax increased 85% year-on-year.

• Reserves life index (RLI) on a 2P basis is now 5.6 years, up from 4.3 years in 2023.

Operational achievements and outlook

• Dedicated drilling rig enabled successful infill and appraisal drilling, with all new wells in 2024 meeting or exceeding expectations.

• Nong Yao C development and exploration wells contributed to reserve and contingent resource growth.

• 2025 program includes continued infill drilling, exploration, and a key FID decision on Wassana redevelopment, expected to materially increase reserves.

• Jasmine, Manora, Nong Yao, and Wassana fields all saw increases in 2P reserves and NPV10 after tax.

• License extensions are available for all fields, mitigating concerns about field life versus license expiry.