Valeura Energy (VLE) Oil & Gas Virtual Investor Conference summary

Thailand strategy and asset base

• 2022 acquisitions included a suspended field from KrisEnergy and ~20,000 bbl/d from Mubadala; total consideration was ~$30M, including contingencies.

• Strategy centers on extending cash-generative operated assets, reserve growth, operational excellence and selective regional M&A.

• Gulf of Thailand is a mature shallow-water province with established infrastructure; reported well costs are ~$2M for gas and $3M-$5M for operated horizontal oil wells.

• Reserve replacement has exceeded 200% annually; management said the broader Gulf replaces over 100% through ongoing drilling and field extensions.

Asset development and reserves

• Manora discovery is expected to extend field life toward 2040; Nong Yao remains a growth asset following installation of a new platform and additional drilling.

• Wassana redevelopment raised reserves from 6M to ~20M barrels and extended expected field life from 2027 into the early 2040s; project payback is estimated at 18 months at ~$60/bbl.

• Wassana platform installation finished ~two months early; drilling is expected by end-2026, first production around late Q1/early Q2 2027, and output near 10,000 bbl/d by end-Q2 2027.

• Wassana's northern satellite has discovered oil; a second southern satellite location is expected to be proven up within 12 months.

• Reserves grew from 29M barrels at the start of the three-year period to 58M at end-2025; management expects further additions from Suraphi, G3 and ongoing drilling.

Exploration and gas growth

• PTTEP invited participation across Gulf exploration acreage; the partnership reflects complementary oil and gas operating capabilities, with a 20% interest acquired on ground-floor terms.

• Exploration blocks include ~15 existing discoveries; a rig is expected in Q1 2027 to test an oil fairway near Nong Yao for potential facility tie-backs.

• Bussabong FID covers two platforms and development of gas discoveries; gross output of ~40 MMscf/d, or 16 MMscf/d net, is expected by end-2028.

• Further Bussabong growth could be developed in stages; the production-area application contemplated up to 20 platforms, contingent on exploration success.