Valeura Energy (VLE) OTCQX Best 50 Virtual Investor Conference summary

Conference highlights

• Recognized for strong performance, including OTCQX Best 50 and Canada's top growing companies in 2024.

• Transitioned from a non-producing entity in Turkey to a $570M market cap oil producer in Thailand through two major acquisitions.

• Maintains a strong balance sheet with $238M in cash at Q1 2024 and no debt.

• Share price increased 17-fold since 2022, with broker targets averaging $13 per share.

• Focused on value-driven growth, both organic and inorganic, with a long-term production range of 20,000–25,000 barrels/day.

Operational and financial performance

• Achieved 245% reserves replacement in 2024, increasing 2P reserves to 50M barrels.

• NPV10 of reserves rose from $261M in 2022 to $752M in 2024.

• Extended field life for key assets, with earliest economic limit now in 2030 and some fields to 2036.

• Produced 23M barrels in 2024, with OPEX under $26/barrel and adjusted cash flow from operations of $273M.

• 2025 guidance: production of 23,000–25,500 barrels/day, CAPEX $125–150M, free cash flow $112–227M at $65–85 Brent.

Asset development and exploration

• Ongoing development and appraisal drilling in Manora and Jasmine fields, with Jasmine exceeding 94M barrels produced.

• Nong Yao field expanded with new cluster, reducing OPEX to under $15/barrel.

• FEED study underway for Wassana redevelopment, with FID expected in Q2 2025.

• Exploration prospect Ratree on Jasmine block could add 20M barrels if successful.

• Major drilling phase planned for Nong Yao in Q3, with follow-up exploration at Nong Yao D.