Valeura Energy (VLE) Small Cap Growth Virtual Investor Conference summary

Strategic overview and recent performance

• Headquarters in Singapore, operations in the Gulf of Thailand, producing 22,000 barrels/day from nearly 60 million barrels of reserves at end-2025.

• Achieved 192% reserves replacement in 2025, maintaining strong growth for three consecutive years.

• Market cap recently near $900 million, with a peak of $1.1 billion.

• Strategic pillars: maximize organic cash flow, pursue value-accretive M&A, and maintain operational excellence.

• All production is in Southeast Asia, benefiting from high regional oil prices.

Asset portfolio and development projects

• Four producing fields: Jasmine and Manora (mature, with ongoing upside), Nong Yao and Wassana (growth phase).

• Jasmine field exceeded expectations, approaching 100 million barrels produced versus initial 7 million forecast.

• Nong Yao expanded with a third facility in 2024; further drilling enabled by new well slots.

• Wassana field undergoing major redevelopment, with a new central processing platform and additional tie-in capacity.

• Large-scale farm-in with PTTEP for G1/65 and G3/65 blocks, targeting gas and oil developments.

Financials and capital allocation

• 2025 oil revenue nearly $600 million at an average realized price just over $70/barrel.

• Adjusted OpEx averaged $26/barrel; new Wassana facility expected to lower OpEx to $12–$16/barrel.

• Adjusted cash flow of nearly $250 million in 2025; current cash balance $262 million, zero debt.

• CapEx prioritized for organic investment to maintain 20,000–25,000 barrels/day through mid-2030s.

• Share buyback program offsets dilution; no aggressive dividend or share count reduction, preserving cash for M&A.