SINGAPORE, Oct. 09, 2025 (GLOBE NEWSWIRE) -- Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) is pleased to provide an update on Q3 2025 operations, including the results of a ten-well drilling campaign at its Nong Yao field on block G11/48 (90% operated working interest), offshore Gulf of Thailand.

Key Highlights

• Safe ongoing operations, with oil production averaging 23.0 mbbls/d(1);
• Lifting of 2.16 million barrels at an average realised price of US$72.06/bbl (US$2.52/bbl premium to Brent);
• Cash position of US$248.3 million, plus a net crude receivable of US$36.7 million;
• Successful ten-well drilling campaign at block G11/48, resulting in a production increase to 24.8 mbbls/d(1,2) at quarter-end;
• Major offshore acreage expansion through strategic farm-in agreement in the Gulf of Thailand(3); and
• Progress on the Wassana field redevelopment project, with construction on schedule.

(1) Average Q3 2025 working interest share oil production, before royalties.
(2) Seven-day average to September 30, 2025.
(3) Closing is subject to Government of Thailand approval.

Dr. Sean Guest, President and CEO, commented:
“Our strong operational performance continued in Q3 2025, including an extensive drilling campaign at our Nong Yao field. Over our three years of Gulf of Thailand operations, we have added material value for shareholders through infill drilling, and the Nong Yao campaign is no exception. Both through accessing new reservoirs and ensuring the optimal sweep of existing production intervals, we continue to add reserves and extend the economic lives of our fields, while also identifying new appraisal targets.

“Moreover, we believe this campaign showcases our world-class operating capabilities, with our new wells accessing reservoirs further from our production facilities than would have been thought possible just a few years ago. Importantly, the new wells and operations across the entire portfolio were executed without any deviation from our high standards of health, safety, and environmental stewardship.

“Our average working interest share oil production before royalties increased to 23.0 mbbls/d during Q3. Toward the end of the quarter, with the new Nong Yao wells online, our rates had risen to approximately 24.8 mbbls/d.

“Our financial position remains strong as well with cash of just under a quarter billion US dollars and no debt. This position handily facilitates our ongoing investments to add further value through growth.

“On that front, we are making good progress on the construction phase of our Wassana redevelopment project, and while still in its early days, the project is on track with our target of first oil in Q2 2027. Separately, this quarter we have taken an exciting step toward shaping the longer-term future of our portfolio by way of a strategic farm-in in the Gulf of Thailand. With gas accumulations already discovered on both the blocks, and within close proximity to infrastructure, we anticipate moving rapidly toward development and gas production. Upon completion, the deal will formalise an important strategic relationship in Thailand which I believe will serve all stakeholders well for many years to come.”  

Q3 2025 Update
Working interest share oil production before royalties averaged 23.0 mbbls/d during Q3 2025, an increase of 6.2% from Q2 2025. Rates reflect the resumption of normal operations at all assets, following planned downtime in Q2 2025. With the addition of production from the Nong Yao infill drilling campaign, completed in late September, working interest share production before royalties over the seven-day period ending September 30, 2025 had increased to an average of 24.8 mbbls/d. With nine months of 2025 production now completed, and an observed up-tick in rates at the end of Q3, the Company anticipates a full year average production outcome within, but at the lower end of, its stated guidance range.

Oil sales totalled 2.16 million bbls during Q3 2025 which was up 8.7% from Q2. In addition, the Company had a total of 0.88 million bbls of oil inventory at September 30, 2025, ready for sale. Price realisations averaged US$72.06/bbl during Q3 2025, a US$2.52/bbl premium over the weighted average Brent crude oil benchmark.    

Valeura’s cash position at September 30, 2025, was US$248.3 million (with no debt), an increase from the previous quarter end. In addition, cash from three liftings in September, amounting to US$36.7 million net to the Company, is expected to be received in mid-October. As a result, the Company will record a net receivable to that amount to reflect the timing of payment happening in Q4 rather than Q3 2025.  

Nong Yao Drilling
Valeura drilled a total of ten wells in Q3 2025, covering all three of its wellhead infrastructure facilities on the Nong Yao field. The campaign was primarily production-oriented and resulted in the Company’s working interest share oil production before royalties from the Nong Yao field increasing from approximately 7,996 bbls/d prior to the first new wells coming on stream, to a recent rate of 11,562 bbls/d, over the seven-day period ending September 30, 2025. The Company anticipates that the reservoirs encountered may add to the ultimate production potential of the Nong Yao field and can thereby further extend its economic life.

Nong Yao A
Valeura drilled three horizontal development wells from its Nong Yao A wellhead and production facility. All were successful and are on-stream as oil producers. The wells were successfully geosteered on a real-time basis to maximise exposure to the oil-bearing interval of the reservoir, threading narrowly between other reservoir fluids.

Wells NYA-39H and NYA-41ST 1H were drilled as horizontal infill development wells within the H3.0 and H4.4 sand reservoirs, respectively. Both encountered their targets as expected and are now on stream.

Well NYA-40H was drilled as a horizontal infill development well within the target H2.0 sand reservoir and was extended further than the original well design as the lateral extent of the reservoir exceeded management’s expectations. In addition, while directionally drilling toward the target interval, this well encountered potential upside bypassed oil in the shallower H2.5 and H3.0 reservoirs, which will be further evaluated for future development.

Nong Yao B
Valeura drilled four horizontal development wells and one successful appraisal well from its Nong Yao B wellhead platform. Three of the development wells were completed as producers. This part of the Nong Yao drilling campaign included some of the most technically challenging wells ever drilled in the Gulf of Thailand basin, influenced by both geological complexity and also their extended reach from the wellhead platform, in one instance measuring a total drilled length of over 9,800’.

Well NYB-27H was drilled as a horizontal infill development well to test the Company’s thesis of bypassed oil within the target H1.8 sand reservoir at this location and is currently onstream as a producer.

Wells NYB-28H and NYB-30H were drilled as a horizontal infill development wells within the H1.8 and H6.4 sand reservoirs, respectively. In both instances, results were as expected and the wells are on stream as producers.

Well NYB-29 was drilled as a deviated appraisal well to assess the development potential of various reservoir intervals. The well successfully confirmed the potential for development of both the H8.0 and H8.5 sand reservoirs, which will now be further studied for inclusion in a future development drilling campaign.

Well NYB-29ST 1H was drilled as a development sidetrack from the NYB-29 well. While the well encountered its target as anticipated, results indicate that this particular interval was already being adequately swept by a pre-existing well, and therefore was not completed as a producer.

Nong Yao C
Valeura drilled two horizontal wells from its Nong Yao C mobile offshore production unit, one was completed as a producer and information from the other well has allowed the Company to increase production from existing wells.

Well NYC-11H was drilled as a horizontal infill development well within the target H4.0 sand reservoir. The well exceeded management’s expectations, encountering net oil pay throughout virtually all of its horizontal section and is now on stream as a producer.

Well NYC-12H was drilled to further develop two already-producing reservoirs, but was not completed as a producer. Logging results from one of the target intervals have furthered management’s understanding of the reservoir at this location, indicating that the pre-existing wells can adequately sweep oil from the H2.0 sand reservoir. So, while the NYC-12H well does not contribute to production in itself, with the additional learnings gathered, the Company has implemented a deliberate increase in production rates from the pre-existing wells in this reservoir.

The Nong Yao drilling campaign was completed safely, on time, and on budget. Valeura’s contracted drilling rig has now been mobilised to the Jasmine field on block B5/27, where the Company has commenced a programme of up to nine development wells, some which include additional appraisal targets.

Operations Update
Production operations are continuing safely on Valeura’s four Gulf of Thailand fields, with no lost time injuries.

During Q2 2025, the Company progressed the construction phase of its Wassana redevelopment project, which will support an expansion of the Company’s Wassana field, on block G10/48 (100% interest). The project is progressing on plan for deployment of the new-build wellhead production facility in late 2026 and first production in Q2 2027. The Wassana redevelopment project is intended to increase production, reduce unit costs, and create a hub for eventual tie-in of potential additional satellite wellhead platforms.

On blocks G1/65 and G3/65 (40% working interest, subject to closing of the strategic farm-in with PTT Exploration and Production Plc (“PTTEP”)), the operator has completed the acquisition of a total of 1,200 km2 of 3D seismic, which is now being processed, and will ultimately guide the next exploration steps on these blocks. In addition, to date in 2025, wells drilled on both blocks (at Jarmjuree South in block G1/65 and Bussabong in block G3/65) have discovered gas, which will lead to further discussion between the partners in relation to an eventual field development plan.

Results Timing
Valeura intends to release its full unaudited financial and operating results for Q3 2025 on November 14, 2025, and will discuss the results in more detail through a management webcast hosted later that day.

For further information, please contact:

Valeura Energy Inc. (General Corporate Enquiries)
+65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com

Valeura Energy Inc. (Investor and Media Enquiries)
+1 403 975 6752 / +44 7392 940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com

About the Company

Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.

Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

Advisory and Caution Regarding Forward-Looking Information

Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook.

Forward-looking information in this news release includes, but is not limited to, the ability to move rapidly toward development and gas production on blocks G1/65 and G3/65; the closing of its strategic farm-in and the benefits therefrom; full year 2025 average production being within its stated guidance range; the receipt of cash from liftings; the potential for the reservoirs encountered in the Nong Yao field drilling campaign adding to the ultimate production potential of the field and thereby extending its economic life; the potential for appraisal targets encountered in the Nong Yao drilling campaign creating future development opportunities; and the timing to deploy the new-build wellhead production facility on the Wassana field, timing to achieve first production, and potential for the project to reduce unit costs and create a hub for eventual tie-in of potential additional satellite wellhead platforms.

Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; ability to achieve extensions to licences in Thailand and Türkiye to support attractive development and resource recovery; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; the impact of conflicts in the Middle East; royalty rates and taxes; management’s estimate of cumulative tax losses being correct; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the availability and identification of mergers and acquisition opportunities; the ability to successfully negotiate and complete any mergers and acquisition opportunities; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; international trade policies; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; the risk that the Company’s tax advisors’ and/or auditors’ assessment of the Company’s cumulative tax losses varies significantly from management’s expectations of the same; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, including international treaties and trade policies; the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors.

Certain forward-looking information in this news release may also constitute “financial outlook” within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura’s prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook.

The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

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