Valeura Energy Inc. Announces Q2 2025 Operations and Financial Update

• Safe ongoing operations, with oil production averaging 21.4 mbbls/d⁽¹⁾ - maintaining full year production guidance of 23.0 - 25.5 mbbls/d;

• Revenue of US$129.3 million;

• Taxes of US$15.8 million paid, primarily in respect of the Jasmine asset. No further cash tax payments anticipated for the remainder of 2025;

• Cash position of US$241.9 million and no debt; and

• Final investment decision on the Wassana Field redevelopment and construction phase commenced.

(1) Working interest share oil production, before royalties.

Dr. Sean Guest, President and CEO commented:

"During Q2 2025 we demonstrated another safe quarter of ongoing production and drilling operations and took a positive final investment decision on our major redevelopment project at the Wassana field, which is now moving to the construction phase.

While production volumes are down quarter-on-quarter, our plan had always assumed that production would be weighted to the second half of the year and we are therefore maintaining our full-year production guidance range of 23.0 - 25.5 mbbls/d.

From a financial perspective, we continue to prioritise balance sheet strength, and firmly believe this will serve our stakeholders well as we pursue opportunities to add value. While the headwinds of lower global oil prices during the quarter are apparent in our revenue of US$129.3 million, we are continuing to invest while maintaining a strong cash position."

Q2 2025 Update

Working interest share production before royalties averaged 21.4 mbbls/d during Q2 2025, a decrease of 10.2% from Q1 2025. Rates reflect the impact of planned downtime and natural declines at Valeura's larger producing assets, which is consistent with the Company's business plan. Q2 was anticipated to be the lowest production quarter of the year, and with rates weighted to the second half of 2025, the Company is maintaining its full year production guidance range of 23.0 - 25.5 mbbls/d.

Oil sales totalled 1.90 million bbls during Q2 2025. The Company recorded a net increase in oil inventory, as measured at the end of the quarter, to a total of 0.93 million bbls at June 30, 2025. In addition, a parcel of 0.24 million bbls of oil was sold just after the end of the quarter, on July 1, 2025.