Valeura Energy Inc. · TSX:VLE
Valeura Energy — Shareholder Meeting (May 2026)
20 slides from Valeura Energy's shareholder meeting presentation, May 2026
Slide 1: Annual General and Special Meeting and Corporate Update
ANNUAL GENERAL AND SPECIAL MEETING AND CORPORATE UPDATE Adding Value Through Growth May 2026
Slide 2: Introduction
INTRODUCTION ROBIN JAMES MARTIN SVP, COMMUNICATIONS AND INVESTOR RELATIONS VALEURA ENERGY | CORPORATE UPDATE 2
Slide 3: Annual General and Special Meeting
ANNUAL GENERAL AND SPECIAL MEETING DR. TIM MARCHANT CHAIRMAN VALEURA ENERGY | CORPORATE UPDATE 3
Slide 4: Dr. Sean Guest, President and CEO
CORPORATE UPDATE DR. SEAN GUEST PRESIDENT AND CEO VALEURA ENERGY | CORPORATE UPDATE 4
Slide 5: Disclaimers and Advisories
DISCLAIMERS AND ADVISORIES General Advisory The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. Prospective Maps The Gulf of Thailand maps featured in this press release has been compiled by Valeura based on various
Slide 6: Key Figures: Last Year at a Glance
KEY FIGURES FID Thailand LAST YEAR AT A GLANCE WASSANA REDEVELOPMENT On budget & Schedule – first oil Q2 ‘27 Cambodia 1,012 Farm-in Myanmar US$ mm TO G1/65, G3/65(3) MARKET CAPITALISATION (1) Large-scale expansion with PTTEP Up from US$621 mm at 2025 AGM Gas Project FID expected in 2026 57.8 2P RESE
Slide 7: Recognised Value Delivery
FOCUSSED ON VALUE Share Price Performance Since 01 Jan 2022 (TSX: VLE) RECOGNISED 16 Farm-in 16 PTTEP Thailand(1) VALUE DELIVERY 14 14 Acquisition 12 Mubadala Energy 12 C$/share Thailand 10 10 Market Data (TSX: VLE) C$/share 8 8 Share price (2) C$13.06/share Acquisition KrisEnergy Thailand Market ca
Slide 8: Valeura's Priorities
VALEURA’S PRIORITIES STRATEGY CORE DELIVER VALUE THROUGH GROWTH MAXIMISE CASHFLOW FROM OPERATIONAL EXCELLENCE INORGANIC GROWTH ORGANIC PORTFOLIO ▪ Executive with proven ▪ Accretive M&A based on ENABLER ▪ Re-invest to replace/grow international operations value and operational reserves experience in
Slide 9: Ongoing Cash Flow Even With Only Two Months' Sales
CASH FLOW – Q1 2025 Q1 2025 CASHFLOW BRIDGE (US$ mm) ONGOING CASH FLOW EVEN WITH Production: 2. 01 mmbbls Lifting: 1.39 mmbbls Realised Price: US$66.2/bbl 92 ONLY TWO MONTHS’ SALES (13) • Leases (US$7 mm • Inventory capitalised (US$ 13mm) • Produced 2.01 mmbbls vs lifted /sold 1.39 mmbbls (no oil sa
Slide 10: Resilient Balance Sheet
BALANCE SHEET Q1 2026 CASH BALANCE BRIDGE (US$ mm) RESILIENT BALANCE SHEET 306 21 (56) (0) 4 (2) 272 262 • Capex includes US$16 mm for Wassana (16) Redevelopment • Acquired the Manora FSO system for US$15.5mm • Generated Adj Free Cash Flow(1) of US$(31) mm Adjusted FCF US$(31)mm post Growth capex of
Slide 11: 2026 Guidance
GUIDANCE 2026 GUIDANCE 2026 Revised 2026 Commentary Guidance Guidance 2026 Work Programme Synopsis ▪ Drilling rig on contract Jan-Aug 2026, plus new rig charter starting in Q4 2026 19.5 – 22.5 19.5 – 22.5 ▪ 16 development and appraisal wells planned to Aug 2026, Production(1) • Production on target
Slide 12: Wassana Redevelopment
BLOCK G10/48 WASSANA Robust Economics REDEVELOPMENT PROJECT ECONOMICS (US$60/BBL) • 40% IRR(2) • 18-month payback Building for the Future • US$12-16/bbl adjusted Opex(2) ▪ Building a new Central Processing Platform to replace MOPU facility • US$218 million 2P NPV 10(3) ▪ Production to 2042 (1), desi
Slide 13: Discoveries and New 3D Seismic Drive Early Focus Areas
Nong Yao BLOCK G3/65 NE Expl’n DISCOVERIES AND NEW 3D Block SEISMIC DRIVES EARLY G11/48 FOCUS AREAS Nong Yao Northeast Oil Focus Area Bussabong Nong Yao field Gas Development Oil prospects Potential prospect clusters ▪ Prospects identified on existing 3D seismic – Nong Yao A drilling range 1 several
Slide 14: Capital Allocation: Strong Cash Flow Underpins Optionality
CAPITAL ALLOCATION STRONG CASH FLOW UNDERPINS OPTIONALITY Strong Cash Flow CAPITAL / ORGANIC INVESTMENT • CAPEX: INVESTING TO MAINTAIN AGGREGATE PRODUCTION FROM EXISTING PRODUCING FIELDS • 20 – 25 MBBLS/D INTO THE 2030’S(1) • EXPLORATION SPENDING: SELECTIVELY TARGET ORGANIC RESOURCE GROWTH Maximisin
Slide 15: Environmental, Social, and Governance
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE SUSTAINABLE 30 % OPERATIONS REDUCTION IN GHG INTENSITY Zero Environmental ▪ Full measurement and reporting of emissions ▪ Delivered a further reduction in GHG emissions intensity of 13% in 2025 ▪ Achieved a 30% reduction since originally acquiring its Thailand p
Slide 16: Key Messages
KEY MESSAGES SUBSTANTIAL DELIVERY IN A YEAR STRONG OUTLOOK WASSANA FID PARTNERSHIP M&A MARKET CAP RESERVES HIGH PRICES Key relationship with Balance sheet supports Redevelopment project Increased to more than Increased again. Third PTTEP has created Fully exposed to high oil inorganic growth with sa
Slide 17: Q&A Session
Q&A SESSION LIVE In-person attendees only EMAIL [email protected] TEAMS Q&A Feature VALEURA ENERGY | CORPORATE UPDATE 17
Slide 18: Footnotes
FOOTNOTES Slide 6: Last Year at a Glance 1) 13 May 2026 2) 2P gross (before royalties) working interest share reserves as of 31 December 2025 3) Subject to government approval 4) Q1 2026 average working interest share production before royalties Slide 7: Recognised Value Delivery 1) Farm-in closing
Slide 19: Footnotes (continued)
FOOTNOTES (CONTINUED) Slide 12: Wassana Redevelopment 1) 2P field life per 31 December 2025 NSAI Wassana FID Report 2) Non-IFRS Measure – Please refer to Management’s Discussion and Analysis dated 14 May 2025 for reconciliation with financial statements 3) NPV10 of 2P reserves as of 31 December 2024
Slide 20: Q&A Session
Q&A SESSION General Corporate Inquiries Sean Guest, President and CEO Yacine Ben-Meriem, CFO +65 6373 6940 [email protected] Investor / Media Inquiries Robin Martin, VP, Communications and Investor Relations +1 403 975 6752 [email protected]