Completion of the acquisition of Nong Yao FSO

SINGAPORE, June 12, 2024 (Korea Bizwire) – Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) is pleased to announce the completion of the acquisition of the Floating Storage and Offloading (“FSO”) vessel Northern lightsin the Nong Yao deposit in the Gulf of Thailand.

The acquisition was the result of Valeura exercising its option to purchase the vessel it had previously leased from the seller, a member of the Omni Offshore Terminals group. The purchase price of USD 19 million was financed from the Company’s cash and the transaction was completed on June 11, 2024, with the final handover of the vessel taking place at sea on the vessel itself.

Valeura anticipates that ownership, as opposed to leasing FSO, will provide operational flexibility and allow the Company to optimize and reduce operating costs.

For further information please contact:

Valeura Energy Inc. (general corporate inquiries)	+65 6373 6940
Sean Guest, president and CEO
Yacine Ben-Meriem, Chief Financial Officer
[email protected]

Valeura Energy Inc. (investor inquiries)	+1 403 975 6752 / +44 7392 940495
Robin James Martin, vice president of communications and investor relations
[email protected]

CAMARCO (public relations, Valeury media advisor)	+44 (0) 20 3757 4980
Owen Roberts and Billy Clegg
[email protected]

Contact details for the Company’s advisors, including research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, Schachter Energy Report and Stifel Nicolaus Europe Limited, are listed on the Company’s stock exchange website website at www.valeuraenergy.com/investor-information/analysts/.

About Valera

Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of crude oil and natural gas in Thailand and Turkey. The company pursues a growth-oriented strategy and intends to reinvest in its portfolio of productive assets and leverage resources to further organic and inorganic growth in Southeast Asia. Valeura pursues growth that increases stakeholder value while adhering to high standards of environmental, social and governance responsibility.

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

Advice and Caution Regarding Forward-Looking Information

Certain information contained in this press release constitutes forward-looking information under applicable securities laws. Such forward-looking information is intended to explain management’s current expectations and plans for 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 containing words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future results or statements regarding prospects. Forward-looking information contained in this press release includes, but is not limited to: the expectation that owning FSO, rather than leasing, will provide operational flexibility and enable the Company to optimize and reduce operating costs.

Forward-looking information is based on the Management Board’s current expectations and assumptions regarding, among others: political stability of the areas in which the Company operates; continued operational safety and ability to perform in a timely manner; continuing to operate and obtaining approvals from governments and regulators in a manner consistent with business-as-usual conduct; future drilling activities within the required/expected date; prospects of the Company’s land; continued favorable pricing and operating profits across its operations; future production rates and related operating profits and cash flows; decline rates; future sources of financing; future economic conditions; the impact of future cost inflation; future currency exchange rates; interest rates; ability to meet drilling deadlines and meet obligations under licenses and leases; future commodity prices; effects of the Russian invasion of Ukraine; royalty rates and taxes; future capital and other expenditures; successes achieved in drilling new wells and developing existing wells; construction of wells and facilities; the availability of capital necessary to finance exploration and development and other activities and the Company’s ability to meet its obligations and financial obligations; the Company’s ability to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; facility performance and reliability; application of regulatory requirements for abandonment and remediation; the ability to recover the Company’s reserves and contingent resources; the ability to obtain a partner to participate in the exploration/exploration of tight gas in Türkiye; future growth; sufficiency of budgeted investment outlays for the implementation of planned activities; the impact of increasing competition; ability to effectively integrate assets and employees acquired through acquisitions; further global energy policy; future debt levels; and the Company’s continued ability to attract and retain qualified personnel and equipment in a timely and cost-effective manner. In addition, the Company’s work programs and budgets are based in part on expected agreements among joint venture partners and related exploration, development and marketing plans, as well as anticipated costs and sales prices, which may change due to, among other things, on actual drilling and related activity results, availability of wells, offshore storage and offload facilities and other specialized equipment and oilfield service providers, changes in partner plans and unexpected delays and changes in market conditions. Although the Company believes that 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. The exploration, evaluation and development of oil and natural gas deposits and resources are speculative in nature and involve certain risks. A number of factors could cause actual results to differ materially from those anticipated by the Company, including, without limitation: management’s ability to execute the business plan or realize the anticipated benefits of acquisitions; risk of disruptions caused by public health emergencies and/or pandemics; competition for specialized equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage costs related to inflation; supply chain disruptions; risk of currency fluctuations; changes in interest rates, oil and gas prices and net returns; potential changes in joint venture partners’ strategies and participation in work programs; uncertainty as to the expected timing and costs of implementing the work program; risk of disruption to operations and access to jobs; potential changes in laws and regulations, uncertainty regarding governmental and other approvals; counterparty risk; the risk that financing may not be available; risks related to weather delays and natural disasters; and risks associated with international operations. A detailed discussion of risk factors can be found in the most recent Annual Information Form and in management’s discussion and analysis of the Company.

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

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

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this press release.

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions may apply to the use and dissemination of this information. For more information, please contact [email protected] or visit www.rns.com.

Source: Valeura Energy Inc. via GLOBE NEWSWIRE