Valeura Energy (VLE) investor relations material

Executive summary

• Market capitalization rose from just over $600 million to over $1 billion year-over-year, with 2P reserves increasing to 57.8 million barrels and a 192% reserve replacement rate for the third consecutive year.

• Fully unhedged production averaged 22,326 bbls/d in Q1 2026, providing full exposure to high oil prices.

• Strong cash position with over $261.6 million and no debt at quarter-end.

• Major projects include Wassana redevelopment (over 65% complete and on schedule), Nong Yao A platform expansion, and strategic partnership with PTTEP for large-scale exploration.

• April 2026 saw record oil sales of 0.82 million bbls at $110.4/bbl, generating $90.3 million in revenue.

Financial highlights

• Q1 2026 revenue was $92.3 million, impacted by deferred sales, with April revenue alone exceeding $90 million.

• Adjusted EBITDAX was $41.6 million, and adjusted after-tax cash flow from operations was $21 million.

• Adjusted free cash flow for Q1 2026 was $(31) million after growth capex.

• Adjusted capex rose 71% year-over-year to $56.3 million, driven by investment in Wassana and platform expansion.

• Net income was $5.9 million, a 58% decrease from Q1 2025.

Outlook and guidance

• 2026 production guidance maintained at 19,500–22,500 bbls/d, with capex guidance increased to $195–215 million.

• 16 development/appraisal wells and at least 2 exploration wells planned for 2026.

• Wassana redevelopment on track for first oil in Q2 2027; FID for Bussabong gas project expected in 2026.

• Additional drilling and new well slots at Nong Yao expected to increase production in 2027.

• Guidance for the year remains positive, with all major projects on budget and schedule.