Valeura Energy Reports 22,300 BPD Q1 2026 Production From Gulf of Thailand Fields, Acquires Manora Princess FSO for US$15.5 Million

Valeura Energy Inc. reported working interest production of 22,300 barrels of oil per day before royalties in the first quarter of 2026, meeting the company's plan for the period. The Thailand-focused offshore oil producer generated US$92.3 million in revenue from 1.394 million barrels sold during the quarter. Alongside the production results, Valeura completed the acquisition of the Manora Princess floating storage and offloading vessel and sanctioned a platform expansion at Nong Yao A, while its new Wassana central processing platform advanced to 60% construction completion ahead of the original schedule.

Q1 2026 Production and Revenue on Plan

Production of 22,300 barrels per day across Valeura's Gulf of Thailand portfolio was precisely in line with the company's internal targets for the quarter. Realized prices averaged US$66.2 per barrel, reflecting the pricing benchmarks for Gulf of Thailand crude oil. Total revenue of US$92.3 million was generated entirely from January and February liftings, as no crude sales occurred during March 2026.

The absence of March liftings caused Valeura's crude oil inventory to rise to 1.225 million barrels at March 31, 2026, representing more than half a month of production. The company reported that more than half of this inventory had already been lifted and sold following the quarter-end. Valeura's cash position stood at US$261.6 million at March 31, reflecting the company's strong liquidity position as it executes its capital growth program.

Manora Princess FSO Vessel Acquired for US$15.5 Million

Valeura purchased the Manora Princess floating storage and offloading vessel for US$15.5 million during Q1 2026. The acquisition provides dedicated storage infrastructure for the Manora producing asset, securing long-term operational continuity at a predictable cost compared to vessel charter arrangements. Owning the FSO asset is consistent with Valeura's strategy of controlling key production infrastructure at its Gulf of Thailand fields.

Nong Yao A Platform Expansion Sanctioned

During Q1 2026, Valeura sanctioned a US$7 million project to expand the Nong Yao A platform with four additional well slots, increasing total platform capacity from 24 to 28 well slots. Engineering work is underway, with the project targeting readiness for drilling from the new slots in Q4 2026.

The Nong Yao field is operated by Valeura with a 90% working interest in Licence G11/48, located in the central portion of the Pattani Basin in the Gulf of Thailand in approximately 75 metres water depth. The field was the subject of a successful 10-well infill drilling campaign in 2025 that brought total production close to 25,000 barrels per day. The platform expansion provides the well slot inventory needed for continued production optimization and future drilling activity at Nong Yao.

Wassana Central Processing Platform Construction Ahead of Schedule

Construction of the new-build Wassana central processing platform reached 60% overall project completion at March 31, 2026, ahead of the original project timeline. Given the construction progress, Valeura is evaluating opportunities to expedite the platform installation. The Wassana field is operated by Valeura with a 100% working interest in Licence G10/48 in approximately 48 metres water depth in the Pattani Basin.

Once the new CPP is operational, peak production at Wassana is targeted at 10,000 barrels per day, which represents more than 2.7 times the field's current output. First oil from the Wassana redevelopment is expected in Q2 2027. The project underpins a meaningful step-change in Valeura's total Gulf of Thailand production profile beyond the current 22,000 to 25,000 barrel per day range.

Pricing Context: WTI, Brent and USD Impact on CAD Returns

Valeura's Q1 2026 realized price of US$66.2 per barrel was established against Gulf of Thailand crude benchmarks at the time of the January and February liftings. Since then, global oil prices have risen sharply. As of April 13, 2026, Brent crude is trading near US$102 per barrel, reflecting attacks on Saudi Arabian energy infrastructure and a US blockade of the Strait of Hormuz. WTI holds near US$96.57 per barrel. While Valeura is not a WTI or WCS-indexed producer, the broader tightening of global oil supply influences the Gulf of Thailand pricing differentials at which Valeura sells its crude.

Because Valeura is listed on the Toronto Stock Exchange and reports in US dollars, Canadian shareholders receive returns denominated in CAD. Movements in the USD/CAD exchange rate therefore influence the CAD value of US dollar revenues. The upcoming OPEC+ May 3 production decision is expected to set the direction for Brent and WTI through the second quarter of 2026, which will in turn influence the pricing environment for Valeura's anticipated second-quarter liftings.

Against a backdrop of elevated global oil prices, exploration and production operators with low-cost offshore portfolios are well-positioned. Operators such as ConocoPhillips, which also maintains Asia-Pacific offshore assets, face similar dynamics where US dollar revenue translates into domestic-currency returns for shareholders in their respective home markets.

Q1 2026 Key Metrics Summary

• Production: 22,300 bpd (working interest, before royalties), on plan
• Barrels sold: 1.394 million bbls (January and February liftings)
• Realized price: US$66.2/bbl
• Revenue: US$92.3 million
• Cash position (March 31): US$261.6 million
• Crude inventory (March 31): 1.225 million bbls
• Manora Princess FSO acquisition: US$15.5 million
• Nong Yao A expansion: US$7 million project, 4 new well slots, Q4 2026 target
• Wassana CPP: 60% complete, ahead of schedule, first oil Q2 2027, peak 10,000 bpd