Valeura Energy Inc. Announces Completion of Nong Yao Drilling Campaign

Executive Summary

• Valeura Energy completed an eight-well drilling campaign at its Nong Yao field in the Gulf of Thailand, successfully bringing all wells online and executing its first multi-lateral well in the region.
• Combined with concurrent well workovers, aggregate oil production increased from approximately 8,870 bbls/d to ~10,500 bbls/d (Valeura's working interest share before royalties).
• The company has mobilized a drilling rig to the Jasmine field for a five-well program and is actively evaluating multi-lateral drilling opportunities across its broader Gulf of Thailand portfolio.

Key Details

• Drilling Campaign Scope: Eight new wellbores drilled at Nong Yao field (block G11/48, 90% operated working interest).
• Well Breakdown: One appraisal well encountered its target and will drive future development at the Nong Yao A platform; seven horizontal development wells drilled from Nong Yao A and B platforms successfully encountered targets and are now producing.
• Drilling Record: Well NYA-42ST1H set a new Gulf of Thailand record for the longest horizontal lateral ever drilled at 4,960 feet.
• Production Impact: Pre-workover average production was 8,870 bbls/d (seven-day period ending April 4, 2026). Post-workover and post-drilling average production increased to approximately 10,500 bbls/d (seven-day period ending June 16, 2026, working interest share before royalties).
• First Multi-Lateral Well: Successfully executed NYB-02ST1, the first multi-lateral well of this complexity in Thailand. The wellbore features a complex junction point with two separate horizontal production legs targeting different reservoir intervals, recorded as two separate development wells but occupying only one wellhead slot.
• Strategic Application: The multi-lateral approach maximizes facility production potential and reservoir access; the company is evaluating its forward drilling schedule to identify suitable multi-lateral candidates across other Gulf of Thailand fields.
• Next Drilling Phase: Contracted rig mobilized to the Jasmine field (block B5/27, 100% interest) for a five-well program consisting of three single-bore development wells and one two-wellbore multi-lateral development well.

Notable Quotes

• Dr. Sean Guest, President and CEO: "We continue to access new oil reservoirs with ongoing drilling, and have again increased production from the Nong Yao field, our largest producing asset. Moreover, in this campaign, our team has demonstrated the potential for multi-lateral drilling in the Gulf of Thailand as a way to enhance the efficiency of what is already a world-class drilling and completions organisation. This continues our long tradition of embracing new technology, and sets the stage to deploy this approach broadly across our portfolio."