Valeura Energy Inc.

Amendment - Q1 2024 Operations and Financial Update - Seite 2

We are in a strong position at the close of Q1 and look forward to translating that strength into value through our exploration drilling campaign, followed by our development of the Nong Yao C accumulation thereafter, and further organic projects later in the year."

Q1 2024 Update

Production averaged 21.9 mbbls/d during Q1 2024 (Valeura's working interest share, before royalties), an increase of 14% over Q4 2023.  Q1 2024 average production rates were affected by planned downtime at the Jasmine and Manora fields for scheduled maintenance, which was conducted safely and under the planned time and budget.  By the end of the quarter, maintenance work had been completed and all fields were in operation, with aggregate rates of approximately 23.0 mbbls/d.  Overall production performance has been in line with management's plan, and accordingly, Valeura is pleased to re-iterate its full year 2024 production guidance outlook of 21.5 - 24.5 mbbls/d. 

Oil sales totalled 1.8 million bbls, during Q1 2024, slightly below the 2.0 million bbls sold during Q4 2023, due to the timing of liftings.  At the end of the quarter, the Company held crude oil inventory of 0.9 million bbls, a 31% increase over the end Q4 2023 inventory.  It is expected that this increased inventory will be sold in Q2 2024.

Price realisations averaged US$84.6/bbl during Q1 2024, reflecting a US$1.5/bbl premium over the Brent crude oil benchmark, which averaged US$83.1/bbl.  Consistent with 2023, price realisations have continued to meet or slightly exceed management's guidance outlook of approximate parity with the Brent benchmark. 

Oil revenue during Q1 2024 was US$149.4 million.  After accounting for outflows of cash during the quarter, including operating costs and capital spending in line with the Company's guidance expectations, the Company's cash at bank balance had increased to US$193.6 million at March 31, 2024, which includes US$17.3 million held as restricted cash.  Valeura has no debt.

All of the Company's guidance outlook expectations for 2024 are again confirmed.

Category	2024 Guidance
Production	21.5 - 24.5 mbbls/d
Price realisations	Approximately equivalent to the Brent crude oil benchmark
Opex(1)	US$205 - 235 million
Capex(2)	US$135 - 155 million
Exploration Expense	Approximately US$8 million

^{(1)   Represents Adjusted Opex, a Non-IFRS financial measure.  For details refer to the "Non-IFRS Financial Measures and Ratios" section with the Company's Management's Discussion and Analysis for the year ended December 31, 2023, dated March 26, 2024.}