CALGARY, AB — February 10, 2026 — Leads & Copy — Valeura Energy Inc. announced record high proved plus probable (2P) reserves, an increase in its 2P reserves life index (RLI), and a third consecutive year of approximately 200% 2P reserves replacement ratio.
The company reported record high proved (1P) reserves of 37.9 MMbbls, 2P reserves of 57.8 MMbbls, and proved plus probable plus possible (3P) reserves of 71.2 MMbbls. Valeura said it is adding, not just replacing reserves, with a 2P reserves replacement ratio of 192%.
Valeura said its 2P reserves net present value (NPV 10 ) before tax is US$872 million and US$692 million on an after tax basis. The company reported a year-end 2025 cash position of US$306 million, and a net asset value (NAV) of US$998 million, equating to approximately C$13 per common share.
The company’s RLI increased to a new record of 7.5 years, on a 2P basis. The above volumes and values do not include the recent farm-in to blocks G1/65 and G3/65 in the Gulf of Thailand, which will be additive upon completion.
According to Dr. Sean Guest, President and CEO, the company has added approximately double the reserves it produced during the year for the third time in a row, achieving a 2P reserves replacement ratio of 192%. Guest said this outcome is especially strong given the sharp drop in oil prices in 2025, meaning the reserves were evaluated at a forward price much lower than in the prior year.
Guest said the company is committed to seeing through the volatility in the global commodity market and has maintained its focus on adding to the ultimate potential and longevity of its portfolio. He said this is reflected in an improvement to Valeura’s RLI, which is now at a new record high of 7.5 years (based on 2P reserves and anticipated 2026 production). He added that the RLI has increased steadily over the three years the company has been operating in Thailand, and they see this as affirmation of their ability to add more years of future cash flow, for the benefit of all stakeholders.
Valeura said the net asset value of its business, defined as year-end cash plus its 2P net revenue (NPV 10 ), is US$1 billion which equates to approximately C$13/Common Share.
Guest said the company is mindful of the concept of portfolio renewal and therefore continues to focus on contingent resources as well, which provides the feedstock for future reserves additions. He said the decision to redevelop the Wassana field is an excellent example of this progression. At the same time, the company has added more volumes through life-extending work with its Jasmine licence and through ongoing drilling success across the portfolio. In addition, upon completion of the strategic Farm-in Transaction to blocks G1/65 and G3/65 in the Gulf of Thailand, these new volumes will be additive to the volumes reported today.
The company believes its year-end 2025 reserves and resources demonstrate its ability to drive deeper and longer-lived value from its assets, even when faced with a correction in commodity prices. Guest believes this underscores both the robustness of its portfolio and the relentless commitment to value shared by its world class team.
Valeura commissioned Netherland, Sewell & Associates, Inc. (NSAI) to assess reserves and resources for all of its Thailand assets as of December 31, 2025. NSAI’s evaluation is presented in a report dated February 9, 2026.
Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.
Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.
Source: Valeura Energy Inc.
