Valeura holds an operated working interest in four licences located offshore in the Gulf of Thailand.
Reserves and Contingent Resources for all of Valeura’s Gulf of Thailand assets were most recently assessed by Netherland, Sewell & Associates, Inc. effective 31 December 2025, and were summarised in the Company’s announcement on 10 February 2026 for all four fields.
Summary of Valeura’s aggregate Thailand Reserves and Contingent Resources as of 31 December 2025:
Oil and gas reserves by field based on forecast prices and costs:
Reserves by Field | Gross (Before Royalties) Reserves, Working Interest Share (Mbbls) | |||||
Jasmine (Light/Med.) | Manora (Light/Med.) | Nong Yao (Light/Med.) | Wassana (Heavy) | Total | ||
Proved | Producing Developed | 6,465 | 1,557 | 4,751 | 1,319 | 14,091 |
Non-Producing Developed | 1,413 | 77 | 153 | 432 | 2,074 | |
Undeveloped | 3,301 | 842 | 3,823 | 13,753 | 21,719 | |
Total Proved (1P) | 11,179 | 2,476 | 8,726 | 15,504 | 37,884 | |
Total Probable (P2) | 10,032 | 469 | 5,193 | 4,201 | 19,896 | |
Total Proved + Probable (2P) | 21,211 | 2,945 | 13,919 | 19,705 | 57,780 | |
Total Possible (P3) | 6,295 | 475 | 4,120 | 2,569 | 13,459 | |
Total Proved + Probable + Possible (3P) | 27,506 | 3,420 | 18,039 | 22,274 | 71,238 | |
Net present values of future net revenue based on forecast prices and costs:
Future Net Revenue by Field | Before Tax NPV10 (US$ million) | |||||
Jasmine (Light/Med.) | Manora (Light/Med.) | Nong Yao (Light/Med.) | Wassana (Heavy) | Total | ||
Proved | Producing Developed | (53.7) | (8.1) | 25.7 | 34.3 | (70.5) |
Non-Producing Developed | 63.6 | 4.5 | 7.0 | 20.0 | 95.2 | |
Undeveloped | (5.4) | 3.4 | 98.6 | 279.8 | 376.4 | |
Total Proved (1P) | 4.4 | (0.2) | 131.3 | 265.5 | 401.1 | |
Total Probable (P2) | 222.5 | 18.9 | 177.4 | 52.0 | 470.8 | |
Total Proved + Probable (2P) | 226.9 | 18.7 | 308.7 | 317.6 | 871.9 | |
Total Possible (P3) | 201.6 | 19.4 | 150.5 | 61.2 | 432.7 | |
Total Proved + Probable + Possible (3P) | 428.6 | 38.2 | 459.1 | 378.8 | 1,304.6 | |
Future Net Revenue by Field | After Tax NPV10 (US$ million) | |||||
Jasmine (Light/Med.) | Manora (Light/Med.) | Nong Yao (Light/Med.) | Wassana (Heavy) | Total | ||
Proved | Producing Developed | (59.0) | (8.1) | 25.7 | (34.3) | (75.8) |
Non-Producing Developed | 58.9 | 4.5 | 7.0 | 20.0 | 90.5 | |
Undeveloped | 2.5 | 3.4 | 97.1 | 253.0 | 356.0 | |
Total Proved (1P) | 2.4 | (0.2) | 129.7 | 238.7 | 370.6 | |
Total Probable (P2) | 174.9 | 17.4 | 127.7 | 1.4 | 321.3 | |
Total Proved + Probable (2P) | 177.2 | 17.2 | 257.4 | 240.1 | 692.0 | |
Total Possible (P3) | 124.5 | 14.7 | 92.4 | 24.3 | 255.9 | |
Total Proved + Probable + Possible (3P) | 301.7 | 31.9 | 349.8 | 264.4 | 947.9 | |
Contingent oil resources:
Contingent Resources | NSAI 2023 Report | NSAI 2024 Report | NSAI 2025 Report | |||
Unrisked (MMbbls) | Risked (MMbbls) | Unrisked (MMbbls) | Risked (MMbbls) | Unrisked (MMbbls) | Risked (MMbbls) | |
Low Estimate (1C) | 15.2 | 6.5 | 29.4 | 9.2 | 29.9 | 10.3 |
Best Estimate (2C) | 19.9 | 8.9 | 48.5 | 13.5 | 39.5 | 7.0 |
High Estimate (3C) | 27.9 | 11.6 | 72.1 | 18.0 | 58.9 | 8.9 |
Valeura views its deep gas play in Türkiye as a core constituent of its portfolio and believes this play to be a material source of potential long-term value for shareholders.
There are currently no reserves associated with the Company’s Turkish assets.
The Company last completed an independent assessment of its prospective resources in Türkiye, effective December 31, 2018, which is available under Valeura’s issuer profile on SEDAR+ at www.sedarplus.com.
