Thailand

Valeura holds an operated working interest in two licences located offshore in the Gulf of Thailand. The interests were acquired by way of a Sale and Purchase Agreement announced April 28, 2022, and which closed on June 15, 2022.  Reserves and resources associated with the Thai assets were evaluated by the petroleum engineering firm, Netherland, Sewell & Associates Inc. (“NSAI”) and were announced by the Company on June 13, 2022:

• Proved and probable (2P) reserves of 6.5 MMbbls of oil, associated with the Wassana field;
• Best estimate (2C) unrisked contingent resources of 4.7 MMbbls of oil for the Rossukon oil field, classified as “development pending”; and
• Additional 2C unrisked contingent resources of 8.6 MMboe relating to various other accumulations on the licences, classified as “development unclarified.”

In addition, a Valeura subsidiary has entered into an agreement to acquire an interest in three additional shallow water offshore Gulf of Thailand licences from Mubadala Energy, as announced by the Company on December 6, 2022.  The transaction is subject to customary closing conditions and Valeura anticipates closing the transaction in Q1 2023.  According to the Management’s internal (non-independent) assessment, as of December 31, 2021, reserves associated with the additional assets being acquired are:

• Proved and probable (2P) reserves of 9.9 MMbbls of oil, associated with the Jasmine and Ban Yen fields;
• Proved and probable (2P) reserves of 1.7 MMbbls of oil, associated with the Manora field;
• Proved and probable (2P) reserves of 12.4 MMbbls of oil, associated with the Nong Yao field;

Note: Thailand reserves and resources are presented on a working interest acquired basis to the Valeura-controlled special purpose vehicle company, Valeura Energy Asia Pte. Ltd., in which Valeura holds 85% of the share capital.

Valeura intends to commission Netherland, Sewell & Associates, Inc. to conduct a reserves and contingent resources evaluation for all of its Thailand assets effective December 31, 2022, in accordance with the Canadian Oil and Gas Evaluation Handbook, with results to be published by the Company in due course.