Reserves and Resources

Thailand

Valeura holds an operated working interest in four licences located offshore in the Gulf of Thailand.

The Wassana oil field was acquired by way of a Sale and Purchase Agreement announced April 28, 2022, and which closed on June 15, 2022. The Jasmine/Ban Yen, Nong Yao, and Manora fields were acquired by way of a Sale and Purchase Agreement announced by the Company on December 6, 2022, and completed on March 22, 2023.

Reserves and Contingent Resources for all of Valeura’s Gulf of Thailand assets were assessed by Netherland, Sewell & Associates, Inc. effective December 31, 2022, and are summarised in the Company’s announcement on April 18, 2023.

Summary of Valeura’s aggregate Thailand reserves and contingent resources:

Proved (1P) reserves of 20,671 Mbbl of oil;
Proved and probable (2P) reserves of 29,106 Mbbl of oil, with an estimated future net revenue after income taxes of US$261 million, using a discount rate of 10%; and
Best estimate (2C) unrisked development unclarified contingent resources of 14,124 Mbbl or 2,500 Mbbl on a risked basis.

Gulf of Thailand Oil and Gas Reserves by Field Based on Forecast Prices and Costs:

Gross (Before Royalties) Reserves (Mbbls)	Kris Energy Acquisition Assets	Mubadala Acquisition Assets
Gross (Before Royalties) Reserves (Mbbls)	Wassana	Manora	Jasmine	Nong Yao	Total
	(Heavy)	(Light/Medium)	(Light/Medium)	(Light/Medium)
Proved
Producing Developed	0	1,277	4,845	2,792	8,914
Non-Producing Developed	1,820	0	459	36	2,315
Undeveloped	1,976	0	1,558	5,908	9,441
Total Proved (1P)	3,796	1,277	6,862	8,736	20,671
Total Probable (P2)	2,323	518	3,163	2,432	8,435
Total Proved + Probable (2P)	6,119	1,794	10,025	11,168	29,106
Total Possible (P3)	859	390	3,032	2,576	6,857
Total Proved + Probable + Possible (3P)	6,978	2,184	13,057	13,744	35,963

Turkey

Valeura views its deep gas play in Turkey 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.

Sean Guest, President and CEO