RCS - Valeura Energy Inc. - Valeura Charters the Enterprise Drilling Rig

Valeura EnergyAnnouncement

22/04/2026 08:15

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RNS Number : 4640B  Valeura Energy Inc.  22 April 2026

Valeura Charters the Enterprise Drilling Rig

Singapore, 22 April 2026: Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF)
("Valeura" or the "Company") has agreed to charter the Shelf Drilling
Enterprise jack-up drilling rig for a three-year term that runs to 31 December
2029.  Valeura has an option on the start date, and currently plans to
commence drilling operations with the rig in Q4 2026, initially focused on
delivering production acceleration projects.

 

 

Dr. Sean Guest, President and CEO commented:

 

"Three consecutive years of an approximately 200% reserves replacement ratio
has materially transformed our asset base.  With 57.8 mmbbls of proved plus
probable reserves as of 31 December 2025, we see more opportunity and a larger
inventory of drilling targets within our core Gulf of Thailand portfolio.

 

At the same time, we see a favourable pricing environment within the rig
market, so we are moving decisively to capitalise on the opportunity before us
by locking in the Enterprise rig for a term of three years.

 

Our business remains robust, even at the relatively low commodity prices we
saw in late 2025.  With that position now coupled with a robust balance
sheet, we intend to pursue further development, appraisal, and exploration
drilling across our portfolio with a programme of continual drilling through
the end of 2029."

 

 

The Enterprise is a premium jack-up drilling rig owned by Shelf Drilling
(Southeast Asia) Limited, a subsidiary of ADES Holding Company, which is
suitable for drilling operations anywhere in the offshore Gulf of Thailand.
 

 

 

For further information, please contact:

 

Valeura Energy Inc. (General Corporate
Enquiries)                    +65 6373 6940
Sean Guest, President and CEO

Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com (mailto:Contact@valeuraenergy.com)

 

Valeura Energy Inc. (Investor and Media
Enquiries)                    +1 403 975 6752
Robin James Martin, SVP, Communications and Investor Relations
IR@valeuraenergy.com (mailto:IR@valeuraenergy.com)

 

Contact details for the Company's advisors, covering research analysts and
joint brokers, including Auctus Advisors LLP, Beacon Securities Limited,
Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital
Corporation, Roth Canada Inc., and Stifel Nicolaus Europe Limited, are listed
on the Company's website at
www.valeuraenergy.com/investor-information/analysts/
(http://www.valeuraenergy.com/investor-information/analysts/) .

 

 

About the Company

 

Valeura Energy Inc. is a Canadian public company engaged in the exploration,
development and production of petroleum and natural gas in Thailand and
Türkiye.  The Company is executing a growth-oriented strategy, reinvesting
into its producing asset portfolio while deploying capital toward further
organic and inorganic growth across Southeast Asia. Valeura is committed to
delivering value-accretive growth for all stakeholders, underpinned by high
standards of environmental, social and governance responsibility.

 

Additional information relating to Valeura is also available on SEDAR+ at
www.sedarplus.ca (http://www.sedarplus.ca) .

 

Oil and Gas Advisories

Reserves disclosed in this news release are based on an independent evaluation
conducted by the incumbent independent petroleum engineering firm, NSAI with
an effective date of 31 December 2025. The NSAI estimates of reserves and
resources were prepared using guidelines outlined in the Canadian Oil and Gas
Evaluation Handbook and in accordance with National Instrument 51-101 -
Standards of Disclosure for Oil and Gas Activities.  The reserves estimates
disclosed in this news release are estimates only and there is no guarantee
that the estimated reserves will be recovered.

 

This news release contains the oil and gas metric "reserves replacement ratio"
which does not have a standardised meaning or standard method of calculation
and therefore such measure may not be comparable to similar measures used by
other companies.  Such metric is commonly used in the oil and gas industry
and has been included herein to provide readers with an additional measure to
evaluate the Company's performance; however, such measure is not a reliable
indicator of the future performance of the Company and future performance may
not compare to the performance in previous periods.

 

 "Reserves replacement ratio" for 2025 is calculated by dividing the
difference in reserves between the NSAI 2025 Report and the previous
independent engineering evaluation of the reserves attributable to the
Company's four licences in the offshore Gulf of Thailand prepared by NSAI,
plus actual 2025 production, by the assets' total production before royalties
for the calendar year 2025.

 

Reserves

Reserves are estimated remaining quantities of commercially recoverable oil,
natural gas, and related substances anticipated to be recoverable from known
accumulations, as of a given date, based on the analysis of drilling,
geological, geophysical, and engineering data, the use of established
technology, and

specified economic conditions, which are generally accepted as being
reasonable. Reserves are further categorised according to the level of
certainty associated with the estimates and may be sub-classified based on
development and production status.

Proved reserves are those reserves that can be estimated with a high degree of
certainty to be It is likely that the actual remaining quantities recovered
will exceed the estimated proved recoverable reserves.

 

Probable reserves are those additional reserves that are less certain to be
recovered than proved reserves.  It is equally likely that the actual
remaining quantities recovered will be greater or less than the sum of the
estimated proved plus probable reserves.

 

Advisory and Caution Regarding Forward-Looking Information

 

Certain information included in this news release constitutes forward-looking
information under applicable securities legislation.  Such forward-looking
information is for the purpose of explaining management's current expectations
and plans relating to the future.  Readers are cautioned that reliance on
such information may not be appropriate for other purposes, such as making
investment decisions.  Forward-looking information typically contains
statements with words such as "anticipate", "believe", "expect", "plan",
"intend", "estimate", "propose", "project", "target" or similar words
suggesting future outcomes or statements regarding an outlook.
Forward-looking information in this news release includes, but is not limited
to, the Company's business remaining robust, even at low commodity prices;
management's envisaged programme of continual drilling through 2029; and
timing for the arrival of the Enterprise rig.  Forward-looking information is
based on management's current expectations and assumptions regarding, among
other things: political stability of the areas in which the Company is
operating; continued safety of operations and ability to proceed in a timely
manner; continued operations of and approvals forthcoming from governments and
regulators in a manner consistent with past conduct; future drilling activity
on the required/expected timelines; the prospectivity of the Company's lands;
the continued favourable pricing and operating netbacks across its business;
future production rates and associated operating netbacks and cash flow;
decline rates; future sources of funding; future economic conditions; the
impact of inflation of future costs; future currency exchange rates; interest
rates; the ability to meet drilling deadlines and fulfil commitments under
licences and leases; future commodity prices; the impact of the ongoing
conflicts between the U.S.-Israel and Iran, and between Russia and Ukraine;
royalty rates and taxes; future capital and other expenditures; the success
obtained in drilling new wells and working over existing wellbores; the
performance of wells and facilities; the availability of the required capital
to funds its exploration, development and other operations, and the ability of
the Company to meet its commitments and financial obligations; the ability of
the Company to secure adequate processing, transportation, fractionation and
storage capacity on acceptable terms; the capacity and reliability of
facilities; the application of regulatory requirements respecting abandonment
and reclamation; the recoverability of the Company's reserves and contingent
resources; future growth; the sufficiency of budgeted capital expenditures in
carrying out planned activities; the impact of increasing competition; the
ability to efficiently integrate assets and employees acquired through
acquisitions; global energy policies going forward; future debt levels; and
the Company's continued ability to obtain and retain qualified staff and
equipment in a timely and cost efficient manner. In addition, the Company's
work programmes and budgets are in part based upon expected agreement among
joint venture partners and associated exploration, development and marketing
plans and anticipated costs and sales prices, which are subject to change
based on, among other things, the actual results of drilling and related
activity, availability of drilling, offshore storage and offloading facilities
and other specialised oilfield equipment and service providers, changes in
partners' plans and unexpected delays and changes in market conditions.
Although the Company believes the expectations and assumptions reflected in
such forward-looking information are reasonable, they may prove to be
incorrect.

 

Forward-looking information involves significant known and unknown risks and
uncertainties. Exploration, appraisal, and development of oil and natural gas
reserves and resources are speculative activities and involve a degree of
risk. A number of factors could cause actual results to differ materially from
those anticipated by the Company including, but not limited to: the ability of
management to execute its business plan or realise anticipated benefits from
acquisitions; the risk of disruptions from public health emergencies and/or
pandemics; competition for specialised equipment and human resources; the
Company's ability to manage growth; the Company's ability to manage the costs
related to inflation; disruption in supply chains; the risk of currency
fluctuations; changes in interest rates, oil and gas prices and netbacks;
potential changes in joint venture partner strategies and participation in
work programmes; uncertainty regarding the contemplated timelines and costs
for work programme execution; the risks of disruption to operations and access
to worksites; potential changes in laws and regulations, the uncertainty
regarding government and other approvals; counterparty risk; the risk that
financing may not be available; risks associated with weather delays and
natural disasters; and the risk associated with international activity. See
the most recent annual information form and management's discussion and
analysis of the Company for a detailed discussion of the risk factors.

 

The forward-looking information contained in this new release is made as of
the date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, unless required by applicable
securities laws. The forward-looking information contained in this new release
is expressly qualified by this cautionary statement.

 

 

This news release does not constitute an offer to sell or the solicitation of
an offer to buy securities in any jurisdiction, including where such offer
would be unlawful. This news release is not for distribution or release,
directly or indirectly, in or into the United States, Ireland, the Republic of
South Africa or Japan or any other jurisdiction in which its publication or
distribution would be unlawful.

 

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that term is defined in the policies of the Toronto Stock Exchange) accepts
responsibility for the adequacy or accuracy of this news release.

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