Valeura Energy provides an operations and financial update for Q1 2026.

Highlights

• Oil production averaged 22.3 mbbls/d(1);
• Sales of 1.394 million bbls (all occurring during January and February 2026);
• Price realisations averaged US$66.2/bbl, resulting in revenue of US$92.3 million;
• Given lack of liftings in March, Company’s crude oil inventory increased to 1.225 million bbls, more than half of which has Cash position of US$261.6 million at 31 March 2026(2). 

(1) Working interest share production, before royalties.
(2) Includes restricted cash.

Dr. Sean Guest, President and CEO commented:
“During Q1 2026, we delivered oil production exactly in line with our plan for the quarter. Much of that production contributed to an increase in oil held in inventory, meaning sales are deferred into Q2 2026, for which we stand to benefit from stronger oil prices.

We are capitalising on the opportunity to invest into our portfolio. In addition to ongoing drilling activity and our Wassana redevelopment project, we are pursuing options to accelerate various projects. Even after a heavy quarter of investing, the acquisition of the Manora Princess FSO, and revenue coming only from the first two months of the year, our balance sheet remains strong, with US$261.6 million in cash, and no debt as of 31 March 2026.”

Q1 2026 Update

Valeura’s working interest share production before royalties was on plan for Q1 2026, averaging 22.3 mbbls/d. The Company sold a total of 1.394 million bbls of oil, with all liftings/sales occurring in January and February 2026. Realised prices averaged US$66.2/bbl, resulting in revenue of US$92.3 million.

With no liftings during March 2026, the Company’s inventory of crude oil held in its floating storage vessels increased to 1.225 million bbls at 31 March 2026 (vs. 0.620 million bbls at 31 December 2025). Three cargos totalling 0.678 million bbls were lifted in the first few days of April 2026 which will generate revenue based on current oil pricing.

During Q1 2026, Valeura incurred capital spending in support ongoing drilling operations and the Wassana field redevelopment project. As anticipated, 2026 spending is front-end-loaded in the first half of the year. In addition, the Company purchased the Manora Princess FSO vessel for US$15.5 million. The combined effect of this planned spending, along with much of the production revenue being recorded in early Q2 2026, as of 31 March 2026, Valeura had cash of US$261.6 million (including restricted cash), and no debt.

Accelerating Projects

In light of the substantially higher recent oil prices, Valeura is pursuing options to accelerate various projects across its portfolio.

During Q1 2026, Valeura sanctioned a US$7 million project to expand the Nong Yao A platform with four additional well slots increasing the total capacity of the platform to 28 well slots. Engineering work is now underway, and the project is targeting readiness for drilling from these four new well slots in Q4  2026.

The Company is evaluating options to increase the amount of drilling activity it can do in 2026.  Under its original plan, Valeura envisaged a total of eight months of drilling activity during the year. The Company is now in advanced discussions with drilling rig contractors on the potential to drill further wells in Q4 2026.

In addition, with construction activity on the new-build Wassana central processing platform (“CPP”) proceeding ahead of schedule (overall project completion of 60% at 31 March 2026), Valeura is evaluating the potential to expedite installation of the CPP.

Valeura intends to update its spending and production guidance in due course, pending successful progress on these acceleration projects.

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