Valeura Energy Inc.: Approval of Strategic Farm-in Agreement with PTTEP
SINGAPORE, Sept. 15, 2026 (GLOBE NEWSWIRE) -- Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) ("Valeura" or the "Company") announces that the Cabinet of the Government of Thailand has granted executive approval for the transfer of interest from PTTEP Energy Development Company Limited, a subsidiary of PTT Exploration and Production Public Company Limited ("PTTEP") to Valeura, in connection with its strategic farm-in agreement (the "Farm-in") to blocks G1/65 and G3/65 (the "Blocks") in the offshore Gulf of Thailand.
Under the terms of the Farm-in, Valeura is to earn a 40% undivided working interest in the Blocks by paying to PTTEP 40% of the back costs incurred, plus the cost of a 163 km2 3D seismic acquisition over the Nong Yao Northeast focus area (carried by Valeura). Total costs to be paid by Valeura were estimated as US$25.6 at 31 August 2026. This includes a deposit amount of US$1.85 million already paid, and includes US$2.8 million in respect of the aforementioned carried 3D seismic acquisition in addition to its share of back costs for 1,184 km2 of 3D seismic acquired over other focus areas on the Blocks, four exploration wells drilled in 2025, geotechnical studies, licence award fees, and development planning work.
As contemplated in the Farm-in, Valeura and PTTEP are continuing to share information with each other to support planning the next phases of development and exploration on the Blocks. The Company intends to provide further details in due course.
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 | |
| Valeura Energy Inc. (Investor and Media Enquiries) | +1 403 975 6752 |
| Robin James Martin, SVP, Communications and Investor Relations | |
| 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/.
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.
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 intention to provide further details on forward exploration and development plans in due course.
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 Company's most recent annual information form and the MD&A 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.
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