Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) ("Valeura" or the "Company") is pleased to announce the planned restart of production operations at the Wassana field, offshore Gulf of Thailand.

Valeura implemented a precautionary suspension of oil production on June 28, 2024 to ensure a safe situation while inspecting an anomaly identified on one of the steel jack-up legs of the field's mobile offshore production unit ("MOPU"). Through advanced underwater inspection, including magnetic particle inspection, the Company has concluded that the observed anomaly (a crack within a weld) is superficial, and accordingly does not constitute a risk to the structural integrity of the facility.

The Company has begun the process of restarting production operations, and anticipates achieving pre-suspension oil production rates of approximately 5,000 bbls/d (before royalties) within the week.

Valeura will continue to operate within its strict safety standards and will continue utilising regular underwater inspections of its facilities and vessels to assure ongoing asset integrity requirements are met.

Sean Guest, President and CEO commented:

"I am pleased to be able to chart a clear way forward for the Wassana field which entails resuming production as soon as possible. Our team of professionals have worked rapidly to confirm the integrity of our MOPU, providing the critical assurance we need to continue operating safely.

At the same time, we are pursuing growth aggressively across our portfolio, including the larger-scale redevelopment of the Wassana asset. Front-end engineering and design work is progressing, and we are targeting readiness for a final investment decision on the project at approximately end 2024."

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