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Fully Funded and Entering an Ambitious Growth Phase

As an established operator with a proven track record in Africa, VAALCO Energy boasts a fully funded active work program. We focus on the acquisition, development and production of crude oil in West Africa, primarily offshore Gabon and Equatorial Guinea.

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VAALCO Energy Announces New Five Year, $50 Million Reserve Based Lending Facility Providing Additional Financial Flexibility

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May 3, 2022 • 5:30 PM EDT

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2022 Annual Meeting of Stockholders

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Q1 2022

Quarter Ended Mar 31, 2022

Earnings Release

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Earnings Webcast

Supplemental Update

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10-Q

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8,051

Increased Q1 2022 production by 7% to 8,051 net revenue interest (“NRI”)(2) barrels of crude oil per day (“BOPD”)

$33.5M

Increased Adjusted EBITDAX(1) by 49% quarter-over-quarter to $33.5 million in Q1 2022.

$18.9M

Maintained a strong balance sheet with no debt and an unrestricted cash balance of $18.9 million.

For complete information regarding our financials, see our periodic filings

Latest Annual Report

For Fiscal Year Ending Dec 31, 2020

Established Operator with a Proven Track Record in Africa

VAALCO Energy, Inc. is a Houston-based independent energy company principally engaged in the acquisition, development and production of crude oil. The Company's properties and acreage are located primarily in Gabon and Equatorial Guinea in West Africa.

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VAALCO Energy at a Glance

Producing wells

30K

Processing capacity (bfpd)

Storage capacity (bbls)

As of Dec. 31 2018 • 10-K 2018

Proved developed reserves (MBbls)

Proved undeveloped reserves (MBbls)

As of Dec. 31 2020 • 10-K 2020

Gabon Operations

The Etame PSC related to the Etame Marin block located offshore Gabon is our most significant asset and accounts for approximately 100% of our current revenues. The Etame Marin block is located 20 miles offshore, in roughly 250 feet of water, and covers an area of approximately 46,200 gross acres.

Our current net production is averaging approximately 3,752 BOPD, up from a 3,500 BOPD average for fiscal year 2017 as a result of the workovers performed in 2018.

Equatorial Guinea Operations

We have a 31% working interest in an undeveloped portion of a block offshore Equatorial Guinea that we acquired in 2012. We and our joint venture owners are evaluating the timing and budgeting for development and exploration activities under a development and production area in the block.

IR Contacts

Company

VAALCO Energy, Inc.
9800 Richmond Avenue
Suite 700
Houston, TX 77042
T: 713-623-0801
F: 713-623-0982
vaalco@vaalco.com