Third Quarter 2022 Financial Results Conference Call

Nov 9, 2022 • 11:00 am EST

Recent Event

Third Quarter 2022 Financial Results Conference Call

Latest Financial Results

Q3 2022

Quarter Ended Sep 30, 2022

9,157

Maintained solid Q3 2022 average daily production of 9,157 net revenue interest (“NRI”)(2) barrels of crude oil per day (“BOPD”).

$42.4M

Generated Adjusted EBITDAX(1) of $42.4 million in Q3 2022.

69.3M

Increased unrestricted cash balance to $69.3 million and maintained a strong balance sheet with no debt.

For complete information regarding our financials, see our periodic filings

Latest Annual Report

For Fiscal Year Ending Dec 31, 2021

Stock Snapshot

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 offshore Gabon, onshore Egypt, and offshore Equatorial Guinea in Africa, and in western Canada.

VAALCO Energy at a Glance

14

Producing wells

30K

Processing capacity (bfpd)

1M

Storage capacity (bbls)

As of Dec. 31 2021 • 10-K 2021

Crude Oil Reserves in FY 2021

Proved developed reserves (MBbls)

Proved undeveloped reserves (MBbls)

Gabon Operations

The Etame Production Sharing Contract 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 net production in the first quarter of 2022 averaged approximately 8,051 BOPD, up from a 7,119 BOPD average for fiscal year 2021 and nearly double the 4,853 BOPD average for fiscal year 2020.

Equatorial Guinea Operations

We own a 45.9% working interest in Block P, offshore Equatorial Guinea, that we acquired in 2012. We submitted a Plan of Development for the Venus Discovery on Block P in 2022 to the Government of Equatorial Guinea and received their approval to proceed.

U.S. Internal Revenue Code Section 6045B (Form 8937)

Reporting issuers of corporate securities are required to complete Internal Revenue Service Form 8937 to report organizational actions that affect the basis of the securities involved in the organizational action. The tax information contained herein is provided for informational purposes only and should not be construed as legal or tax advice. Please consult your personal tax advisor for assistance as to how this information will impact your specific tax situation.

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

Investor Relations

Al Petrie Advisors
(US Investor Relations)
T: 713-543-3422
apetrie@vaalco.com

Buchanan
(UK PR)
T: +44 (0) 207 466 5000
VAALCO@buchanan.uk.com

Transfer Agent

Computershare
462 South 4th Street
Suite 1600
Louisville, KY 40202
T: 781-575-3100

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