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MARCH 2015 UPDATE – Vaalco Energy Inc.

Vaalco Energy Inc. · Mar 19, 2015 · 26 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 1
    March 2015 Update NYSE:EGY
  2. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 2
    Well Positioned in the Current Market Opportunistic Growing Production Minimum Profile Leverage 3
  3. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 3
    West Africa Focus Block P Working Interest 31.0% 57,000 gross acres 18,000 net acres Bata Offshore Exploration & Development EQUATORIAL GUINEA Etame Marin Permit Working Interest 28.1% 28,700 gross acres 8,100 net acres…
  4. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 4
    Company Profile Key Metrics Share Price(1) 3.56 52-Week Range(1) 3.45 - 9.67 Market Capitalization(1) 208 million Cash Balance including restricted(2) 92 million Revolving Debt Facility(2) 65 million - Current Capacity(2) 25 -…
  5. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 5
    Etame Marin Permit (Production / Reserves) Estimated Net EUR 1P Reserves 30 Historical growth in EUR 25 Reversed production decline 20 15 Development drilling - 2015 10 5 0 2010 2011 2012 2013 2014 Net Production (BOPD)…
  6. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 6
    Etame Marin 1P and 2P Reserves YE 2014 Reserves Reconciliation 9.0 8.0 0.1 7.0 2.3 6.0 (1.4) 5.0 4.0 8.2 7.2 3.0 2.0 1.0 - YE 2013 Reserves Production Revisions Extensions YE 2014 SEC Reserves 1P Reserves 2P Reserves…
  7. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 7
    Offshore Gabon Etame Marin Permit Operator with a 28.1% net W.I. Partners: FPSO Petroleo Nautipa Sinopec (Addax), Sasol, Sojitz , PetroEnergy Long-term contract with Tinworth through 2020 Ebouri and Tullow Capacity: 30,000 bbls of…
  8. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 8
    Etame Field Expansion Project New Etame Platform On time on budget Etame 4 pile, 8 slot platform in water depth of 85 meters Targeting 10 MMBOE gross reserves Transocean Constellation II jackup rig Initial 3 well development 25.0…
  9. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 9
    Etame Field: ET-1V Fault Block Confirmed Un-drained Lower Gamba Sand ET-7H ET-13H ET-12H ET-10H ET-10P Producing Potential Drilling Producing Pilot Hole Gamba Sand Flowing 2700 BOPD Upper Lobe 34% Water Cut Flow 3000 BOPD…
  10. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 10
    SE Etame & North Tchibala Fields Project New SEENT Platform On time on budget 4 pile, 8 slot platform in water depth of 85 meters SE Etame Targeting 7 MMBO gross reserves Initial 3 well development 25.0 - 28.5 million gross (7.0 -…
  11. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 11
    Crude Sweetening Project Targeting sour oil reserves at Ebouri and Etame fields Due to significant fall in oil prices, re-evaluating project scope and design Some options being considered: Chemical removal Install facilities on…
  12. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 12
    Onshore Gabon- Mutamba Iroru Permit Shell VAALCO operated with 41% Rabi Kounga Field working interest Cum: 840 MMBO EUR 900 MMBO NGongui discovery well drilled in Q4 2012 Rabi Kounga Pipeline Encountered 49 feet of oil pay in…
  13. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 13
    Offshore Equatorial Guinea - Block P VAALCO 31% working interest Marathon 1,100 mmboe Block P Partners have agreed to the development of the Venus discovery prior to the drilling of exploration wells Noble Revising the JOA to…
  14. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 14
    Exploration Program 15
  15. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 15
    Angola Block 5 VAALCO VAALCO 50 Kilometers Block 5 Loengo Prospect A Lead B Lead VAALCO Ombundi Lead Kindele Cobalt Orca-1 Mobil Baleia-1A Cobalt Jack Lontra-1 E Lead Cobalt Mavinga-1 Cobalt Ombundi Bicuar-1A Cobalt…
  16. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 16
    Angola Block 5 Kindele Post Salt Prospect Kindele Prospect Kindele-1 A Dry Hole Costs - 38 - 42 million gross (19 - 21 million net to VAALCO) Mubafo-1 1988 Conoco Spud March 2, 2015 Discovery Tested 1100 Mucanzo sand primary…
  17. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 17
    Block 5 Post-Salt Prospects & Leads Legend 50 Kilometers Post-Salt Prospects & Leads Post-Salt Discovery 2015 New PSDM Reprocessing (2233 km) Kindele Numerous post-salt leads VAALCO operated with 40% WI, 50% Exp. Interest…
  18. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 18
    Offshore Angola - Block 5 Regional X-section VAALCO VAALCO Block 5 Loengo Prospect VAALCO VAALCO Cobalt Mobil Prospect Lead Discovery Discovery Loengo Ombundi Orca -1 Baleia -1A A 15 miles 65 miles A VAALCO Ombundi Lead…
  19. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 19
    Offshore Angola - Block 5: Leads A & B New leads identified from the new seismic processing Cross-section over 2 leads utilizing re-processed 3D Well imaged basement highs Basement highs are prone to carbonate build-ups Leads…
  20. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 20
    2015 Financial Guidance BOPD 3,900 4,600 OPEX (/bbl) 30.0 - 33.0 Workovers (MM) 3.0 MM - 6.0 MM G&A (MM) 12.5 MM - 15 MM DD&A (/bbl) 15.0 - 18.0 CAPEX (MM) 65.0 - 75.0 21
  21. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 21
    2015 Estimated CAPEX Expenditures 2015 Components (Net) millions Development drilling 49.9 Exploration drilling 16.2 Gross VAALCO Seismic 0.5 millions millions Development FEED studies 2.0 Drilling 178.0 49.9 Abandonment fund…
  22. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 22
    Why Invest in VAALCO Now Near term catalysts Drilling Kindele Continued Development Program at Etame reversing production decline Analyzing recently processed pre-salt seismic on Block 5 Proven West Africa Operator 100% operated In…
  23. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 23
    APPENDIX 24
  24. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 24
    Strong Financial Position (s in millions) Financial Position 12/31/2014 Cash Balance (Includes Restricted) 92 Working Capital (Includes Restricted) 95 Net PP&E 108 Current Borrowing Balance (IFC Loan) 15 Retained Earnings 147…
  25. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 25
    EBITDAX Reconciliation 12 months 12 months ended ended 12/31/2014 12/31/2013 Revenues 127,691 169,277 Operating costs and expenses (182,097) (92,052) Operating income (loss) (54,406) 77,225 Depreciation, depletion and…
  26. MARCH 2015 UPDATE – Vaalco Energy Inc. – slide 26
    Biography on Key Executives Mr. Guidry assumed the role of Chief Executive Officer for VAALCO Energy, Inc. on October 21, 2013. At that time, he was also appointed to our Board of Directors and became Chairman of the Board on June 4,…

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