EnerCom The Oil and Gas Conference August 18, 2014 NYSE:EGY
Poised for Growth Strong high margin base business Near term low risk growth opportunities Balanced long term growth strategy Discovered Undeveloped Resource Acquisition Strong Current West Africa Exploration Program Cash…
West Africa Focus Block P Working Interest 31.0% 57,000 gross acres 18,000 net acres Bata Offshore Exploration & Development EQUATORIAL GUINEA Mutamba Iroru Permit Working Interest 41.0% 270,000 gross acres 111,000 net…
Company Profile Key Metrics Share Price(1) 7.82 52-Week Range(1) 5.03 - 9.32 Market Capitalization(1) 445 million Cash Balance(2) 119 million Revolving Debt Facility (Undrawn) (1) 65 million Net Production(1) 4,050 BOPD 2013…
Efficient Reserve Development - Etame Marin Permit Gross Production (BOPD) Etame Original Forecast Etame Base Actual Etame Additional Actual Avouma Ebouri 25,000 Exploitation and development 20,000 Repeatable performance 15,000 New…
Oily and Leveraged to Brent Realized Oil Price Per BBL Compared to Brent BBL (2013) 120 100 80 Rev/Bbl 60 40 20 - Oil / Gas Production (2013) 100% Total % of Production 90% 80% 70% 60% % Gas 50% 40% %…
Offshore Gabon Etame Marin Permit Operator with a 28.1% net W.I. FPSO Petroleo Nautipa Partners: Ebouri Long-term contract with Tinworth through 2020 Capacity: 30,000 bbls of total fluids per day Sinopec (Addax), Sasol, Sojitz ,…
Etame Field Expansion Project New Etame Platform Etame 175 million gross (49 million net) investment in the new platform 4 pile, 8 slot platform in water depth of 85 meters Initial 3 well development 25 New Etame Platform million…
SE Etame & North Tchibala Fields Project New SEENT Platform 150 million gross (42 million net) investment in the new platform SE Etame ETSEM-2H 4 pile, 8 slot platform in water depth of 85 meters Initial 3 well development 25…
Ebouri Redevelopment Project New Crude Sweetening Platform 200 - 250 million gross (56 - 70 million net) investment in the new Ebouri platform to remove H2S 1 new Ebouri development well at 27 million gross (7.5 million net) Reentry…
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…
Offshore Equatorial Guinea - Block P Marathon 1,100 mmboe VAALCO joint operatorship model with 31% working interest VAALCO has proposed the development Exxon 1,300 mmboe VAALCO Noble 210 mmboe of the Venus discovery occurring…
Tentative Sequence of Milestones Gabon Activity Set Etame / SEENT Platforms Central Crude Sweetening Project FEED Development Drill Development Wells at Etame 3 Etame Wells 3 SEENT Wells Ebouri Wells Mutamba Development (Onshore…
Exploration Projects 16
Angola Block 5 - Prospects and Leads Kindele Prospect (Post Salt) Loengo Prospect (Post Salt and Pre Salt) WD=101m Gross Potential=20-49 MMbls Block 5 WD= 108m Gross Potential=70-250 MMbls SW Mubafo Discovery NE Jack Prospect…
Angola Block 5 Kindele Prospect Kindele Prospect Kindele-1 A 38 million gross (19 million net ) - DHC Mubafo-1 Expected spud 4Q 2014 1988 Conoco Discovery Mucanzo sand target Tested 1100 BOPD Water depth 101 meters Planned…
Angola Block 5 Pre Salt Prospects VAALCO VAALCO Block 5 Loengo Prospect VAALCO VAALCO Cobalt Mobil Cobalt Cobalt Cobalt Cobalt Prospect Lead Discovery Discovery Discovery Discovery Discovery Discovery Loengo Ombundi Orca -1 Baleia…
Block P - Prospects and Leads Block P VAALCO PDA PDA Exploration Play Types Boundary 57,000 acres SW Grande A Marte A A Marte 16-70 MMBO Atlantic Ocean SW Grande: Europa Tertiary Channels Discovery Marte: Late Cretacous…
2014 Revised Capital Budget Gross VAALCO 2014 Components (Net) millions millions millions Development Construction of platforms 57 Etame Development wells 13 Facilities 201 57 Exploration wells 30 Drilling 47 13 Seismic 3…
Why Invest in VAALCO Now Outstanding Near Term Development Projects Etame/SEENT expansion projects Ebouri redevelopment Mutamba Iroru development Venus Field development Proven International Low Cost Operator 100% operated In 3…
APPENDIX 23
Consolidated Balance Sheets 6/30/2014 12/31/2013 Assets Cash & cash equivalents 118,567 130,529 Restricted cash 13,131 13,196 Accounts receivables 28,569 21,714 Other current assets 3,336 2,855 PP&E, net 167,452 138,524 Other…
Income Statements 6 months 12 months ended ended 6/30/2014 12/31/2013 Revenues 80,172 169,277 Operating costs and expenses (46,991) (92,052) Operating income 33,181 77,225 Other expense, net (370) (38) Income tax expense…
EBITDAX Reconciliation 6 months 12 months ended ended 6/30/2014 12/31/2013 Revenues 80,172 169,277 Operating costs and expenses (46,991) (92,052) Operating income 33,181 77,225 Depreciation, depletion and amortization 11,155…
Reserves - Etame Marin Permit 3P Reserves Proved Probable Possible Reserves Summary(1) (As of 12/31/2013) Proved 7.2 MMBO 26% Probable 3.4 MMBO 50% Possible 3.8 MMBO 24% Total Reserves 14.4 MMBO (1) Fully Engineered by…
Attributes of Exploration Opportunities Total unrisked mean net recoverable resource potential 700 MMBOE Angola EG Etame Attributes Block 5 Block P Marin Blocks have existing hydrocarbon (oil) discoveries Prospects are liquids prone…
VAALCO Strong Financial Position for Growth Financed by Cash Flow + Current Cash Position + Financed by Capital Markets Asset IFC Loan Transaction Etame /SEENT Developments Central Crude Sweetening Project Mutamba Development Venus…
Strong Financial Position (s in millions) Financial Position 6/30/2014 Cash Balance (Includes Restricted) 132 Working Capital 111 Net PP&E 167 Retained Earnings 271 Financial Performance (1H 2014) Revenues 80 Operating Income 33…
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