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COMPANY UPDATE – Vaalco Energy Inc.

Vaalco Energy Inc. · Feb 3, 2014 · 20 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. COMPANY UPDATE – Vaalco Energy Inc. – slide 1
    February 2014 Company Update Steve Guidry, CEO NYSE:EGY
  2. COMPANY UPDATE – Vaalco Energy Inc. – slide 2
    VAALCO: Poised for Growth Strong high margin base business Near term low risk growth opportunities Balanced long term growth strategy Discovered Resource Acquisition Strong Current West Africa Etame Marin Exploration Program…
  3. COMPANY 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 Mutamba Iroru Permit Working Interest 41% 270,000 gross acres 111,000 net acres…
  4. COMPANY UPDATE – Vaalco Energy Inc. – slide 4
    VAALCOs Profile Key Metrics Share Price(1) 6.14 52wk Range(1) 5.03 - 9.06 Market Capitalization(1) 350 MM Cash Balance (Unrestricted)(2) 100 MM Debt(2) MM Production (Net)(1) 4,400 BOPD Reserves (2P)(3) 11.2 MMBOE % Oil(3) 98%…
  5. COMPANY UPDATE – Vaalco Energy Inc. – slide 5
    Efficient Reserve Replacement, Etame Marin Permit Cost Metrics (2002-2013) Development Costs 14 /BBL Exploration Costs 3 /BBL DD&A 9 /BBL Gross EUR 1P Reserves 120.0 100.0 1P Reserves (MMBO) 80.0 60.0 40.0 20.0 0.0…
  6. COMPANY UPDATE – Vaalco Energy Inc. – slide 6
    VAALCOs Reserves, Etame Marin Permit 3P Reserves (MMBO) Proved Probable Possible Reserves Breakdown (As of 12/31/2012) (1) Proved 7.45 MMBO 27% Probable 3.76 MMBO 48% Possible 4.21 MMBO 25% MMBO TOTAL RESERVES 15.42 (1)…
  7. COMPANY UPDATE – Vaalco Energy Inc. – slide 7
    VAALCOs Margin per Barrel, Etame Marin Permit Net Cash Flow Breakdown, Per BBL Net Cash Flow Breakdown, Per BBL 9 Months Ended 2013 108 Royalty OPEX Workovers G&A Taxes (Profit Oil) DD&A Margin 110 100 33 90 Margin 13% 80 DD&A…
  8. COMPANY UPDATE – Vaalco Energy Inc. – slide 8
    VAALCO 2014 Capital Budget 2014 Capital Budget (In Millions) Development Gross VAALCO Etame Facilities 210 60 Drilling Campaign 24 7 Exploration Angola 3-D Seismic 7 3 Loengo prospect 54 27 EG S.W. Grande 40 12 Gabon Dimba…
  9. COMPANY UPDATE – Vaalco Energy Inc. – slide 9
    VAALCO Schedule of Milestones 2014 Drill Dimba Set Etame / SEENT Platforms Ebouri Crude Sweetening Project Pre-feed Development Drill Development Wells 3 Etame Wells 3 SEENT Wells 3 Ebouri Wells Process Angola Seismic Drill…
  10. COMPANY UPDATE – Vaalco Energy Inc. – slide 10
    Oily and Leveraged to Brent Realized Oil Price Per BBL Oil / Gas Production Compared to Brent BBL (2012) 100.00% 115.00 of Production 110.00 80.00% 105.00 Total % Rev/Bbl 60.00% % Gas 100.00 40.00% % Oil 95.00…
  11. COMPANY UPDATE – Vaalco Energy Inc. – slide 11
    Offshore Gabon Etame Marin Permit Operator with a 28.1% net W.I. Ebouri Partners: Addax, Sasol, Tullow, Sojitz and PetroEnergy Oil production - 18,000 BOPD gross (1) 4,400 BOPD net(1) Etame Cumulative production through Q3 2013…
  12. COMPANY UPDATE – Vaalco Energy Inc. – slide 12
    Etame Expansion Project New Etame Platform 175 MM gross investment in the new platform (49 MM net) 4 pile, 8 slot platform in water depth of 85 meters Initial 3 well development 25 MM gross per well (7 MM net per well) Develop…
  13. COMPANY UPDATE – Vaalco Energy Inc. – slide 13
    South East Etame / North Tchibala (SEENT Project) New SEENT Platform 150 MM gross investment in the new platform (42 MM net) 4 pile, 8 slot platform in water depth of 85 meters Initial 3 well development 25 MM gross per well…
  14. COMPANY UPDATE – Vaalco Energy Inc. – slide 14
    Offshore Gabon: Dimba Prospect Spud December 2013 3,000m well depth Gamba primary target Dry Hole Cost - 19 MM gross (8.5 MM net) Lucina secondary target Gamba 5-35 mmbo gross recoverable 53m water depth Lucina 4-81 mmbo gross…
  15. COMPANY UPDATE – Vaalco Energy Inc. – slide 15
    Onshore Gabon: Mutamba Iroru Permit NGongui discovery well drilled in Rabi Kounga Field Q4 2012 Cum: 840 MMBO EUR 900 MMBO Encountered 49 feet of oil pay in the Gamba Formation 41% partner TOTAL operates the Atora Field 6 miles to…
  16. COMPANY UPDATE – Vaalco Energy Inc. – slide 16
    Offshore Angola: Large Pre-salt Structures in the Kwanza Basin VAALCO VAALCO Block 5 Loengo Prospect VAALCO VAALCO Mobil Cobalt Cobalt Cobalt Cobalt Cobalt Prospect Lead Discovery Discovery Discovery Prospect Discovery Discovery…
  17. COMPANY UPDATE – Vaalco Energy Inc. – slide 17
    Offshore Angola: Block 5 Prospects and Leads Kindele Prospect Block 5 Jack Prospect WD=101m Potential=20-28-49 MMbls WD=75m Potential=22-33-55 MMbls Mubafo Discovery SW NE SW NE Atlantic Ocean Post Salt Discovery Post…
  18. COMPANY UPDATE – Vaalco Energy Inc. – slide 18
    Offshore Equatorial Guinea: Block P Marathon 1,100 mmboe Equatorial Guinea Acquired 31% W.I. in 57,000 gross acres (PDA area) in November, 2012 Exxon 2005 discovery Venus 1,300 mmboe BLOCK P PDA Working with GEPetrol…
  19. COMPANY UPDATE – Vaalco Energy Inc. – slide 19
    Offshore Equatorial Guinea: Block P PDA Block P PDA Boundary Exploration Play Types 57,000 acres 232 km2 SW Grande Marte A Atlantic Marte Ocean 16-70 mmbo Atlantic SW Grande 10-180 mmbo Venus Field 17 - 21 mmbo…
  20. COMPANY UPDATE – Vaalco Energy Inc. – slide 20
    VAALCO Summary Strong high margin base business Stable production profile 100% operated 98% oil leveraged to Brent Near term low risk growth Near field development opportunities Projects on time, on budget Attractive project…

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