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) 7.90 52-Week Range(1) 5.03 - 9.32 Market Capitalization(1) 450 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 175 million gross investment in the new platform (49 million net) Etame 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 investment in the new platform (42 million net) SE Etame ETSEM-2H 4 pile, 8 slot platform in water depth of 85 meters Initial 3 well development 25…
Central Crude Sweetening Project (CCSP) New Processing Platform Ebouri 200 - 250 million gross investment in the new platform (56 - 70 million net) Provides ability to remove H2S 1 new Ebouri development well at 27 million (7.5…
Onshore Gabon- Mutamba Iroru Permit Shell Rabi Kounga Field VAALCO operated with 41% Cum: 840 MMBO EUR 900 MMBO working interest NGongui discovery well drilled in Rabi Kounga Pipeline Q4 2012 Encountered 49 feet of oil pay in…
Exploration Projects 14
Angola Block 5 - Prospects and Leads Kindele Prospect (Post Salt) Block 5 Jack Prospect (Post Salt) WD=101m Gross Potential=20-49 MMbls WD=75m Gross Potential=22-55 MMbls Mubafo Discovery SW NE SW NE Atlantic Ocean Post…
Angola Block 5 Kindele Prospect Kindele Prospect Kindele-1 A Dry Hole Costs 38 million gross (19 million net to VAALCO) Expected spud 4Q 2014 Mucanzo sand target Water depth 101 meters Planned total depth 2,250 meters Mubafo-1…
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…
Offshore Equatorial Guinea - Block P Marathon Acquired 31% W.I. in 57,000 1,100 mmboe Equatorial Guinea gross acres in November, 2012 Working with GEPetrol (operator) to develop a joint operatorship model Exxon Noble VAALCO has…
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…
Tentative Sequence of Milestones Gabon Related 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…
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…
Why Invest in VAALCO Now Proven International Low Cost Operator 100% operated In 3 out of top 4 West Africa producing countries Projects on time, on budget Solid Financial Position Growing Cash Flow - increasing production profile…
APPENDIX 24
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…
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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