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APRIL 2014 IPAA OGIS – Vaalco Energy Inc.

Vaalco Energy Inc. · Apr 9, 2014 · 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. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 1
    IPAA Oil and Gas Investment Symposium April 9, 2014 New York NYSE:EGY
  2. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 2
    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 Exploration Program Cash Flow Near…
  3. APRIL 2014 IPAA OGIS – 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 41.0% 270,000 gross acres 111,000 net…
  4. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 4
    Company Profile Key Metrics Share Price(1) 8.24 52-Week Range(1) 5.03 - 8.63 Market Capitalization(1) 468 million Cash Balance(2) 144 million Revolving Debt Facility (Undrawn) (1) 65 million Net Production 4,400 BOPD Reserves…
  5. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 5
    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 skills 20,000 Repeatable performance 15,000…
  6. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 6
    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…
  7. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 7
    Margin per Barrel - Etame Marin Permit Net Cash Flow Summary (/bbl) Net Cash Flow Summary (%/bbl) 2013 2013 Royalty OPEX Workovers G&A Taxes (Profit Oil) DD&A Margin 108 110 100 13% 90 39 Margin 80 DD&A 36% 70 Taxes (Profit Oil)…
  8. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 8
    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…
  9. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 9
    Development Projects 10
  10. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 10
    Offshore Gabon Etame Marin Permit Operator with a 28.1% net W.I. Ebouri Partners: Addax, Sasol, Sojitz , PetroEnergy and Tullow Oil production - 18,000 BOPD gross Etame Cumulative production through 2013 - 79.7 million barrels…
  11. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 11
    Etame Field Expansion Project New Etame Platform 175 million gross investment in the new platform (49 million net) 4 pile, 8 slot platform in water depth of 85 meters Initial 3 well development 25 million gross per well (7…
  12. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 12
    SE Etame & North Tchibala Fields Project New SEENT Platform 150 million gross investment in the new platform (42 million net) 4 pile, 8 slot platform in water depth of 85 meters Initial 3 well development 25 million gross per well…
  13. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 13
    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…
  14. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 14
    Exploration Projects 15
  15. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 15
    Attributes of Exploration Opportunities Angola EG Etame Attributes Block 5 Block P Marin Blocks have existing hydrocarbon (oil) discoveries Prospects are liquids prone Shallower water (75m 500m) Normally pressured regime Shallower…
  16. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 16
    Offshore Angola - Block 5 VAALCO VAALCO Block 5 Loengo Prospect VAALCO VAALCO Mobil Cobalt Cobalt Cobalt Cobalt Cobalt Prospect Lead Discovery Discovery Discovery Prospect Discovery Discovery Loengo Ombundi Bicuar -1A Baleia -1A…
  17. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 17
    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 Salt…
  18. APRIL 2014 IPAA OGIS – 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 VAALCO BLOCK P PDA Working with…
  19. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 19
    Block P - Prospects and Leads Block P VAALCO PDA PDA Exploration Play Types Boundary 57,000 acres SW Grande 232 km2 Marte A Marte 16-70 MMBO Atlantic Ocean Atlantic SW Grande 10-180 MMBO Venus Field 17 - 21 MMBO…
  20. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 20
    2014 Capital Budget Gross VAALCO 2014 Components (Net) millions millions Construction of platforms 54 Development Development wells 13 Etame Exploration wells 47 Facilities 187 54 Seismic 3 Drilling 47 13 Total 117…
  21. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 21
    Sequence of Milestones 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 Block P (2…
  22. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 22
    Strong Financial Position 12/31/2013 Financial Position Shares Outstanding ( millions) (millions) Cash Balance 144 12/31/2013 56.9 Working Capital 122 12/31/2012 57.9 Net PP&E 139 Retained Earnings 224 2013 Financial…
  23. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 23
    Strong Cash Flow with Focus on Growth 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…
  24. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 24
    APPENDIX 25
  25. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 25
    Pro-forma Consolidated Balance Sheets 12/31/2013 12/31/2012 Assets Cash & cash equivalents 130,529 130,800 Restricted cash 13,196 12,131 Accounts receivables 22,230 13,113 Other current assets 2,339 3,955 PP&E, net 138,524…
  26. APRIL 2014 IPAA OGIS – Vaalco Energy Inc. – slide 26
    Pro-forma Income Statements 12 months 12 months ended ended 12/31/2013 12/31/2012 Revenues 169,277 195,287 Operating costs and expenses (92,052) (108,694) Operating Income 77,225 86,593 Other expense, net (38) 559 Income tax…

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