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HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc.

Vaalco Energy Inc. · Mar 21, 2013 · 22 slides

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Slides

  1. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 1
    VAALCO ENERGY, INC. Howard Weil Conference March 1721, 2013 New Orleans Robert Gerry III Chief Executive Officer 1
  2. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 2
    Company Profile Resources and Market Data Reserve Data as of 12/31 2012 2011 Ticker (NYSE) EGY Proved & Probable Reserves (MBOE) 11,717 9,597 Employees - worldwide 100 Proved Reserves (MBOE) 7,745 6,368 *Market Capitalization…
  3. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 3
    West Africa Focus Block P 57,000 gross acres Offshore Exploration EQUATORIAL GUINEA Mutamba Iroru Permit 270,000 gross acres Libreville Onshore Exploration GABON Etame Marin Permit 760,000 gross acres Offshore…
  4. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 4
    Offshore Gabon: Etame Marin Permit VAALCO is the Operator with a Libreville 28.1% net W.I, in partnership with GABON the Sinopec group (Addax), Sasol, Port Gentil Tullow, Sojitz and PetroEnergy Production from four fields, all…
  5. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 5
    Offshore Gabon: Etame Production Complex Ebouri Field Etame Field South Tchibala Field Avouma Field 6
  6. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 6
    Offshore Gabon: Etame Field Initial discovery made in 1998 Field declared commercial in 2001; largest of the four fields Etame Field First oil production September 2002 Production is from four wells with subsea completions…
  7. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 7
    Offshore Gabon: New Platform Construction New Etame Platform Construction underway Q1 2013 Etame Field Expected cost is 140 million (40 million net to VAALCO) Multislot platform Installation expected in first half of 2014…
  8. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 8
    Offshore Gabon: New Platform Construction New SE Etame/N. Tchibala Platform Construction underway Q1 2013 Multislot platform Export Pipeline Installation expected in first half of SE Etame Field 2014 (Gamba) Objective to…
  9. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 9
    Offshore Gabon: Avouma & South Tchibala Fields Discovery well completed August 2004 Avouma and South Tchibala Fields Production commenced in January 2007 Two wells currently on production with third offline awaiting ESP…
  10. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 10
    Offshore Gabon: Ebouri Field Discovery well completed January 2004 Platform installed August 2008 First production began in January 2009; one well currently producing from the platform Ebouri Current production is Field…
  11. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 11
    Floating Production, Storage and Offloading Facility FPSO Petroleo Nautipa Operations began 2002 Longterm contract with Tinworth through 2020 1.1 million barrel storage capacity Can accept up to 30,000 barrels of total fluids…
  12. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 12
    Offshore Gabon: Future Exploration Potential Mu Prospect Edge Lead 60m water depth 223 sq km 3D survey 60m water depth completed 4Q 2011 Well depth: 2,700m Well depth: 3,600m GABON N Lead Southwest Etame 50m water depth 78m…
  13. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 13
    Onshore Gabon: Mutamba Iroru Permit Rabi Kounga Field Permit Area 270,000 acres Rabi Pipeline runs within SW 240 wells Cum: 840 MMBO EUR 900 MMBO edge of permit Executed farmout agreement with TOTAL August 2010; retained…
  14. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 14
    Offshore Angola: Kwanza Basin Republic of Angola VAALCO-operated Block 5 LOENGO Subsalt Prospect 330 Water Depth Cobalt-operated Block 21 CAMEIA-1 Subsalt Discovery 5518 Water Depth 1180 of oil pay Tested to flow 5100 BOPD…
  15. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 15
    Offshore Angola: Block 5 Exploration 1.4 million acre license with water depths from 0500m in northern part of Kwanza Basin VAALCO is Operator with 40% working interest, Sonangol P&P 20% carried interest. Sonangol sent…
  16. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 16
    Offshore Angola: Block 5 Primary Prospects Kindele/Mubafo Prospect 40% WI 100m water depth Well depth: 2000m 31 million gross cost 50 MMBO gross unrisked potential Jack Prospect 40% WI 80m water depth Well depth: 2200m 30…
  17. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 17
    Offshore Equatorial Guinea: Acquired 31% working interest in 57,000 gross acres (PDA area) Block has recent discoveries Venus is thought to be a commercial discovery Exploration upside Two exploration wells expected to be…
  18. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 18
    Onshore USA East Poplar Field Three exploration wells drilled in 2012 Two wells, a vertical test well and a Salt Lake Bakken/Three forks horizontal well, were unsuccessful efforts Third well scheduled for East Poplar Dome…
  19. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 19
    2013 Capital Budget Gross Net Millions Million Gabon Offshore Development Avouma 3H 28.5 8.0 Construction of 2 new platforms 144.7 40.6 (Etame & SEENT) Other 12.7 3.6 Exploration Ebouri appraisal well 26.6 7.5 Prospect Mu…
  20. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 20
    Pro-forma Consolidated Balance Sheets 12/31/2012 12/31/2011 Assets Cash & cash equivalents 130,800 137,139 Restricted cash 12,131 12,209 Accounts receivables 13,113 21,300 Other current assets 3,955 3,170 PP&E, net 106,608…
  21. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 21
    Pro-forma Income Statements 12 months 12 months ended ended 12/31/2012 12/31/2011 Revenues 195,287 210,436 Operating costs and expenses (51,292) (77,875) Operating Income 86,593 132,561 Other expense, net 559 1,469 Income…
  22. HOWARD WEIL'S 41ST ANNUAL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 22
    VAALCO - Summary Stable production profile 100% operated Good development opportunities Attractive reserve base 99% oil At 12/31/12, proved reserves increased by 24% as compared to 2011 Strong balance sheet No debt 2013…

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