VAALCO Energy, Inc. Independent Petroleum Association of America Oil and Gas Investment Symposium New York City April 11-13, 2011 Gregory R. Hullinger Chief Financial Officer and Investor Relations Contact
Company Profile Resources and Market Data Reserve Data as of 12/31 2010 2009 Ticker (NYSE) EGY Proved & Probable Reserves (MBOE) 11,674 12,940 Employees 90 Proved Reserves (MBOE) 6,918 7,363 *Market Capitalization (MM) 406 Proved…
Company Milestones 1985: Founded in Houston, Texas 1986: Acquired operating interests in four fields offshore Palawan, Philippines (as Alcorn International) 1992: Brought on stream West Linapacan Field - first deep water production…
Current Focus Areas: West Africa Mutamba Iroru Permit 270,000 gross acres Onshore Exploration Etame Marin Permit 760,000 gross acres Offshore Production and Exploration Block 5 1,400,000 gross acres Offshore…
Offshore Gabon: Etame Marin Permit VAALCO is the Operator with a 28.1% net W.I, in partnership with the Sinopec group (Addax), Sasol, Tullow, Sojitz and PetroEnergy Production from four fields, all connected to an FPSO facility…
Offshore Gabon: Etame Stratigraphic Column Top Seal Reservoirs Source Rock 7 VAALCO Energy, Inc.
Offshore Gabon: Etame Complex 8 VAALCO Energy, Inc.
Offshore Gabon: Etame Field Initial discovery made in 1998 Field declared commercial in 2001; largest of the four fields FPSO First oil production September 2002 Production is from five wells with subsea completions Current…
Floating Production, Storage and Offloading Facility FPSO Petroleo Nautipa Operations began 2002 Long-term contract with Tinworth through 2015 1.1 million barrel storage capacity Can accept up to 30,000 barrels of total fluids per…
Offshore Gabon: Avouma & South Tchibala Fields Discovery well completed August 2004 Production commenced in January 2007 Three production wells on platform third well off-line until mid-2011 for electrical upgrades to enable all…
Offshore Gabon: Ebouri Field Discovery well completed January 2004 Platform installed August 2008 First production began in January 2009; three wells currently producing from the platform Current production is approximately…
Offshore Gabon: Etame Field Expansion Study Intensive study undertaken to focus on future development opportunities in the Etame field Final results were reviewed with partners in early 2011 VAALCO is proceeding with the…
Offshore Gabon: SE Etame Discovery Discovery well 2 miles SE of Etame Field drilled to depth of 9050 feet - June 2010 Encountered 16 feet of Gamba sandstone; logged oil full to base Appraised with two sidetracks Options being…
Offshore Gabon: Etame Marin Permit Exploration Future Potential Permit Area Ebouri Field Etame Field SE Etame Field North Tchibala Field 2010-2011 3D Survey Outline (Dentale, Undeveloped) Avouma and S. Tchibala Fields…
Onshore Gabon: Mutamba Iroru Permit Permit Area 270,000 Rabi Kounga Field 240 wells acres Cum: 840 MMBO EUR 900 MMBO Rabi Pipeline runs within SW edge of permit Executed farm-out agreement with TOTAL August 2010; retained Atora…
Offshore Angola: Block 5 Exploration 1.4 million acre license with water depths from 0-500m in northern part of Kwanza Basin VAALCO is Operator with 40% working interest, Sonangol P & P 20% carried interest Up to 40% working…
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 2H 2011 potential spud date Loengo Prospect 40% WI Jack…
Offshore Angola: Kwanza Basin Analog with Campos Basin 19 (Courtesy PGS) VAALCO Energy, Inc.
Offshore Angola: Block 5 Farm-in Opportunity Former partner exited from Block in December 2010 Two well drilling commitment - one year extension granted - planning to drill in 2011 Working with Sonangol to find replacement…
Onshore North America: Diversification Strategy: Add new focus area that provide multiple lower risk opportunities to expand reserves and cash flow that balances high potential, higher risk international exploration. Parameters:…
United States: Granite Wash Formation 100% W.I. on 640 acre lease Hemphill County, Texas Lease located in prime area of formation; Chesapeake, Samson, Cimarex and Devon all active in the area First well expected to begin drilling…
VAALCO - Summary Stable production profile 99% oil 100% operated Good development opportunities Attractive reserve base 99% oil 73% proved developed Strong balance sheet No debt 2011 budget expected to be funded with cash…
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