VAALCO Energy, Inc. IPAA OGIS New York Conference April 16-18, 2012 Robert L. Gerry Chairman and Chief Executive Officer
Company Profile Resources and Market Data Reserve Data as of 12/31 2011 2010 Ticker (NYSE) EGY Proved & Probable Reserves (MBOE) 9,597 11,674 Employees - worldwide 94 Proved Reserves (MBOE) 6,368 6,918 *Market Capitalization (MM)…
West Africa Focus 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 Exploration…
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 three fields, all connected to an FPSO facility…
Offshore Gabon: Etame Complex 6 VAALCO Energy, Inc.
Offshore Gabon: Etame Field Initial discovery made in 1998 Field declared commercial in 2001; largest of the four fields First oil production September 2002 Production is from five wells with subsea completions Current production…
Offshore Gabon: New Platform Construction SE Etame Field New Etame Platform Agreement by partners to enter detailed engineering phase Up to 5 new well slots New Platform Incremental reserves 10 Etam million bbls gross e Platf…
Offshore Gabon: Avouma & South Tchibala Fields Discovery well completed August 2004 Production commenced in January 2007 Three wells currently on production Current production from fields is approximately 5,500 bopd gross Water…
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 6,500…
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: Etame Marin Permit Exploration Future Potential 223 sq km 3D survey shot 4Q 2011; currently processing Elili Prospect 30.35% WI 116m water depth Well depth: 3,500m; Dentale horizon Estimated cost 22 million…
Onshore Gabon: Mutamba Iroru Permit Permit Area 270,000 acres Rabi Kounga Field 240 wells Rabi Pipeline runs within SW Cum: 840 MMBO EUR 900 MMBO edge of permit Executed farm-out agreement with TOTAL August 2010; retained 50%…
Onshore Gabon: Prospects & Leads 14 VAALCO Energy, Inc.
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 (post-salt) 31 million gross cost 50 mmbo gross unrisked potential Loengo Prospect 40% WI Jack Prospect 110m water…
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…
Offshore Angola: Kwanza Basin Analog with Campos Basin 18 (Courtesy PGS) VAALCO Energy, Inc.
Onshore North America: Diversification Strategy: Add new focus areas that provide multiple lower risk opportunities to expand reserves and cash flow that balances high potential, higher risk international exploration. Parameters:…
United States: Williston Basin/Bakken Shale Focus Area Acreage 27,200 gross acres in the Williston Basin (Montana) 22,000 gross (14,300 net) acres in Roosevelt County; 65% W.I.; 80% NRI (East Poplar Dome) 5,200 gross (3,650 net) acres…
Williston Basin Outlook Mid Case (IP-400 bopd): NREV, CAPEX, OPEX vs. Time 180.0 Mid Case Assumptions EXPENSES (CAPEX, OPEX, TAXES) IP 400 BOPD NET REV 160.0 5 Wells drilled during 1st year (2012) 10 Wells drilled per year ( year 2…
United States: East Poplar Dome Unit Acquired 22,000 gross acres from Magellan in September 2011 Located in Roosevelt County Montana EPU 120 (vertical) Net Cost: 3.45 million Depth: 9,200 ft Middle Bakken and deeper Target…
Williston Basin: Salt Lake Prospect 5,214 gross acres Salt Lake Prospect, Sheridan County, Montana VAALCO 70%; 3,650 Net acres Middle Bakken formation with Three Forks formation potential Approximately 100 million bbls in place…
United States: Salt Lake Prospect 24 VAALCO Energy, Inc.
United States: Granite Wash Formation 100% W.I. in 1,120 acres Hemphill County, Texas Leases located in prime area of formation; Chesapeake, Samson, Cimarex and Devon all active in the area First well completed drilling early…
Granite Wash Hefley 90-01H: Adjacent Operations 26 VAALCO Energy, Inc.
2011 Capital Invested Gross Net GABON OFFSHORE Millions Millions Exploration N Seismic Acquisition and Processing 7.3 2.2 Development Ebouri Platform Modifications 11.5 3.5 Avouma Platform Modifications 10.0 3.0 Capital…
2012 Capital Budget Gross Net GABON OFFSHORE Millions Millions Exploration Ebouri Platform Prospect 9.4 2.7 Development Ebouri Development Well 5H 23.6 6.6 Ebouri Development Well 6H 22.9 6.4 Ebouri Platform Modifications 2.5…
Pro-forma Consolidated Balance Sheets (amounts in thousands) 12/31/2011 12/31/2010 Assets Cash & cash equivalent 137,139 81,234 Restricted cash 12,209 14,932 Accounts receivables 21,300 40,660 Other current assets 3,170 2,531…
Pro-forma Income Statements (amounts in thousands) 12 months 12 months ended ended 12/31/2011 12/31/2010 Revenues 210,436 134,472 Operating costs and expenses (77,875) (56,349) Operating Income 132,561 78,123 Other…
VAALCO - Summary Stable production profile 99% oil 100% operated Good development opportunities Attractive reserve base 99% oil 62% proved developed Strong balance sheet No debt 2012 budget expected to be funded with cash…
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