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2013 IPAA OGIS NEW YORK – Vaalco Energy Inc.

Vaalco Energy Inc. · Apr 16, 2013 · 23 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. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 1
    VAALCO ENERGY, INC. IPAA Oil & Gas Investment Symposium April 15 - 17, 2013 New York Robert Gerry III Chief Executive Officer 1
  2. 2013 IPAA OGIS NEW YORK – 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) 11,427 9,242 Employees - worldwide 100 Proved Reserves (MBOE) 7,745 6,368 *Market Capitalization…
  3. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 3
    West Africa Focus Block P 57,000 gross acres 18,000 net acres EQUATORIAL Offshore Exploration GUINEA Mutamba Iroru Permit 270,000 gross acres Libreville 111,000 net acres GABON Onshore Exploration Etame Marin Permit…
  4. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 4
    Offshore Gabon: Etame Marin Permit VAALCO is the Operator with a 28.1% net Libreville W.I, in partnership with the Sinopec group (Addax), Sasol, Tullow, Sojitz and GABON Port Gentil PetroEnergy Production from four fields, all…
  5. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 5
    Offshore Gabon: Currently Producing Fields Ebouri Field Etame Field South Tchibala Field Avouma Field 6
  6. 2013 IPAA OGIS NEW YORK – 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. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 7
    Offshore Gabon: New Platform Construction New Etame Platform Investment will result in more Etame Field efficient drainage of reservoir and increase proved reserves Expected platform cost is 140 million (40 million net to…
  8. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 8
    Offshore Gabon: New Platform Construction New SE Etame/N. Tchibala Platform Objective to commercialize SE Etame Gamba discovery and Export Pipeline exploit N. Tchibala Dentale SE Etame Field reservoirs (Gamba) Expected…
  9. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 9
    Offshore Gabon: Avouma & South Tchibala Fields Discovery well completed August 2004 Avouma and South Tchibala Production commenced in Fields January 2007 EAVOM-3H well came online April 2014 with initial natural flow rate of…
  10. 2013 IPAA OGIS NEW YORK – 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 H2S discovered in July 2012 in two Ebouri…
  11. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 11
    Floating Production, Storage and Offloading Facility FPSO Petroleo Nautipa Operations began 2002 Long-term contract with Tinworth through 2020 1.1 million barrel storage capacity Can accept up to 30,000 barrels of total fluids…
  12. 2013 IPAA OGIS NEW YORK – 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. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 13
    Onshore Gabon: Mutamba Iroru Permit Rabi Kounga Field NGongui Discovery well 240 wells Cum: 840 MMBO EUR 900 MMBO drilled in Q4 2012 Encountered 49 feet of oil pay in the Gamba Formation Atora Field 11 wells Cum: 38 MMBO…
  14. 2013 IPAA OGIS NEW YORK – 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. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 15
    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. Sonangol sent positive…
  16. 2013 IPAA OGIS NEW YORK – 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. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 17
    Offshore Equatorial Guinea: EQUATORIAL Acquired 31% working interest in GUINEA 57,000 gross acres (PDA area) Block has 2005 discovery Venus is believed to be commercial as a standalone development project Exploration upside…
  18. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 18
    Offshore Equatorial Guinea: Block P PDA Boundary Marathon 1,100 mmboe Cameroon 57,000 acres Exxon 232 km2 1,300 mmboe Marte: EG AlbianTurbidites Block P PDA EG SW Grande: Hess Tertiary Channels 600 mmboe…
  19. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 19
    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 completion East Poplar…
  20. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 20
    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…
  21. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 21
    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…
  22. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 22
    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 (108,694) (77,875) Operating Income 86,593 132,561 Other expense, net 559 1,469 Income…
  23. 2013 IPAA OGIS NEW YORK – Vaalco Energy Inc. – slide 23
    VAALCO - Summary Stable production profile 100% operated Multiple development opportunities Attractive reserve base 98% oil At 12/31/12, proved reserves increased by 22% as compared to 2011 Strong balance sheet No debt 2013…

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