Company Profile Resources and Market Data Reserve Data as of 12/31 2009 2008 Ticker (NYSE) EGY Proved & Probable Reserves (MBOE) 12,940 12,100 Employees 75 Proved Reserves (MBOE) 7,363 7,422 *Market Capitalization (MM) 295 Proved…
VAALCOs Strategy Invest to increase reserves - through the drill bit and/or selective acquisitions Optimize production and reservoir management at the four producing fields offshore Gabon Focus on the West Africa asset base and…
Current Focus Areas: West Africa Mutamba Iroru Concession 270,000 gross acres Onshore Exploration Etame Marin Concession 760,000 gross acres Offshore Production and Exploration Block 5 1,400,000 gross acres Offshore…
VAALCO Gabon Offshore Operations 6 VAALCO Energy, Inc.
Offshore Gabon: Etame Marin Concession VAALCO is the operator of the concession Four fields producing, all with pipeline connections to an FPSO facility Nine wells currently producing Additional development and exploration…
Offshore Gabon: Etame Field Initial discovery made in 1998 Field declared commercial in 2001 FPSO Largest of four fields First oil production September 2002 Production is from four wells with subsea completions Plan to…
Offshore Gabon: Avouma & South Tchibala Fields Exploration well completed August 2004 36 ft. of pay in Gamba sandstone Production commenced in January 2007 One well in each field on Platform production from a single…
Offshore Gabon: Ebouri Field Exploration well completed January 2004 Logged 48 ft. of pay in Gamba sandstone Platform installed August 2008 Appraisal well in January 2009 expanded the field First production began in January…
Floating Production, Storage and Offloading Facility FPSO Petroleo Nautipa Long-term contract with Tinworth through 2015 Operations began 2002 1.1 million barrel storage capacity Can accept up to 30,000 barrels of total fluids per…
Offshore Gabon: Etame Marin Concession 2010 Exploration Opportunities Omangou Prospect 30.35% WI Ebouri Field Concession Area 260 water depth Well depth: 6,600 ft 9.5 million gross cost 20 mmbo gross unrisked potential Mid 2010 spud…
Offshore Gabon: Etame Marin Concession Future Exploration Opportunities J Prospects Ca Lead Ba Lead Aa Lead Ebouri Field Da Lead M1 Lead Ea Lead M Lead Fa Lead Etame Field ABAMI Lead D Lead W Etame Prospect H Lead N Lead SW…
Onshore Gabon: Mutamba Iroru Concession Permit Area 270,000 acres Rabi Pipeline runs within SW edge of permit Two wells drilled in 2009, both water-bearing & abandoned Multiple leads being worked 2D seismic program planned for…
Offshore Angola: Block 5 Exploration Exploration Opportunities 40% operated interest, four- year permit off SW Angola effective 12/1/06 Approx. 1.4 million acres gross Sonangol estimates 50 million proven barrels with possible…
Offshore Angola: Block 5 2010 Exploration Opportunities Block 5 Outline Kindele Prospect 50% WI 415 water depth Well depth: 6,500 ft 31 million gross cost 40 mmbo gross unrisked Area Detailed at Left potential 1H 2011 spud date…
Offshore Angola: Block 5 Exploration Future Exploration Opportunities Key Leads Mecanga Akwa Mendoca Airosa Buengo 2D spec 2D spec available to VAALCO 3D available to VAALCO 3D not available to VAALCO Water depth in m…
Financial Flexibility 107 Million cash balance as of March 31, 2010 including amounts in escrow No long-term debt Long term debt was repaid in October 2009 Anticipate growing year-end cash balance 2010 Capital Expenditure budget…
VAALCO Production and Reserves Average Net Daily Production (BOPD) 5400 5300 5200 5100 5000 4900 4800 4700 4600 4500 2007 2008 2009 Year End Proved Reserves (MBBLS) 8000 7000 6000 5000 Proved…
CAPEX Projection 2010 - 2011 Reserves Opportunity (mln bbls) Type Country Location Gross (mlns) Net (mlns) Expected Timing Gross VAALCO net Development Gabon Ebouri 4H 25.4 7.70 1st Half 2010 5 1 Workover Gabon Ebouri 3H 5.4 1.60…
Why VAALCO Stable production profile 99% oil 100% operated Good development opportunities Attractive reserve base 99% oil 64% proved developed Strong balance sheet No long-term debt Expect 2010 budget funded with cash flow…
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