VAALCO ENERGY, INC. RBC Global Energy Conference June 3-4, 2013 New York Robert Gerry III Chief Executive Officer KCA Deutag Ben Rinnes jackup drilling rig approaching Ebouri Platform 1
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…
West Africa Focus Block P 57,000 gross acres 18,000 net acres EQUATORIAL Offshore Exploration GUINEA & Development Mutamba Iroru Permit 270,000 gross acres Libreville 111,000 net acres GABON Onshore Exploration Port…
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…
Offshore Gabon: Fields in the Etame Marin Permit Ebouri Field Etame Field Southeast Etame Field North Tchibala Field South Tchibala Field Avouma Field 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…
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…
Offshore Gabon: New Platform Construction New SE Etame/N. Tchibala Platform Objective to commercialize SE Etame Gamba discovery and Export Pipeline exploit North Tchibala Dentale SE Etame Field reservoirs (Gamba) Expected…
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 2013 with initial natural flow rate of…
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…
Offshore Gabon: Ovoka Prospect Ovoka Exploration well scheduled after Ebouri platform operations Targeting 140 MMB gross unrisked reserves (34 MMB net to VAALCO) from multiple horizons Water Depth 60m Well Depth 2,800m…
Offshore Gabon: Future Exploration Potential Ovoka Prospect Edge Lead 223 sq km of 3D data in 60m water depth 60m water depth Etame Marin block Well depth: 2,800m Well depth: 2,500m completed 4Q 2011 GABON N MUKM Lead Southwest…
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…
Onshore Gabon: Mutamba Iroru Permit NGongui Discovery well Rabi Kounga Field 240 wells drilled in Q4 2012 Cum: 840 MMBO EUR 900 MMBO Encountered 49 feet of oil pay in the Gamba Formation 50% Partner TOTAL operates the Atora…
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: 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…
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…
Offshore Equatorial Guinea: Block P PDA Boundary Marathon 1,100 mmboe Cameroon 57,000 acres Exxon 232 km2 1,300 mmboe Marte: EG AlbianTurbidites Acquired October 2012 2 exploration wells planned in 2013/2014 Block P…
Pro-forma Consolidated Balance Sheets 3/31/2013 12/31/2012 Assets Cash & cash equivalents 102,641 130,800 Restricted cash 12,949 12,131 Accounts receivables 33,307 13,113 Other current assets 3,261 3,955 PP&E, net 118,622…
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 exploration well (success case costs)…
Pro-forma Income Statements 3 months 12 months ended ended 3/31/2013 12/31/2012 Revenues 44,137 195,287 Operating costs and expenses (22,634) (108,694) Operating Income 21,503 86,593 Other expense, net 69 559 Income tax…
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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