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SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc.

Vaalco Energy Inc. · Mar 10, 2015 · 25 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. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 1
    March 2015 NYSE:EGY
  2. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 2
    Key Highlights Safe and successful installation of Etame and SEENT platforms - On-time, on-budget Added 2.4 MMBO of Proved reserves - 175% reserve replacement - 1.9 MMBO improved reservoir performance Confirmed additional 25 MMBO…
  3. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 3
    West Africa Focus Block P Working Interest 31.0% 57,000 gross acres 18,000 net acres Bata Offshore Exploration & Development EQUATORIAL GUINEA Etame Marin Permit Working Interest 28.1% 28,700 gross acres 8,100 net acres…
  4. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 4
    Company Profile Key Metrics Share Price(1) 3.08 52-Week Range(1) 3.00 - 9.67 Market Capitalization(1) 178 million Cash Balance including restricted(2) 92 million Revolving Debt Facility(2) 65 million Current Capacity(2) 25 million…
  5. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 5
    Etame Marin Permit (Production / Reserves) Estimated Net EUR 1P Reserves 30 Historical growth in EUR 25 Development drilling - 2015 20 15 Reversing production decline 10 5 0 2010 2011 2012 2013 2014 Net Production…
  6. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 6
    Etame Marin Reserves YE 2014 Proved Reserves Reconciliation (MMBO) 9.0 8.0 0.1 7.0 2.3 6.0 (1.4) 5.0 4.0 8.2 7.2 3.0 2.0 1.0 - YE 2013 Reserves Production Revisions Extensions YE 2014 SEC Reserves 1P Reserves 2P Reserves 8.2…
  7. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 7
    Offshore Gabon Etame Marin Permit Operator with a 28.1% net W.I. FPSO Petroleo Nautipa Partners: Long-term contract with Tinworth through 2020 Capacity: 30,000 bbls of total fluids per day Sinopec (Addax), Sasol, Sojitz , PetroEnergy…
  8. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 8
    Etame Field Expansion Project New Etame Platform On-time, on-budget Etame ET-8H ET-9H 4 pile, 8 slot platform in water depth of 85 ET-4H meters ET-5H ET-6H ST Targeting 10 MMBOE gross reserves ET-10H ET-1V Fault Block…
  9. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 9
    Etame Field: ET-1V Fault Block Confirmed Un-drained Lower Gamba Sand ET-7H ET-12H ET-13H ET-10H ET-10P Producing Drilling Potential Producing Pilot Hole Flowing 2700 BOPD Flowing 3,000 BOPD 34% Water Cut No Water Gamba Sand…
  10. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 10
    SE Etame & North Tchibala Fields Project New SEENT Platform On-time, on-budget 4 pile, 8 slot platform in water depth of 85 meters SE Etame Targeting 7 MMBO gross reserves Initial 3 well development 25.0 - 28.5 million gross (7.0…
  11. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 11
    Crude Sweetening Project Targeting sour oil reserves at Ebouri and Etame fields Ebouri Due to significant fall in oil prices, re-evaluating project scope and design Some options being considered: Export Pipeline Etame Chemical…
  12. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 12
    Onshore Gabon- Mutamba Iroru Permit Shell VAALCO operated with 41% Rabi Kounga Field working interest Cum: 840 MMBO EUR 900 MMBO NGongui discovery well drilled in Q4 2012 Rabi Kounga Pipeline Encountered 49 feet of oil pay in…
  13. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 13
    Offshore Equatorial Guinea - Block P VAALCO 31% working interest Marathon 1,100 mmboe Block P Partners have agreed to the development of the Venus discovery prior to the drilling of exploration wells Noble Revising the JOA to…
  14. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 14
    Exploration Program 15
  15. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 15
    Angola Block 5 Identified Exploration Upside VAALCO VAALCO 50 Kilometers Block 5 Loengo Prospect A Lead Expanded lead inventory - Derived from new 3-D seismic B Lead reprocessing VAALCO Ombundi Lead Kindele VAALCO operated…
  16. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 16
    Angola Block 5 Kindele Post Salt Prospect Kindele Prospect Kindele-1 A Dry Hole Costs - 38 - 42 million gross (19 - 21 million net to VAALCO) Mubafo-1 1988 Conoco Spud March 2, 2015 Discovery Tested 1100 Mucanzo sand primary…
  17. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 17
    Offshore Angola - Block 5 Regional X-section VAALCO VAALCO Block 5 Loengo Prospect VAALCO VAALCO Cobalt Mobil Prospect Lead Discovery Discovery Loengo Ombundi Orca -1 Baleia -1A A 15 miles 65 miles A VAALCO Ombundi Lead…
  18. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 18
    2015 Full Year Guidance (As of March 17, 2015) BOPD 3,900 4,600 OPEX (MM) 30.0 MM - 33.0 MM Workovers (MM) 3.0 MM - 6.0 MM G&A (MM) 12.5 MM - 15.0 MM (1) DD&A (/bbl) 15.0 - 18.0 CAPEX (MM) 65.0 - 75.0 (1) Includes…
  19. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 19
    2015 Estimated Capital Expenditures 2015 Components (Net) millions Development drilling 50 Exploration drilling 16 Gross VAALCO Seismic 1 millions millions Development FEED studies 2 Drilling 178 50 Abandonment fund 2 Total 71…
  20. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 20
    Why Invest in VAALCO Now Near term catalysts Drilling Kindele Continued Development Program at Etame reversing production decline Analyzing recently processed pre-salt seismic on Block 5 Proven West Africa Operator 100% operated In…
  21. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 21
    APPENDIX 22
  22. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 22
    Strong Financial Position (s in millions) Financial Position 12/31/2014 Cash Balance (Includes Restricted) 92 Working Capital (Includes Restricted) 95 Net PP&E 108 Current Borrowing Balance (IFC Loan) 15 Retained Earnings 147…
  23. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 23
    EBITDAX Reconciliation 12 months 12 months ended ended 12/31/2014 12/31/2013 Revenues 127,691 169,277 Operating costs and expenses (182,097) (92,052) Operating income (loss) (54,406) 77,225 Depreciation, depletion and…
  24. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 24
    Offshore Angola - Block 5: Leads A & B VAALCO VAALCO Lead A Lead B 3 miles New leads identified from NE SW the new seismic processing Cross-section over 2 leads utilizing re-processed 3D Salt Well imaged basement highs…
  25. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Vaalco Energy Inc. – slide 25
    Biography on Key Executives Mr. Guidry assumed the role of Chief Executive Officer for VAALCO Energy, Inc. on October 21, 2013. At that time, he was also appointed to our Board of Directors and became Chairman of the Board on June 4,…

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