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Annual Shareholders Meeting – Vaalco Energy Inc.

Vaalco Energy Inc. · Jun 3, 2015 · 21 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. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 1
    VAALCO Annual Shareholders Meeting June 3, 2015 Houston, TX NYSE:EGY
  2. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 2
    Key Highlights Safe and successful installation of Etame and SEENT platforms Etame 1V fault block confirmed underdrained lower lobe Production at a 4 year high 19,000 BOPD Amended the IFC credit facility Permanently eliminated…
  3. Annual Shareholders Meeting – 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. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 4
    Company Profile Key Metrics Share Price(1) 2.31 52Week Range(1) 2.00 9.67 Market Capitalization(1) 135 million Cash Balance including restricted(2) 64 million Revolving Debt Facility(2) 65 million Current Borrowings(2) 15 million…
  5. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 5
    Etame Marin Permit (Production / Reserves) Gross EUR 1P Reserves 140 120 Historical growth in EUR 1P Reserves (MMBO) 100 Development drilling 2015 80 60 Reversing production decline 40 20 0 2002 2003 2004 2005 2006 2007…
  6. Annual Shareholders Meeting – 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…
  7. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 7
    Offshore Gabon Etame Marin Permit FPSO Petroleo Nautipa Operator with a 28.1% net W.I. Longterm contract with Tinworth through 2020 Capacity: 30,000 bbls of total fluids per day Partners: Capacity: 25,000 bbls of oil per day…
  8. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 8
    Etame Field Expansion Project New Etame Platform Etame ET8H ET9H 4 pile, 8 slot platform in water depth of 85 ET4H meters ET5H ET6H ST Targeting 10 MMBOE gross reserves ET10H ET1V Fault Block Initial 3 well development 25.0…
  9. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 9
    Etame Field: ET1V Fault Block Confirmed Underdrained Lower Gamba Sand ET7H ET12H ET13H ET10H ET10P Producing Drilling Potential Producing Pilot Hole Producing Tested Tested 2,400 BOPD 2,000 BOPD 3,000 BOPD Gamba Sand Upper…
  10. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 10
    SE Etame & North Tchibala Fields Project New SEENT Platform 4 pile, 8 slot platform in water depth of 85 meters SE Etame Targeting 7 MMBO gross reserves Transocean Constellation II jackup rig Initial 3 well development 28.0 32.0…
  11. Annual Shareholders Meeting – 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, reevaluating project scope and design Some options being considered: Export Pipeline Chemical removal…
  12. Annual Shareholders Meeting – 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. Annual Shareholders Meeting – 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. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 14
    Exploration Program 15
  15. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 15
    Angola Block 5 Identified Exploration Upside Expanded lead inventory VAALCO 50 Kilometers VAALCO Derived from new 3D seismic Block 5 Loengo Prospect A Lead reprocessing B Lead VAALCO operated with 40% WI, VAALCO 10% govt.…
  16. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 16
    Offshore Angola Block 5 Regional Xsection VAALCO VAALCO VAALCO VAALCO Cobalt Mobil Prospect Lead Block 5 Loengo Prospect Loengo Ombundi Discovery Discovery Orca 1 Baleia 1A A 15 miles 65 miles A VAALCO Ombundi Lead…
  17. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 17
    2015 Guidance (As of May 28, 2015) BOPD 3,900 4,600* *2nd Quarter Guidance 4,300 4,600 OPEX (MM) 30.0 MM 33.0 MM* *2nd Quarter Guidance 7.5 8.5 Workovers (MM) 3.0 MM 6.0 MM *2nd Quarter Guidance 0.0 G&A (MM) 12.5 MM 15.0…
  18. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 18
    Why Invest in VAALCO Now Near term catalysts Continued Development Program at Etame reversing production decline Analyzing recently processed presalt seismic on Block 5 Proven West Africa Operator 100% operated In 3 out of top 4…
  19. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 19
    APPENDIX 20
  20. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 20
    Strong Financial Position (s in millions) Financial Position 3/31/2015 Cash Balance (Includes Restricted) 64 Working Capital (Includes Restricted) 60 Net PP&E 107 Current Borrowing Balance (IFC Loan) 15 Retained Earnings 67…
  21. Annual Shareholders Meeting – Vaalco Energy Inc. – slide 21
    EBITDAX Reconciliation 12 months 3 months ended ended 12/31/2014 3/31/2015 Revenues 127,691 18,239 Operating costs and expenses (182,097) (53,517) Operating income (loss) (54,406) (35,278) Depreciation, depletion and…

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