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EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc.

Vaalco Energy Inc. · Aug 18, 2015 · 24 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. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 1
    EnerComs The Oil and Gas Conference 20 August 18, 2015 Denver, Colorado NYSE:EGY
  2. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 2
    VAALCOs Strategy in a Challenging Environment Maintain a strong and clean balance sheet Only 15 million drawn on credit facility Strong liquidity to fund remaining 2015 CAPEX program and into 2016 Manage CAPEX and liquidity…
  3. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 3
    Adjusted EBITDAX(1) per BOE of Sales (2) (2) (2) (3) (4) (4) (4) Adjusted EBITDAX Increased 18 per BOE Q215 vs Q115 (1) Non-GAAP reconciliations located in Appendix, excludes Gabonese income taxes paid as a…
  4. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 4
    Production Expenses 22.50/BOE(1) 19.07/BOE 85% of production expense is fixed vs. 15% variable Incremental Production is More Profitable Due to Low Variable Costs (1) Q1 2015 excludes 3.57/BOE related to the non-cash,…
  5. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 5
    2015 Cost Reduction Initiatives Production Expense General & Administrative Expenses Sustainable reductions driven by improvement in Staffing and administrative cost review working efficiencies Workforce rationalization Single…
  6. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 6
    West Africa Focus Block P Working Interest 31.0% 57,000 gross acres 18,000 net acres Bata Offshore Development & Exploration EQUATORIAL GUINEA Etame Marin Permit Working Interest 28.1% 28,700 gross acres 8,100 net acres…
  7. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 7
    Etame Marin Permit (Production / Reserves) Gross EUR 1P Reserves Historical growth in EUR 140 Development drilling - 2015 120 1P Reserves (MMBO) 100 Reversing production decline 80 60 40 20 0 2002 2003 2004 2005 2006 2007…
  8. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 8
    Offshore Gabon Etame Marin Permit FPSO Petroleo Nautipa Operator with a 28.1% net W.I. Long-term contract with Tinworth through 2020 Capacity: 30,000 bbls of total fluids per day Partners: Capacity: 25,000 bbls of oil per day…
  9. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 9
    Etame Field Expansion Project New Etame Platform Etame ET-8H 4 pile, 8 slot platform in water depth of 85 ET-9H ET-4H meters ET-5H ET-6H ST Targeting 10 MMBOE gross reserves ET-10H ET-1V Fault Block Development drilling…
  10. EnerComs The Oil and Gas Conference 2015 – 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 Targeting 7 MMBO gross 2P reserves SE Etame Transocean Constellation II jackup rig SE Etame Gamba well depth 1,900…
  11. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 11
    Avouma and South Tchibala Fields Avouma and South Tchibala Fields Discovery well completed August 2004 Production commenced in January 2007 Two planned 3Q 2015 workovers to replace failed ESPs Avouma 3H South Tchibala 2H Wells…
  12. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 12
    Crude Sweetening Project Ebouri & Etame fields Integrated project team with partners Multiple technical workshops Ebouri Export Pipeline focused on concept selection Potential options include: Chemical removal Etame Install…
  13. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 13
    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…
  14. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 14
    Offshore Equatorial Guinea - Block P PDA VAALCO 31% working interest in Block P PDA Marathon 1,100 mmboe Block P partners have agreed to the development of the Venus discovery prior to the drilling of exploration wells Noble…
  15. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 15
    Angola Exploration
  16. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 16
    Angola Block 5 Identified Exploration Upside VAALCO operated with 40% VAALCO VAALCO 50 Kilometers WI, 10% govt. carry Block 5 Loengo Prospect Cambo Sonangol P&P 40% WI, Zenza 10% govt. carry VAALCO Zenza Prospect Expanded…
  17. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 17
    Offshore Angola - Block 5 Regional Cross-section Large pre-salt structures in the Kwanza Basin Actively seeking farmout partner VAALCOs leads are located approximately Plan to test first pre-salt prospect in late 2016+ 65 miles…
  18. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 18
    Prepared for the Future Maintaining prudent financial discipline Avoided debt and equity issuance to fund growth Growth plans were developed to fund within cash flow Strong liquidity to fund CAPEX program moving forward Evaluate each…
  19. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 19
    Appendix NYSE:EGY
  20. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 20
    2015 Guidance (As of August 7, 2015) Production (BOEPD) 4,100 4,600* *3rd Quarter Guidance 4,400 4,700 Production Expense(1) 30.0 - 33.0 MM* *3rd Quarter Guidance 8.0 MM - 9.0 MM Workovers(2) 5.0 - 12.0 MM* *3rd Quarter…
  21. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 21
    Company Profile Key Metrics Share Price(1) 1.62 52-Week Range(1) 1.22 - 9.67 Market Capitalization(1) 95 million Cash Balance including restricted(2) 78 million Revolving Debt Facility(2) 65 million Current Borrowings(2) 15…
  22. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 22
    Strong Financial Position (s in millions) Liquidity 6/30/2015 Cash Balance (Includes 17MM Restricted) 78 Current Undrawn IFC Facility 50 Total Liquidity (Includes Restricted) 128 Financial Performance (2nd Quarter 2015)…
  23. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 23
    2000 PSTM vs. 2015 PSDM Seismic Data 2000 PSTM Seismic Data 2015 PSDM Seismic Data New 3D seismic reprocessing improving data quality Additional leads are being identified and reviewed 24 24
  24. EnerComs The Oil and Gas Conference 2015 – Vaalco Energy Inc. – slide 24
    Non-GAAP Reconciliations Reconciliation of Net income (loss) to Adjusted EBITDAX Thre e Months Ende d June 30, 2015 June 30, 2014 March 31, 2015 De ce mbe r 31, 2014 Net income (loss) (5,204) 24,711 (39,005) (98,338) Add back:…

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