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Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc.

Vaalco Energy Inc. · Dec 2, 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. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 1
    Cowen and Company 5th Annual Ultimate Energy Conference December 2, 2015 NYSE:EGY
  2. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 2
    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…
  3. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 3
    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…
  4. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 4
    Net Base and Development Production 6,000 4,714 4,800 5,000 4,553 4,178 3,883 4,000 1,100 1,800 Net BOE per day 3,000 4,714 2,000 4,178 3,883 3,453 3,000 1,000 0 (1) 2012 2013 2014 2015YTD Q4 2015E Base…
  5. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 5
    2015 Cost Reduction Initiatives Production Expense Sustainable reductions driven by work efficiencies Helicopter Usage Reduction 1.1 million Marine Vessel Reduction 0.4 million Chemical programs 0.8 million Reductions in service…
  6. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 6
    Production Expenses 12.0 30.00 27.43 10.0 25.00 22.50 19.08 19.36 8.0 20.00 18.50 /BOE of sales 16.50 MM 6.0 15.00 10.1 8.5 8.9 7.5- 8.5 4.0 7.9 10.00 2.0 5.00 0.0 - (1) (2) Q4 2014 Q1 2015 Q2 2015 Q3…
  7. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 7
    2015 Cost Reduction Initiatives Net General & Administrative Expense Staffing and administrative cost reductions 30% reduction in executive/management cash compensation 15% reduction in corporate staff Reduction in contract, 3rd…
  8. Cowen and Company Ultimate Energy Conference – 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. Cowen and Company Ultimate Energy Conference – 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. Cowen and Company Ultimate Energy Conference – 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 2H Gamba development well…
  11. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 11
    Dentale Potential Across VAALCO Acreage Etame Field Main Fault Block North Tchibala Dentale Potential South Tchibala 12
  12. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 12
    Avouma and South Tchibala Fields Avouma and South Tchibala Fields Discovery well completed August 2004 Production commenced in January 2007 Two planned workovers commencing to replace failed ESPs in wells currently not…
  13. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 13
    Crude Sweetening Project Ebouri & Etame fields Multiple technical workshops focused on concept selection Ebouri Potential options include: Export Pipeline Chemical removal Install facilities on existing structures Use of surplus…
  14. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 14
    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…
  15. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 15
    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 New…
  16. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 16
    Offshore Angola Block 5 Identified Exploration Upside VAALCO operated with 40% VAALCO 50 Kilometers Block 5 VAALCO Loengo Prospect WI, 10% govt. carry Cambo Sonangol P&P 40% WI, Zenza 10% govt. carry VAALCO Zenza Prospect…
  17. Cowen and Company Ultimate Energy Conference – 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 early 2017 65 miles…
  18. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 18
    Possible 2016 Scenarios Capital required under these scenarios forecasted to be within 2016E Cash Flow(1) 2016 Possible Scenarios No Etame Drilling Minimal Etame Drilling Additional Etame Drilling Production(2): 4,400 4,700…
  19. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 19
    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…
  20. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 20
    Appendix NYSE:EGY
  21. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 21
    2015 Guidance (As of November 10, 2015) Production (BOEPD) 4,400 4,700* *4th Quarter Guidance 4,600 5,000 Production Expense(1) 33.0 - 34.0 MM* (19.00 - 20.00 per BOE) *4th Quarter Guidance 7.5 MM - 8.5 MM (16.50 - 18.50 per…
  22. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 22
    Company Profile Key Metrics Share Price(1) 2.00 52-Week Range(1) 1.22 - 6.51 Market Capitalization(1) 117 million Cash Balance including restricted(2) 57.6 million Revolving Debt Facility(2) 65 million Current Borrowings(2) 15…
  23. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 23
    Strong Financial Position (s in millions) Liquidity 9/30/2015 Cash Balance (Includes 17MM Restricted) 57.6 Current Undrawn IFC Facility 50 Total Liquidity (Includes Restricted) 107.6 Financial Performance (3rd Quarter 2015)…
  24. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 24
    Adjusted EBITDAX(1) per BOE of Sales (2) (2) (2) (2,5) (3) (4) (4) (4) (4) Cost Reductions & Development Production Growth Contributing to EBITDAX per BOE Despite Fall in Q3 2015 Realizations (1) Non-GAAP…
  25. Cowen and Company Ultimate Energy Conference – Vaalco Energy Inc. – slide 25
    Non-GAAP Reconciliations Reconciliation of Net income (loss) to Adjusted EBITDAX Three Months Ended September 30, 2015 September 30, 2014 June 30, 2015 Net income (loss) (33,668) 3,109 (5,204) Add back: Interest income (expense),…

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