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First Energy Global Energy Conference – Vaalco Energy Inc.

Vaalco Energy Inc. · Sep 19, 2014 · 31 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. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 1
    FirstEnergy Global Energy Conference London, UK September 16, 2014 NYSE:EGY
  2. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 2
    Poised for Growth Strong high margin base business Near term low risk growth opportunities Balanced long term growth strategy Discovered Undeveloped Resource Acquisition Strong Current West Africa Exploration Program Cash…
  3. First Energy Global 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 Mutamba Iroru Permit Working Interest 41.0% 270,000 gross acres 111,000 net…
  4. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 4
    Company Profile Key Metrics Share Price(1) 8.67 52-Week Range(1) 5.03 - 9.67 Market Capitalization(1) 494 million Cash Balance(2) 119 million Revolving Debt Facility(1) 65 million Net Production(1) 4,150 BOPD 2013 EBITDAX 118…
  5. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 5
    Efficient Reserve Development - Etame Marin Permit Gross Production (BOPD) Etame Original Forecast Etame Base Actual Etame Additional Actual Avouma Ebouri 25,000 Exploitation and development 20,000 Repeatable performance 15,000 New…
  6. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 6
    Oily and Leveraged to Brent Realized Oil Price Per BBL Compared to Brent BBL (2013) 120 100 80 Rev/Bbl 60 40 20 - Oil / Gas Production (2013) 100% Total % of Production 90% 80% 70% 60% % Gas 50% 40% %…
  7. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 7
    Etame Deck SEENT Deck Development Projects Etame Jacket Installation SEENT Jacket Installation 8
  8. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 8
    Offshore Gabon Etame Marin Permit Operator with a 28.1% net W.I. FPSO Petroleo Nautipa Partners: Ebouri Long-term contract with Tinworth through 2020 Capacity: 30,000 bbls of total fluids per day Sinopec (Addax), Sasol, Sojitz ,…
  9. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 9
    Etame Field Expansion Project Development Project No. 1 New Etame Platform 175 million gross (49 million net) Etame investment in the new platform 4 pile, 8 slot platform in water depth of 85 meters Initial 3 well development 25…
  10. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 10
    SE Etame & North Tchibala Fields Project Development Project No. 2 New SEENT Platform 150 million gross (42 million net) investment in the new platform SE Etame 4 pile, 8 slot platform in water depth of 85 meters Initial 3 well…
  11. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 11
    Ebouri Redevelopment Project Development Project No. 3 New Crude Sweetening Platform Ebouri 200 - 250 million gross (56 - 70 million net) investment in the new platform to remove H2S 1 new Ebouri development well at 27 million gross…
  12. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 12
    Onshore Gabon- Mutamba Iroru Permit Development Project No. 4 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…
  13. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 13
    Offshore Equatorial Guinea - Block P Development Project No. 5 VAALCO joint operatorship model with Marathon 1,100 mmboe 31% working interest VAALCO has proposed the development of the Venus discovery occurring prior Exxon 1,300…
  14. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 14
    Tentative Sequence of Milestones Gabon Activity Set Etame / SEENT Platforms Central Crude Sweetening Project FEED Development Drill Development Wells at Etame 3 Etame Wells 3 SEENT Wells Ebouri Wells Mutamba Development (Onshore…
  15. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 15
    Exploration Projects 16
  16. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 16
    Angola Block 5 - Prospects and Leads Kindele Prospect (Post Salt) Jack Prospect (Post Salt) WD=101m : 20-49 MMbls* WD= 75m : 22-55 MMbls* VAALCO Mubafo Discovery SW NE SW NE Block 5 A Cobalt Orca-1 Mobil Baleia-1A Cobalt…
  17. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 17
    Angola Block 5 Kindele Post Salt Prospect Kindele Prospect Kindele-1 A 38 million gross (19 million net ) - DHC Mubafo-1 Expected spud 4Q 2014 1988 Conoco Discovery Mucanzo sand target Tested 1100 BOPD Water depth 101 meters…
  18. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 18
    Angola Block 5 Pre Salt Prospects VAALCO VAALCO Block 5 Loengo Prospect VAALCO VAALCO Cobalt Mobil Cobalt Cobalt Cobalt Cobalt Prospect Lead Discovery Discovery Discovery Discovery Discovery Discovery Loengo Ombundi Orca -1 Baleia…
  19. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 19
    Block P - Prospects and Leads Block P VAALCO PDA PDA Exploration Play Types Boundary 57,000 acres Marte SW Grande 16-70 MMBO* A Marte A A Atlantic Ocean SW Grande: Europa Tertiary Channels Discovery Marte: Late Cretacous…
  20. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 20
    2014 Estimated Capital Expenditures Gross VAALCO 2014 Components (Net) millions millions millions Development Construction of platforms 57 Etame Development wells 13 Facilities 201 57 Exploration wells 32 Drilling 47 13 Seismic 3…
  21. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 21
    Why Invest in VAALCO Now Outstanding Near Term Development Projects Etame/SEENT expansion projects Ebouri redevelopment Mutamba Iroru development Venus Field development Proven International Low Cost Operator 100% operated In 3…
  22. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 22
    Questions 23
  23. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 23
    APPENDIX 24
  24. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 24
    Consolidated Balance Sheets 6/30/2014 12/31/2013 Assets Cash & cash equivalents 118,567 130,529 Restricted cash 13,131 13,196 Accounts receivables 28,569 21,714 Other current assets 3,336 2,855 PP&E, net 167,452 138,524 Other…
  25. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 25
    Income Statements 6 months 12 months ended ended 6/30/2014 12/31/2013 Revenues 80,172 169,277 Operating costs and expenses (46,991) (92,052) Operating income 33,181 77,225 Other expense, net (370) (38) Income tax expense…
  26. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 26
    EBITDAX Reconciliation 6 months 12 months ended ended 6/30/2014 12/31/2013 Revenues 80,172 169,277 Operating costs and expenses (46,991) (92,052) Operating income 33,181 77,225 Depreciation, depletion and amortization 11,155…
  27. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 27
    Reserves - Etame Marin Permit 3P Reserves Proved Probable Possible Reserves Summary(1) (As of 12/31/2013) Proved 7.2 MMBO 26% Probable 3.4 MMBO 50% Possible 3.8 MMBO 24% Total Reserves 14.4 MMBO (1) Fully Engineered by…
  28. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 28
    Margin per Barrel - Etame Marin Permit Net Cash Flow Summary (/bbl) Net Cash Flow Summary (%/bbl) 2013 2013 Royalty OPEX Workovers G&A Taxes (Profit Oil) DD&A Margin 108 110 100 13% 90 39 Margin 80 DD&A 36% 70 Taxes (Profit Oil)…
  29. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 29
    Attributes of Exploration Opportunities Total unrisked mean net recoverable resource potential 700 MMBOE Angola EG Etame Attributes Block 5 Block P Marin Blocks have existing hydrocarbon (oil) discoveries Prospects are liquids prone…
  30. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 30
    VAALCO Strong Financial Position for Growth Financed by Cash Flow + Current Cash Position + Financed by Capital Markets Asset IFC Loan Transaction Etame /SEENT Developments Central Crude Sweetening Project Mutamba Development Venus…
  31. First Energy Global Energy Conference – Vaalco Energy Inc. – slide 31
    Strong Financial Position (s in millions) Financial Position 6/30/2014 Cash Balance (Includes Restricted) 132 Working Capital 111 Net PP&E 167 Retained Earnings 271 Financial Performance (1H 2014) Revenues 80 Operating Income 33…

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