VAALCO Overview Houston-based independent E&P Key Metrics Excellent reputation as a West Africa Share Price(1) 0.74 focused operator 52-Week Range(1) 0.73 - 2.17 Operational capacity to take on new Market 43 Million assets and…
VAALCO Vision Statement We are committed to opportunistic, acquisitive growth in a low oil price environment which: Achieves significant ROI and is accretive to EPS Leverage our existing infrastructure, technical expertise, and…
Proactive in a Challenging Environment Maintaining Track Record of Operating Excellence Optimizing production to maximize cash flow Achieved significant cost reductions Reduced Houston headcount by 40% over the last year No recordable…
Financial Performance and Position Maximizing cash by optimizing Third Quarter 2016 (s in millions) production and reducing costs Cash Balance (including restricted cash)(1) 29 Current Debt(2) 14 Straightforward balance sheet with…
Net Base and Development Production Net BOE per day (2012 4Q 2016) 6,000 4,989 5,000 4,796 4,625 4,516 4,344 3,994 3,836 4,000 1,400 2,500 3,450 2,400 3,000 2,000 4,989 1,950 Development and 4,344 Workover Increment…
Net Production Expense Reductions Net Production Expense, Excluding Workovers by Quarter (4Q 2014 4Q 2016E) 12.0 30.00 27.43 10.0 22.50 23.00 25.00 21.04 /BOE of sales 19.08 19.36 8.0 18.78 18.16 18.16 20.00 MM 6.0…
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…
Offshore Gabon Etame Marin Permit FPSO Petroleo Nautipa Operator with a 28.1% net W.I. Long-term contract with Tinworth through 2020 Partners: Sinopec (Addax), Sasol, Sojitz, Capacity: 30,000 bbls of total fluids per day Capacity:…
Etame Opportunities for Future Growth Potential Etame Block Outline Identified Opportunities Ebouri Production Outline Ebouri Field E. Ebouri Lead Etame Platform: AEE Expansion Area Three Gamba and six 178.22 sq km Dentale…
Onshore Gabon & Equatorial Guinea Onshore Gabon, operated with 41% WI Equatorial Guinea with 31% WI 2012 discovery encountered 49 of oil pay 20+ million BOE gross EUR discovered Development slowed while costs, design and terms are…
Looking to the Future Positioned for Acquisitive Growth in Current Low Price Environment Public company with ability to access multiple sources of capital Maintaining focus on cost reductions, lowering breakeven price and increasing…
2016 Guidance (As of November 8, 2016) Production (BOEPD) 3,900 4,300* *4th Quarter Guidance 3,300 3,600 Production Expense(1) 27.5 - 32.5 MM* (18.00 - 21.00 per BOE) *4th Quarter Guidance (22.00 - 24.00 per BOE) Workovers…
Appendix VAALCO ENERGY, INC. 16
Proven Track Record of Success Strong safety culture 400% Growth in Estimated Ultimate Recovery Over 94 MMBO recovered from Etame field to date, initial estimate 30 MMBO Successfully executed multiple development projects…
Year End 2015 Reserves 1P Proved Reserves 3.0 MMBOE, 94% Oil 2P Reserves 6.5 MMBOE, 94% Oil 75% of Reserve Reduction Due to Lower Prices Higher Prices/Lower Costs Increase Economic Life and Reserves May be Reclassed to…
Offshore Gabon Net Liftings Net Gabon Liftings by Quarter (barrels) 600,000 500,000 2015 Lifting Average 420,000 2016 YTD Lifting 2013 Lifting Average 390,000 Average 390,000 400,000 2014 Lifting Average 340,000 300,000…
2015 2016 Production Cost Reductions & Targets Operational Efficiencies 2015 2016E Lifting support vessel reductions 2.0 million 2 - 3 million Helicopter and operations support vessel savings 1.5 million 2 - 3 million Material Costs…
Commendable Safety Record Total Recordable Incident Rate Performance at Year End 2015 1 Total Recordable Incident Rate (TRIR) of 0.48, 41% below prior 0.9 year 0.8 Safety Performance During 2015 Four recordable incidents in 1H 0.7…
Etame Field Recent Development Drilling 1-V Fault Block: Encouraging Results from the Lower Lobe of the Gamba Reservoir: Two 2015 development wells placed on production (Etame 10H & 12H) Both the Upper and Lower Lobes of the Gamba…
SE Etame & North Tchibala Recent Development Drilling SE Etame 2-H Online 2Q 2015 with initial rate of 3,400 BOPD gross (900 BOPD net), higher than forecast No H2S North Tchibala 1-H First Gabon offshore Dentale producer, online…
Dentale Formation Future Growth Potential Multiple Dentale reservoir units are present throughout the block Etame Field Main Fault Block Largely undeveloped sand-shale sequence Gross thickness of several hundred to thousands North…
Non-GAAP Reconciliations Reconciliation of Net loss to Adjusted EBITDAX Three Months Ended September 30, September 30, 2016 2015 June 30, 2016 Net loss (15,599) (33,668) (261) Add back: Impact of discontinued operations 15,783…
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