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May 2017 Update – Vaalco Energy Inc.

Vaalco Energy Inc. · May 25, 2017 · 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. May 2017 Update – Vaalco Energy Inc. – slide 1
    May 2017 Update
  2. May 2017 Update – Vaalco Energy Inc. – slide 2
    VAALCO Strategy We are committed to driving stockholder value by: Operating in a safe and environmentally responsible manner Increasing operational efficiencies and minimizing costs Leveraging our existing infrastructure, technical…
  3. May 2017 Update – Vaalco Energy Inc. – slide 3
    VAALCO Overview Houston-based independent E&P Key Metrics Excellent reputation as a West Africa Share Price(1) 0.95 focused operator 52-Week Range(1) 0.70 - 1.43 Gabon-focused with 100% oil production Market 56 Million and…
  4. May 2017 Update – Vaalco Energy Inc. – slide 4
    2017 Recent Overview and Accomplishments Reported income from continuing operations of 4.4 million or 0.07 earnings per share for the first quarter of 2017 Generated operating income of 8.1 million in the first quarter of 2017 and…
  5. May 2017 Update – Vaalco Energy Inc. – slide 5
    Financial Performance and Position Maximizing cash by optimizing First Quarter 2017 (s in millions) production and reducing costs Cash and cash equivalents 24 Straightforward capital structure with Debt(1) 15 minimal debt burden…
  6. May 2017 Update – Vaalco Energy Inc. – slide 6
    Successful Production Optimization Quarterly Net BOE per day (Q1 2016 Q2 2017) 6,000 5,000 4,796 4,516 4,622 4,100 4,400 4,000 3,836 3,650 3,000 2,000 1,000 0 (1) (2) (2) Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2…
  7. May 2017 Update – Vaalco Energy Inc. – slide 7
    Net Production Expense Reductions Net Production Expense, Excluding Workovers by Quarter (4Q 2014 2Q 2017E) 12.0 30.00 27.43 10.0 23.39 25.00 22.50 21.04 21.50 20.44 /BOE of sales 19.08 19.36 8.0 18.7818.1618.16 20.00…
  8. May 2017 Update – Vaalco Energy Inc. – slide 8
    Projected Cash Margin Analysis 2017 Operational Margin Per Barrel(1) 2017 Free Cash Flow Per Barrel (1) 60.00 60.00 18.3 50.00 29.7 50.00 9.8 21.2 1.1 2.8 40.00 2.8 0.7 /BOE Sales 40.00 2.8 0.7 12.5 0.7 /BOE Sales 7.9…
  9. May 2017 Update – Vaalco Energy Inc. – slide 9
    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…
  10. May 2017 Update – Vaalco Energy Inc. – slide 10
    Offshore Gabon Etame Marin Permit Operator with a 31.1% net W.I. FPSO Petroleo Nautipa Partners: Sinopec (Addax), Sasol, Long-term contract with Tinworth through 2020 PetroEnergy and Tullow Capacity: 30,000 bbls of total fluids per…
  11. May 2017 Update – Vaalco Energy Inc. – slide 11
    Cost Reduction Through Innovation Two Well Workover Program on Avouma Platform to Replace ESPs South Tchibala 2-H workover successful Avouma and South Tchibala Fields Restored 1,600 BOPD gross (430 BOPD net) Avouma 2-H workover…
  12. May 2017 Update – Vaalco Energy Inc. – slide 12
    Etame Opportunities for Future Growth Potential Infrastructure in place to develop opportunities Ebouri Field E. Ebouri Lead Near-Term Potential: Offset successful wells from the 2014/2015 development Etame Field campaign W. Etame…
  13. May 2017 Update – Vaalco Energy Inc. – slide 13
    Looking to the Future Significant Development Opportunities at Etame Development opportunities identified that would extend the economic life Over 65 MMBO of gross unrisked recoverable contingent resources Operating infrastructure in…
  14. May 2017 Update – Vaalco Energy Inc. – slide 14
    Appendix VAALCO ENERGY, INC. 15
  15. May 2017 Update – Vaalco Energy Inc. – slide 15
    2017 Full Year Guidance (As of May 8, 2017) Production (BOPD) 3,700 4,300* *2nd Quarter 4,100 4,400 Production Expense(1) 31 - 35 MM* (20.00 - 23.00 per BOE) *2nd Quarter Guidance (20.00 - 23.00 per BOE) Workovers 3 - 5 MM*…
  16. May 2017 Update – Vaalco Energy Inc. – slide 16
    Offshore Gabon Net Liftings Net Gabon Liftings by Quarter (barrels) 600,000 500,000 2015 Lifting Average 420,000 2013 Lifting Average 390,000 400,000 2016 Lifting Average 370,000 2014 Lifting Average 340,000 300,000…
  17. May 2017 Update – Vaalco Energy Inc. – slide 17
    Year End 2016 Reserves 1P Proved Reserves 2.6 MMBO SEC Pricing PV10 Value 9MM, 100% Oil(1) North SE Tchibala Etame 0.21 0.28 Etame Ebouri 1.03 0.3 Avouma 0.76 2P Reserves 4.0 MMBO, 100% Oil SEC Pricing PV10 Value 18MM,…
  18. May 2017 Update – Vaalco Energy Inc. – slide 18
    Commendable Safety Record Total Recordable Incident Rate Key Improvements 0.9 Re-emphasized training 0.8 0.81 and renewed focus on safety 0.7 Increased cooperation between Houston and 0.6 Port Gentil management 0.5 0.48 0.47 and…
  19. May 2017 Update – Vaalco Energy Inc. – slide 19
    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…
  20. May 2017 Update – Vaalco Energy Inc. – slide 20
    Non-GAAP Measures Adjusted EBITDAX is a supplemental non-GAAP financial measure used by VAALCOs management and by external users of the Companys financial statements, such as industry analysts, lenders, rating agencies, investors and…
  21. May 2017 Update – Vaalco Energy Inc. – slide 21
    Non-GAAP Reconciliations Reconciliation of Net income (loss) to Adjusted EBITDAX Three Months Ended December 31, March 31, 2017 March 31, 2016 2016 Net income (loss) 4,259 (7,624) (3,641) Add back: Impact of discontinued…

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