VAALCO Overview NYSE:EGY Block P Houston-based independent E&P Working Interest 31.0% 57,000 gross acres with excellent reputation as a West 18,000 net acres Africa operator Gabon-focused with 100% oil production and reserves…
VAALCO Strategy NYSE:EGY Operate safely and responsibly Increase operational Enhance margins and efficiencies and add value minimize costs Maximize Shareholder Value Pursue accretive Execute near-term merger and…
Highlights and Recent Key Items NYSE:EGY Produced an average of 3,549 net BOPD in Q2 2018, within guidance range Successfully completed a three-well workover program within cost guidance, restoring 1,100 BOPD of net production…
Production and Net Production Expense per BO NYSE:EGY Net Production Expense, Excluding Workovers With Production by Quarter (3Q 2017 3Q 2018E) 4,500 32.00 30.39 4,000 29.12 30.00 3,500 27.17 27.00 28.00 /BO of sales…
Working Capital From Continuing Operations NYSE:EGY 16.0 80.00 15.0 14.0 13.3 70.00 13.0 12.0 60.00 11.0 10.0 9.1 50.00 9.0 per barrel Millions 8.0 40.00 7.0 6.0 30.00 4.2 4.0 20.00 2.7 2.4 2.3 2.0 10.00…
ETAME Opportunities for Future Growth NYSE:EGY Infrastructure in place to develop opportunities Near-Term Potential Offset successful wells from 2014/2015 campaign Evaluating up to 3 wells to drill in 2019 Etame Platform: Two…
Near-Term Opportunities: Etame Field Main Fault Block Development NYSE:EGY The Etame-9H is a horizontal development well offsetting the Etame- 4H and Etame-6H The Etame-11H is a ETAME 9H horizontal development well at the…
Near-Term Opportunities: SE Etame Fault Compartment & Step-Out Area NYSE:EGY SE Etame 3P Pilot hole will evaluate the Step-Out area, interpreted as an extension from the SE Etame 2H The SE Etame 4H will be drilled into the Step…
Near-Term Opportunities: South Tchibala North Extension Area NYSE:EGY Gamba reservoir north of the South Tchibala 1H is currently undeveloped South Tchibala 3H will be South Tchibala 3H drilled as a high angle development well…
ETAME Opportunities for Future Growth NYSE:EGY Infrastructure in place to develop opportunities Long-Term Potential Etame Platform: Six Dentale infills (12 MMBO) SEENT Platform: Two Gamba, four Dentale infills (8 MMBO) Avouma…
Equatorial Guinea Future Upside Potential NYSE:EGY Evaluating timing and budgeting for unique development opportunities at Venus and Europa (prior discoveries) 20+ million BOE gross discovered resource with 31% W.I. Costs,…
Financial Performance and Position NYSE:EGY Maximizing cash by optimizing Second Quarter 2018 (s in millions) production and reducing costs Cash and cash equivalents(1) 40.5 Straightforward capital structure with Debt(1) 0.0 no…
Looking to the Future NYSE:EGY Significant Development Opportunities at Etame Development opportunities identified for drilling in 2019, CapEx to be funded by cash on hand Operating infrastructure in place to support development…
NYSE:EGY APPENDIX
2018 Full Year Guidance (As of August 7, 2018) NYSE:EGY Production (BOPD) 3,500 4,100* *3rd Quarter 3,800 4,100 Production Expense(1) 36 - 42 MM* (24.00 - 28.00 per BO) *3rd Quarter Guidance (26.00 - 28.00 per BO)…
VAALCO Year End 2017 Reserves NYSE:EGY 3.0 MMBO Net Proved Reserves for YE-2017 4.0 MMBO Net Proved + Probable (2P) Reserves for YE-2017 Replaced 127% of 2017 Production 3.5 3.0 Net Proved Reserves, MMBO 3.0 2.5 2.6 1.3…
NON-GAAP MEASURES NYSE:EGY 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,…
Non-GAAP Reconciliations NYSE:EGY VAALCO ENERGY, INC AND SUBSIDIARIES Reconciliations of Non-GAAP Measures (Unaudited) (in thousands) Thre e Months Ended Reconciliation of Net income to Adjusted EBITDAX June 30, 2018 June 30,…
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