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March 2019 Corporate Update – Vaalco Energy Inc.

Vaalco Energy Inc. · Mar 7, 2019 · 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. March 2019 Corporate Update – Vaalco Energy Inc. – slide 1
    NYSE:EGY Building the Future from a Strong Foundation March 2019
  2. March 2019 Corporate Update – Vaalco Energy Inc. – slide 2
    Premier International Operator Strong Balance Sheet and Poised for Growth NYSE:EGY Block P Houston-based E&P operator of established Working Interest 31.0% 57,000 gross acres shallow-water international properties 18,000 net…
  3. March 2019 Corporate Update – Vaalco Energy Inc. – slide 3
    VAALCO Strategy Building the Future from a Strong Foundation NYSE:EGY Vision 2025 Premier Africa Operator with a diversified portfolio, 5X Growth from 2019 (Reserves/Production/Value), top quartile TSR Stakeholder Operational…
  4. March 2019 Corporate Update – Vaalco Energy Inc. – slide 4
    Delivering Value Through Execution Maintain Strong Cash Flow and Income Generation NYSE:EGY Finalized Etame Marin PSC extension, increasing the term of the three existing exploitation authorizations to September 16, 2028, with 2…
  5. March 2019 Corporate Update – Vaalco Energy Inc. – slide 5
    VAALCO Year End 2018 Reserves NYSE:EGY 5.4 MMBO Net Proved Reserves for YE-2018 9.7 MMBO Net Proved + Probable (2P) Reserves for YE-2018 Replaced 270% of 2018 Production 6.0 Net Proved Reserves, MMBO 5.0 1.1 5.4 4.0 3.0…
  6. March 2019 Corporate Update – Vaalco Energy Inc. – slide 6
    Repeatable Track Record of Success Continuing to Create Value at Etame NYSE:EGY Etame Opportunities 2019 development program o Drill at least two development wells o Drill two appraisal well bores 2020+ additional drilling…
  7. March 2019 Corporate Update – Vaalco Energy Inc. – slide 7
    NYSE:EGY OPERATIONAL OVERVIEW
  8. March 2019 Corporate Update – Vaalco Energy Inc. – slide 8
    VAALCO Offshore Gabon Etame Reservoirs NYSE:EGY Located in Prolific South Gabon basin in shallow water (85m) Numerous undrilled opportunities at moderate drilling depths (1800m TVD to 2900m TVD) Continuous overlying salt sheet…
  9. March 2019 Corporate Update – Vaalco Energy Inc. – slide 9
    2019 Development Program Profitable Growth Funded Internally NYSE:EGY Infrastructure in place to develop opportunities 2019 Drilling Commitment: 2 Development Wells and 2 Appraisal Well Bores Following up on successful wells from…
  10. March 2019 Corporate Update – Vaalco Energy Inc. – slide 10
    2019 Drilling Program: Etame Field Main Fault Block Development NYSE:EGY The Etame-9H is a horizontal development well offsetting the Etame-4H and Etame-6H Reserve potential: 1.5 2.5 MMBO gross EUR 0.4 0.7 MMBO net EUR Estimated…
  11. March 2019 Corporate Update – Vaalco Energy Inc. – slide 11
    2019 Drilling Program: SE Etame Fault Compartment/Step Out Area NYSE:EGY SE Etame 4P appraisal well bore will evaluate the Step Out area, interpreted as an extension from the SE Etame 2H The SE Etame 4H will be drilled into the…
  12. March 2019 Corporate Update – Vaalco Energy Inc. – slide 12
    2019 Drilling Program: 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…
  13. March 2019 Corporate Update – Vaalco Energy Inc. – slide 13
    Additional Etame Gamba Opportunities NYSE:EGY Additional Prospective Locations: SEENT Platform: Two Gamba wells (8 MMBO) Avouma Platform: One Gamba well (2 MMBO) Leads: Provide significant upside opportunities Additional…
  14. March 2019 Corporate Update – Vaalco Energy Inc. – slide 14
    Additional Etame Dentale Opportunities NYSE:EGY Additional ETAME Prospective Opportunities: Etame Platform: Six Dentale infills (12 MMBO) SEENT Platform: Three Dentale infills (3 MMBO) Additional ETAME Contingent…
  15. March 2019 Corporate Update – Vaalco Energy Inc. – slide 15
    Potential Crude Sweetening Project (CSP) NYSE:EGY 3 wells drilled and shut in due to H2S in Ebouri and Etame fields 5.3 MMBO gross contingent resource Ebouri 3H, Ebouri 4H and Etame 8H Initial tests of 800 1,500 gross BOPD per…
  16. March 2019 Corporate Update – Vaalco Energy Inc. – slide 16
    Etame Marin Gross Contingent Resources Upside Resources Beyond 2028 NYSE:EGY Etame Marin Contingent Resources (2C) Etame Platform: 6.5 MMBO SEENT Platform: 0.55 MMBO Avouma Platform: 7.6 MMBO Ebouri Platform: 1.2 MMB 16 MMBO…
  17. March 2019 Corporate Update – Vaalco Energy Inc. – slide 17
    Equatorial Guinea: Significant Upside Potential NYSE:EGY 20+ million BOE gross resource discovery with 31% W.I as operator Block P suspension lifted; awaiting approval of transfer of GEPetrols WI EGY will seek partner on a…
  18. March 2019 Corporate Update – Vaalco Energy Inc. – slide 18
    NYSE:EGY FINANCIAL OVERVIEW
  19. March 2019 Corporate Update – Vaalco Energy Inc. – slide 19
    VAALCO Free Cash Flow Overview (2019E) Maintain Strong Cash Flow and Income Generation NYSE:EGY 2019 Operational Margin Per Barrel 2019 Free Cash Flow Per Barrel 70.00 70.00 19.5 60.00 28.1 60.00 11.0 19.6 1.7 2.5 1.7 3.3…
  20. March 2019 Corporate Update – Vaalco Energy Inc. – slide 20
    Key Performance Metrics Strong 2018 Results Provide Solid Foundation NYSE:EGY Production by Quarter Adjusted EBITDAX 4,500 20 4,000 16.9 16.0 3,500 14.5 15 3,000 2,500 BOPD MM 10 8.8 2,000 4,120 3,611 3,549 3,717…
  21. March 2019 Corporate Update – Vaalco Energy Inc. – slide 21
    Working Capital From Continuing Operations Liquidity Position Continues to Improve NYSE:EGY 35.0 80.00 29.7 70.00 30.0 60.00 25.0 50.00 per barrel 20.0 Millions 40.00 15.0 15.0 13.0 13.3 11.0 30.00 10.2 10.0 9.0…
  22. March 2019 Corporate Update – Vaalco Energy Inc. – slide 22
    2019 Full Year Guidance (As of March 7, 2019) NYSE:EGY Production (BOPD) 3,300 3,900* *1st Quarter 3,500 3,800 Production Expense(1) 36 - 42 MM* (26.00 - 30.00 per BO) *1st Quarter Guidance (26.00 - 30.00 per BO) Workovers*…
  23. March 2019 Corporate Update – Vaalco Energy Inc. – slide 23
    NYSE:EGY APPENDIX
  24. March 2019 Corporate Update – Vaalco Energy Inc. – slide 24
    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,…
  25. March 2019 Corporate Update – Vaalco Energy Inc. – slide 25
    Non-GAAP Reconciliations NYSE:EGY Three Months Ended Year Ended Reconciliation of Net income to Adjusted December 31, December 31, September 30, December 31, December 31, EBITDAX 2018 2017 2018 2018 2017 Net income 10,424 3,431…

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