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May 2020Updated Investor Presentation – Vaalco Energy Inc.

Vaalco Energy Inc. · May 20, 2020 · 50 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 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 1
    Unlocking Substantial Value At Etame Updated Investor Presentation May 2020 VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  2. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 2
    Corporate Overview VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  3. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 3
    VAALCO Today Experienced Operator Maintaining Stability in a Challenging Environment International E&P focused on low-risk, producing assets in West Africa Operator of Gabon offshore Etame license Etame Joint Owners(1): VAALCO…
  4. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 4
    Response to COVID-19 & Current Pricing Environment Instituted Measures to Ensure Safety and Health of all Employees and Contractors Response to COVID-19 Implemented stay-at-home initiatives for all but critical staff and put into…
  5. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 5
    2019/2020 Highlights Gaining Momentum Towards Strategic Objectives Highly Successful Development Wells Well Name IP Gross (BOPD) IP NRI (BOPD) 1st Prod Remarks Etame 9H 5,500 1,500 Dec 2019 Significantly exceeded predrill estimates…
  6. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 6
    Meaningful Production Growth Positive Impacts from 2019/2020 Drilling Program Etame 9H well online in Q419 above pre-drill expectations Etame 11H well online in 16,300 18,500 Q120 above pre-drill 1,400 Gross Gross 4,800 7,000…
  7. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 7
    Operational Outlook VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  8. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 8
    Etame Track Record of Success Repeatable Ability to Create Value 140 Etame Marin : Gross Proven EUR Gamba reservoir plus deeper Dentale resource potential 120 30 MMBO initial gross proven EUR at YE 2002 1P Reserves (MMBO) 100…
  9. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 9
    Fully Funded 2019/20 Work Program Successful and Transformational Results Reserves / Resources IP Rate Gross MMBO NRI MMBO Gross NRI (1) (2) 2P Contingent Prospective Total Total BOPD BOPD Etame 9P Appraisal Wellbore (1,2) - 3.2…
  10. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 10
    2019/20 Drilling Program: Etame 9P Etame Field Main Fault Sub Crop Dentale Appraisal Etame 9P appraisal wellbore successfully drilled and A B encountered Gamba and Dentale reservoirs Gamba and Dentale oil columns thicker than…
  11. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 11
    2019/20 Drilling Program: Etame 9H Etame Field Main Fault Block Gamba Development Horizontal development well offsetting the Etame 4H and Etame 6H ET-4H Successfully drilled and brought online in December 2019 ETAME-9H Pre-drill…
  12. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 12
    2019/20 Drilling Program: Etame 11H Etame Field Main Fault Block Gamba Development Horizontal development well to optimize production in the east side ET-4H of the main fault block Successfully drilled and brought online in January…
  13. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 13
    2019/20 Drilling Program: SE Etame 4P/4H SE Etame Fault Compartment/Step Out Area Successfully evaluated the Step Out area with the SE Etame 4P, interpreted as an extension from the SE Etame 2H SE Etame 4H horizontal development…
  14. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 14
    Etame Organic Growth Potential Low Risk Multi Year Drilling Inventory Reserve and Resource Growth Est. Ultimate Recovery 250 228 200 214 200 172 187 160 Gross MMBO 142 87 101 115 150 47 59 74 29 100 50 113 113 113 113…
  15. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 15
    Reserves and Resources Organic Growth Opportunities East Ebouri Gamba Extensions: 3 South East Etame and 2 South Tchibala Gamba wells Etame Ebouri Gamba Leads/Prospects: 5 potential satellite prospects identified West Etame Dentale…
  16. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 16
    Gamba Satellite Prospects High Upside Potential with Relatively Lower Risk Five potential satellite prospects identified High upside potential prospective resources with relatively low geological risk as assessed by NSAI, VAALCOs…
  17. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 17
    Equatorial Guinea Significant Upside Potential 16.5 million BOE unrisked gross 2C resource(1) Venus discovery; Noble 7.9 million BOE unrisked gross 2C resource(1) Europa discovery 210MMboe Well defined exploration opportunity with 164…
  18. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 18
    Stakeholder Engagement VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  19. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 19
    Health, Safety, Security & Environment Our Commitment to World Class Safety Health & Safety Distinguished health and safety record with only one serious incident in past 3 years Aligning the safety management systems with…
  20. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 20
    Social License to operate Our Commitment to Society Diversified workforce VAALCO is committed to supporting the socioeconomic development of the communities in which we operate Colleagues and members of local communities engaging to…
  21. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 21
    Ethics and Compliance Our Commitment to High Ethical Standards Good governance is part of the VAALCO culture at all levels of our organization Employees are empowered to uphold these standards in our everyday operation, VAALCO holds a…
  22. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 22
    Financial Overview VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  23. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 23
    Financial Snapshot(1) Full Year 2019 84.5 MM 37.5 MM 18.6 MM Revenues Adjusted EBITDAX Adjusted Net Income 26.5 MM 3,476 BOPD 29.70 Cash from Operations NRI Production Volume per day Production cost per BO(2) Delivering…
  24. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 24
    VAALCO Free Cash Flow Overview (2020E) Maximize Margins Through Cost Discipline 2020 Operational Margin Per Barrel 2020 Free Cash Flow Per Barrel 60.00 60.00 50.00 50.00 17.9 25.2 8.9 40.00 0.9 0.9 2.0 40.00 16.2 0.9 2.0 2.0…
  25. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 25
    Key Performance Metrics Profitable Results Build Financial Strength NRI Production by Quarter Realized Price and Avg Brent Price 6,000 80.00 5,000 70.00 4,000 60.00 NRI BOPD /BO 3,000 4,944 50.00 68.62 64.17 65.80 2,000…
  26. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 26
    Working Capital From Continuing Operations Liquidity Position Remains Strong 70.0 61.0 60.0 57.2 48.6 50.0 46.2 45.9 40.5 40.0 38.1 32.2 33.7 33.4 33.8 Millions 29.7 29.0 30.0 25.8 24.2 20.6 19.7 18.9 18.3 20.0…
  27. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 27
    Hedging May 2019: Swaps for 500,000 BBLS at 66.70 dated Brent for the July 2019 to June 2020 period Volumes represent approximately one-third of net sales for the hedged period At March 31, 2020, there were swaps outstanding for…
  28. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 28
    Share Repurchase Program June 2019 through April 2020 On June 20, 2019 the Board authorized a stock repurchase program Up to 10 million of the currently outstanding shares of common stock could be repurchased Allowed for open…
  29. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 29
    Major Shareholders Top 20 Shareholders as of December 31, 2019 % of Large, stable shareholder base Shareholder Shares Held Outstanding Radoff, Bradley + Fondren Management, L.P. 4,494,905 7.7% Tieton Capital Management, LLC…
  30. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 30
    Vision 2025 Strategy VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  31. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 31
    Vision 2025 Roadmap to Transformational Growth Achieve material increase in scale 2019/20 Etame License Work Program as a premier Africa operator Maintain operational excellence, cost Future Etame License discipline and strong…
  32. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 32
    Vision 2025 Building Blocks to Achieve Growth 2019/20 Etame License Work Program Future Etame License Work Programs One Dentale appraisal wellbore to evaluate Five Gamba development wells sub crop reservoirs Five Gamba near field…
  33. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 33
    Appendix VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  34. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 34
    2020 Full Year Guidance (As of May 11, 2020) WI(1) NRI(1) Production (BOPD) 5,100 5,750 4,400 5,000 Q2 2020 Production (BOPD) 5,800 - 6,200 5,000 - 5,400 Sales Volume (BOPD) 5,100 5,750 4,400 5,000 Production Expense(2) 36 - 40 MM…
  35. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 35
    Supplemental Non-GAAP Financial Measures This presentation contains crude oil and natural gas metrics which do not have standardized meanings or standard methods of calculation as classified by the SEC and therefore such measures may not…
  36. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 36
    Non-GAAP Reconciliations (in thousands) Three Months Ended Reconciliation of Net Income (Loss) to Adjusted Net Income March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 Net income (loss) 6,501 (1,033)…
  37. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 37
    Non-GAAP Reconciliations (in thousands) Three Months Ended Reconciliation of Working Capital to Adjusted Working Capital March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 June 30, 2019 September 30, 2019…
  38. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 38
    Etame PSC Contractual Summary PSC Terms Gabon - Etame Royalty Rate 13% Cost Oil 80% through Sept. 2028, 70% thereafter Profit Oil Split/Income Tax See Table Below Government back-in - Tullow 7.5% carried through June 2026, 10%…
  39. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 39
    Etame Fiscal Terms Etame Marin Working Participating Net Royalty Block Interest Interest % Interest% Interest % VAALCO 31.1% 33.6% 27.1% VAALCO Energy, Inc. NYSE: EGY LSE: EGY 40 (1) Assumes unrecovered costs are enough to claim…
  40. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 40
    Delivering Value Through Execution Turnaround Driven by Management Team 2017 to 2018 New strategy adopted by management team in 2017 Delivered on objectives to position the Company for sustainable growth Initiated Vision 2025 to…
  41. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 41
    Management Team Deep Industry, Technical and Financial Experience Cary Bounds Chief Executive Officer and Director Joined VAALCO in 2015 as COO and was named CEO in December 2016. Mr. Bounds began his career at Conoco in 1991. Most…
  42. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 42
    Additional Etame Technical Detail VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  43. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 43
    Etame Complex A World Class Asset With Material Upside Potential Gross Reserves and Resources Producing Wells Undeveloped Reserves 114 MMBO produced South Tchibala to date Extension: 1.6 MMBO(1) 32.7 MMBO 2P CPR 2P CPR undeveloped…
  44. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 44
    VAALCO Offshore Gabon Etame Reservoirs 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 provides an…
  45. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 45
    VAALCO Etame Offshore License Operator with 31.1% WI and 27.1% NRI (net of royalty) Joint Owners: Sinopec (Addax), Sasol, PetroEnergy Current producing wells: 32.7 gross MMBO 2019 2P CPR developed and 1.6 MMBO 2P CPR…
  46. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 46
    Additional Etame Gamba Opportunities 2P CPR Drilling Location: South Tchibala 3H: Gamba horizontal 2P CPR undeveloped reserves 1.6 MMBO gross(1) Prospective Step Out Locations: SEENT Platform: Three Gamba wells (8.0 MMBO…
  47. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 47
    Additional Etame Dentale Opportunities Additional Prospective Locations: Etame Platform: Four Dentale infills (7.7 MMBO gross)(1) SEENT Platform: One Dentale infills (2.5 MMBO gross)(1) Avouma Platform: Two Dentale infills (3.0…
  48. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 48
    Crude Sweetening Project (CSP) Gross MMBO (1) NRI MMBO Contingent Prospective Total Total Wells Drilled and Shut in: Ebouri 3H & 4H 4.4 - 4.4 1.2 Etame 8H 0.4 - 0.4 0.1 Future Opportunities: Ebouri 5H 1.3 - 1.3 0.4 Ebouri 6H -…
  49. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 49
    Etame Marin Gross Contingent Resources Upside Resources Beyond 2028 Etame Marin Contingent Resources (2C) Etame Platform: 7.6 MMBO gross(1) SEENT Platform: 1.1 MMBO gross(1) Avouma Platform: 3.9 MMBO gross(1) Ebouri Platform: 0.4…
  50. May 2020Updated Investor Presentation – Vaalco Energy Inc. – slide 50
    Contact Corporate Office Branch Office 9800 Richmond Avenue, VAALCO Gabon SA Suite 700, Houston, Texas 77042 B.P. 1335, Port Gentil, Gabon T 713.623.0801 F 713.623.0982 E vaalcovaalco.com T +241-(0)1-56-55-29 Investor…

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