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August 2020 Investor Presentation – Vaalco Energy Inc.

Vaalco Energy Inc. · Aug 31, 2020 · 48 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. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 1
    Unlocking Substantial Value At Etame Updated Investor Presentation August 2020 VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  2. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 2
    Corporate Overview VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  3. August 2020 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. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 4
    Q2 and Recent Highlights Continued Strong Performance Exceeded quarterly production guidance by producing 5,410 NRI(1) BOPD, or 6,218 WI(2) BOPD in Q2 2020 Sold 631,000 barrels of oil in Q2 2020 compared with 294,000 barrels in Q1…
  5. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 5
    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…
  6. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 6
    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…
  7. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 7
    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 Q120 above pre-drill expectations 17,250 18,500 Successful subsea…
  8. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 8
    Operational Outlook VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  9. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 9
    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…
  10. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 10
    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…
  11. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 11
    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…
  12. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 12
    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…
  13. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 13
    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…
  14. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 14
    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…
  15. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 15
    Etame Organic Growth Underpinning Vision 2025 Production Growth 30,000 25,000 Gross BOPD 20,000 15,000 10,000 5,000 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Base Drilling2019/2020 Drilling…
  16. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 16
    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…
  17. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 17
    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…
  18. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 18
    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…
  19. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 19
    Stakeholder Engagement VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  20. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 20
    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…
  21. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 21
    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…
  22. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 22
    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…
  23. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 23
    Financial Overview VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  24. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 24
    Financial Snapshot(1) 1st Half 2020 (52.2) MM 16.1 MM 12.2 MM Net Income (Loss) Adjusted EBITDAX Adjusted Net Income 20.2 MM 5,177 BOPD 20.61 Cash from Operations NRI Production Volume per day Production cost per BO(2)…
  25. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 25
    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 19.4 26.3 10.4 40.00 17.4 40.00 1.5 0.8 0.8 1.9 0.8 /BO…
  26. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 26
    Key Performance Metrics Profitable Results Build Financial Strength NRI Production by Quarter Realized Price and Avg Brent Price 6,000 80.00 70.00 5,000 60.00 4,000 50.00 NRI BOPD /BO 3,000 40.00 5,410 68.62 65.80 4,944…
  27. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 27
    Working Capital and Adjusted Working Capital Liquidity Position Remains Strong 70.0 61.0 60.0 57.2 48.6 50.0 46.2 45.9 44.8 40.5 38.1 40.0 33.7 33.4 33.8 32.2 29.7 29.0 30.0 25.8 22.8 24.1 Millions 17.8 18.8 18.3…
  28. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 28
    Major Shareholders Top 20 Shareholders(1) % of Shareholder Shares Held Outstanding Large, stable shareholder base Fondren Management, L.P. + Brad Radoff (Director) 3,906,000 6.8% Tieton Capital Management, LLC 3,866,409 6.7% Average…
  29. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 29
    Vision 2025 Strategy VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  30. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 30
    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…
  31. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 31
    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…
  32. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 32
    Appendix VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  33. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 33
    2020 Full Year Guidance(1) (As of August 7, 2020) Q3 2020 Q4 2020 FY 2020 WI(2) 4,800 - 5,300 4,900 - 5,700 5,400 - 5,700 Production (BOPD) NRI(2) 4,200 - 4,600 4,300 - 5,000 4,700 - 5,000 WI(2) 4,800 - 5,300 4,900 - 5,700 5,400…
  34. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 34
    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…
  35. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 35
    Non-GAAP Reconciliations (in thousands) Three Months Ended Reconciliation of Net Income (Loss) to Adjusted EBITDAX June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 June 30, 2020 Net income (loss) (1,033) (3,919) 1,014…
  36. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 36
    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…
  37. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 37
    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%…
  38. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 38
    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…
  39. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 39
    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…
  40. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 40
    Additional Etame Technical Detail VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  41. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 41
    Etame Complex A World Class Asset With Material Upside Potential Gross Reserves and Resources Producing Wells Undeveloped Reserves 116 MMBO produced South Tchibala to date Extension: 1.6 MMBO(1) 32.7 MMBO 2P CPR 2P CPR undeveloped…
  42. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 42
    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…
  43. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 43
    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(1) and 2.7 MMBO SE Etame 4H…
  44. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 44
    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…
  45. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 45
    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…
  46. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 46
    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 -…
  47. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 47
    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…
  48. August 2020 Investor Presentation – Vaalco Energy Inc. – slide 48
    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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