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March 2021 Company Update – Vaalco Energy Inc.

Vaalco Energy Inc. · Mar 1, 2021 · 46 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 2021 Company Update – Vaalco Energy Inc. – slide 1
    Profitably and Sustainably Growing in West Africa March 2021 Company Update VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  2. March 2021 Company Update – Vaalco Energy Inc. – slide 2
    Established Operator Generating Free Cash Flow Recent Acquisition and Successful Drilling Programs Increase Size and Scale(1) International E&P focused on low-risk, producing assets in West Africa with net cash and significant cash…
  3. March 2021 Company Update – Vaalco Energy Inc. – slide 3
    Vision 2025 Significant Success Already Achieved Towards Our Long-term Goals 2021/22 Etame Since 2018 VAALCO has made material progress towards growth targets: Work Program Targeting 7,000 Achieve material increase in scale as a…
  4. March 2021 Company Update – Vaalco Energy Inc. – slide 4
    Sasol Acquisition Highlights Closed February 25, 2021 and Immediately Accretive to VAALCO Acquired an additional 27.8% WI in the VAALCO operated Etame Marin block offshore Gabon, increasing VAALCOs total WI to 58.8% Nearly doubles…
  5. March 2021 Company Update – Vaalco Energy Inc. – slide 5
    Step Change in Total Production and Reserves Significant Increase in Size and Scale PROVED NRI RESERVES(1) (MMBO) Production Outlook 4.0 10,000 Full quarter Sasol 3.0 production and Includes 7-day natural decline planned field 2.0…
  6. March 2021 Company Update – Vaalco Energy Inc. – slide 6
    Corporate Overview VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  7. March 2021 Company Update – Vaalco Energy Inc. – slide 7
    Q4 and Recent Highlights Continued Strong Performance Closed the transformational acquisition of Sasols working interest in the Etame field Nearly doubles VAALCOs total net production and reserves Estimated acquisition cost per NRI…
  8. March 2021 Company Update – Vaalco Energy Inc. – slide 8
    2019/2020 Program Internally Funded Successful Results Build Size and Scale Completed the September 2019 to March 2020 drilling campaign with a 100% success rate, on time and within budget The 6-month drilling campaign increased FY…
  9. March 2021 Company Update – Vaalco Energy Inc. – slide 9
    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 (1,823) Gross above pre-drill expectations 6,923 Gross…
  10. March 2021 Company Update – Vaalco Energy Inc. – slide 10
    Etame 3-D Seismic Acquisition Optimizing and De-Risking Future Drilling Locations Expected to optimize future drilling locations, provide better imaging of existing satellite and infill locations, as well as identify additional…
  11. March 2021 Company Update – Vaalco Energy Inc. – slide 11
    2021/22 Drilling Campaign Converting Capital Into Additional Scale And Production New 2020/2021 Proprietary 3-D Seismic Data Over Entire Etame Marin Block Improved 3D seismic will help VAALCO optimize future drilling locations 2,000…
  12. March 2021 Company Update – Vaalco Energy Inc. – slide 12
    Operational Outlook VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  13. March 2021 Company Update – Vaalco Energy Inc. – slide 13
    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 100 1P Reserves (MMBO)…
  14. March 2021 Company Update – Vaalco Energy Inc. – slide 14
    Etame Organic Growth Underpinning Vision 2025 30,000 25,000 20,000 Gross BOPD 15,000 10,000 5,000 0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Base Drilling2019/2020 Drilling 2021/22 Drilling…
  15. March 2021 Company Update – Vaalco Energy Inc. – slide 15
    Significant Remaining Upside at Etame Organic Growth Opportunities East Ebouri Gamba Development: 1 South East Etame and 1 South Tchibala Gamba wells Gamba Leads/Prospects: 5 potential satellite prospects identified Etame Ebouri…
  16. March 2021 Company Update – Vaalco Energy Inc. – slide 16
    Gamba Satellite Prospects High Upside Potential with Relatively Lower Risk Five potential satellite prospects identified, two of which are (3) (1) being targeted in the 2021/2022 drilling program (4) High upside potential…
  17. March 2021 Company Update – 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…
  18. March 2021 Company Update – Vaalco Energy Inc. – slide 18
    Stakeholder Engagement VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  19. March 2021 Company Update – 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 recordable incident in 2019 and one in 2020 across 2,000,000+ man hours combined Aligning…
  20. March 2021 Company Update – Vaalco Energy Inc. – slide 20
    Response to COVID-19 & Current Pricing Environment Instituted Measures to Ensure Safety and Health of all Employees and Contractors Response to COVID-19 Put into place social distancing measures at our work sites Actively screening…
  21. March 2021 Company Update – Vaalco Energy Inc. – slide 21
    HSE Performance 1,031,918 Hours (366 days) with 1 Recordable Injury in 2020 Recordable Injury occurred in November 2020 at Avouma 2021 TRIR…
  22. March 2021 Company Update – Vaalco Energy Inc. – slide 22
    Social License to Operate Our Commitment to Society Diversified workforce VAALCO is an equal opportunity employer and firmly believes in the benefits that diversity and inclusion bring to an organization The Company values its…
  23. March 2021 Company Update – Vaalco Energy Inc. – slide 23
    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…
  24. March 2021 Company Update – Vaalco Energy Inc. – slide 24
    Financial Overview The following slides do not include impact of the Sasol Acquisition for 2020 VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  25. March 2021 Company Update – Vaalco Energy Inc. – slide 25
    Financial Snapshot(1) Full Year 2020 (48.2) MM 26.6 MM 9.0 MM Net Income (Loss) Adjusted EBITDAX Adjusted Net Income 27.5 MM 4,853 BOPD 21.38 Cash from Operations NRI Production Volume per day Production cost per BO(2)…
  26. March 2021 Company Update – Vaalco Energy Inc. – slide 26
    Key Performance Metrics Profitable Results Build Financial Strength(1) NRI Production by Quarter Realized Price and Avg Brent Price 6,000 70.00 5,000 60.00 50.00 4,000 40.00 NRI BOPD /BO 3,000 65.80 5,410 30.00 59.54 4,944…
  27. March 2021 Company Update – Vaalco Energy Inc. – slide 27
    VAALCO Free Cash Flow Overview (Q2-Q4 2021E) Maximize Margins Through Cost Discipline 2021 Operational Margin Per Barrel 2021 Free Cash Flow Per Barrel 80.00 80.00 70.00 70.00 38.3 32.5 60.00 60.00 29.4 23.6 14.6 50.00 20.4…
  28. March 2021 Company Update – Vaalco Energy Inc. – slide 28
    Working Capital and Adjusted Working Capital Liquidity Position Remains Strong(1) 70.0 61.0 60.0 57.2 48.6 47.9 50.0 46.2 45.9 44.8 42.0 40.5 40.0 38.1 32.2 33.7 33.4 33.8 29.7 29.0 29.3 30.0 25.8 Millions 24.1 24.3…
  29. March 2021 Company Update – Vaalco Energy Inc. – slide 29
    Hedging Ensure Sufficient Cash Flow to Support Future Drilling Campaigns Entered into swap contract February 2021 for total 709,262 BBLS at weighted average 53.10 Dated Brent for the period from February 2021 to January 2022 The…
  30. March 2021 Company Update – Vaalco Energy Inc. – slide 30
    Major Shareholders Top 20 Shareholders(1) Large, stable shareholder base Average daily trading volume for 2020 is 650,000 shares Management and Board aligned with shareholder interests and owns 10% of outstanding shares…
  31. March 2021 Company Update – Vaalco Energy Inc. – slide 31
    Near-Term and Long-Term Catalysts Strong Upside Potential at Etame and Block P Gabon Etame Seismic & Future Drilling Equatorial Guinea Block P New proprietary 3-D seismic data over Future potential with PSC license period of entire…
  32. March 2021 Company Update – Vaalco Energy Inc. – slide 32
    Appendix VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  33. March 2021 Company Update – Vaalco Energy Inc. – slide 33
    2021 Guidance(1) (As of March 9, 2021) Q1 2021 FY 2021 WI(2) 5,850 - 6,200 7,800 8,500 Production (BOPD) NRI(2) 5,100 - 5,400 6,800 - 7,400 WI(2) 7,700 - 8,050 8,150 8,950 Sales Volume (BOPD) NRI(2) 6,700 7,000 7,100 - 7,800…
  34. March 2021 Company Update – 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. March 2021 Company Update – Vaalco Energy Inc. – slide 35
    Non-GAAP Reconciliations (in thousands) Three Months Ended Reconciliation of Net Income (Loss) to Adjusted EBITDAX December 31, 2019 March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Net income (loss) 1,014 (52,800) 596…
  36. March 2021 Company Update – Vaalco Energy Inc. – slide 36
    Non-GAAP Reconciliations (in thousands) As of Reconciliation of Changes in Working Capital from Continuing Operations March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Current assets 49,507 59,439 44,591 58,794 Current…
  37. March 2021 Company Update – 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. March 2021 Company Update – Vaalco Energy Inc. – slide 38
    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…
  39. March 2021 Company Update – Vaalco Energy Inc. – slide 39
    Additional Etame Technical Detail VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  40. March 2021 Company Update – Vaalco Energy Inc. – slide 40
    Etame Complex A World Class Asset With Material Upside Potential Gross Reserves and Resources Producing Wells Undeveloped Reserves 120 MMBO produced 2021/22 sidetracks: 3.8 to date MMBO(1) 2P CPR 29.9 MMBO 2P CPR undeveloped…
  41. March 2021 Company Update – Vaalco Energy Inc. – slide 41
    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…
  42. March 2021 Company Update – Vaalco Energy Inc. – slide 42
    Additional Etame Gamba Opportunities 2P CPR Drilling Location: Etame 8H Sidetrack Gamba Horizontal 2P CPR undeveloped reserves 2.0 million bbl(1) Avouma 3H sidetrack- Gamba Horizontal 2P CPR undeveloped reserves 1.8 million bbl(1)…
  43. March 2021 Company Update – Vaalco Energy Inc. – slide 43
    Additional Etame Dentale Opportunities Additional Prospective Locations: Etame Platform: Four Dentale infills (7.7 MMBO gross)(1) SEENT Platform: Two Dentale infills (3.9 MMBO gross)(1) Avouma Platform: Two Dentale infills (3.0…
  44. March 2021 Company Update – Vaalco Energy Inc. – slide 44
    Etame Marin Gross Contingent Resources Upside Resources Beyond Economic Life Etame Marin Contingent Resources (2C) Etame Platform: 8.4 MMBO gross(1) SEENT Platform: 0.9 MMBO gross(1) Avouma Platform: 7.4 MMBO gross(1) Ebouri…
  45. March 2021 Company Update – Vaalco Energy Inc. – slide 45
    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 2.3 Future Opportunities: Ebouri 5H 1.2 - 1.2 0.6 Ebouri 6H - 1.1 1.1 0.5 Etame 20H -…
  46. March 2021 Company Update – Vaalco Energy Inc. – slide 46
    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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