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33rd Annual ROTH Conference – Vaalco Energy Inc.

Vaalco Energy Inc. · Mar 1, 2021 · 26 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. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 1
    Profitably and Sustainably Growing in West Africa Virtual 33rd Annual ROTH Conference March 2021 VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  2. 33rd Annual ROTH Conference – 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. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 3
    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)…
  4. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 4
    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…
  5. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 5
    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…
  6. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 6
    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…
  7. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 7
    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…
  8. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 8
    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…
  9. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 9
    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…
  10. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 10
    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…
  11. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 11
    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…
  12. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 12
    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…
  13. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 13
    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…
  14. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 14
    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…
  15. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 15
    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…
  16. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 16
    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…
  17. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 17
    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…
  18. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 18
    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…
  19. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 19
    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…
  20. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 20
    Appendix VAALCO Energy, Inc. NYSE: EGY LSE: EGY
  21. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 21
    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…
  22. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 22
    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…
  23. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 23
    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…
  24. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 24
    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…
  25. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 25
    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%…
  26. 33rd Annual ROTH Conference – Vaalco Energy Inc. – slide 26
    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…

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