Combination of VAALCO Energy, Inc. & TransGlobe Energy Corporation A Diversified African-focused E&P Business Supporting Sustainable Growth & Shareholder Returns July 2022
Todays Presenters George Maxwell Ron Bain VAALCO Chief Executive Officer VAALCO Chief Financial Officer 25 years experience in O&G 25 years O&G experience Founded Eland Oil & Gas Plc in 2009, served as Experience spans capital…
Recommended All-Share Business Combination of VAALCO & TransGlobe VAALCO and TransGlobe's boards unanimously support the transaction Recommended all-share business combination, to be executed via a Canadian Plan of Arrangement…
A Combination with a Compelling Strategic Rationale Creating a world-class African-focused E&P supporting sustainable growth and shareholder returns Complementary Businesses Creating a Diversified, African-Focused E&P Robust…
A Diversified African-Focused E&P Complementary businesses coming together to create a stronger, Pan-African entity A Growing, Diversified Footprint in Africa Supported by High-Quality Gabon (offshore) P D A E Canadian Acreage…
Enhancing Financial Resilience Combination of two financially strong companies positions the group for enhanced growth and shareholder returns Combining Two Companies with Financial Strength Financial Priorities for the Combined…
Experienced Team to Deliver Combination Benefits Demonstrable track record of creating and delivering value to shareholders VAALCO Executives TransGlobe Executives George Maxwell Ron Bain Randy Neely Chief Executive Officer and…
Strengthened Oversight and Governance Combined Board drawing on both companies to provide stewardship and continuity of independent oversight Andrew L. Fawthrop George Maxwell Chairman Chief Executive Officer T T T…
Building a Business of Scale and Resilience Combination diversifies production and income streams, creating a business with critical mass 2022 Full Year Production Guidance (NRI)(1) (mboepd) 96% Oil & Liquids Enhanced risk…
A Reserve Base to Support Long-Term Growth Significant running room for further growth within existing reserves and additional resource upside 2021YE Proved Reserves (NRI) (mmboe) 92% Oil 2021YE 2P Reserves (NRI) (mmboe) 90% Oil 8…
Tangible Inventory of Growth Opportunities Combined business will be more favorably positioned to capitalize on organic and inorganic growth opportunities Baseline Production Near-Term Growth Medium-Term Growth Key Strategic Focus…
Actively Delivering Tangible Growth Combining two businesses with strong operational momentum and value creation catalysts Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Gabon - Etame FSO Commences Operations N. Tchibala Ebouri Northeast…
Environmental, Social, Governance Cultural alignment, shared track record for environmental stewardship and enhanced ability to deliver an effective ESG agenda Track Record and Commitment of Combined Group VAALCO Select ESG…
Enhanced Proposition for Global Capital Markets Bringing together two companies with a strong equity market track record VAALCO Share Price 2-Year Performance vs. Brent Total Volumes VAALCO Brent Rebased 10.0 24 Combination brings…
Transaction Timetable Completion expected in Q3/Q4 2022 13 July Arrangement agreement signed 13 July 2022 2022 August 2022 Shareholder proxy documents filed with SEC and TSX Q3 / Q4 2022 Shareholder meetings in November…
A Combination with a Compelling Strategic Rationale Creating a world-class, diversified African-focused E&P supporting sustainable growth and shareholder returns Complementary Established positions in prolific basins in Africa…
APPENDIX ASSET OVERVIEWS Creating a Diversified African E&P Business Supporting Sustainable Growth & Shareholder Returns
Gabon: Etame Offshore License Production from multiple reservoirs, wells and platforms, with recovery factors approaching or exceeding 50% VAALCO Sinopec (Addax) PetroEnergy 58.8% WI(1) 31.4% WI 2.3% WI Operator Asset…
Etame: Track Record of Success Growing production through the drill bit, increasing margins and extending field life Consistent acreage extensions and seven successful drilling Etame Marin: Gross Proven (1P) Reserves(1) programs over…
Egypt: Eastern Desert Merged Concession Newly merged concession offering attractive fiscal terms to enable further development TransGlobe 100% WI Operator Asset Overview Located in Egypts Eastern Desert Newly merged…
Egypt: Positioned for Long-Term Value Creation Extended field life supports long term sustainable investment, including ESG projects Drilled over 250 wells in past 10+ years 38A Field 2P reserves (net) of 17.4 mmbbl; 1P (net): 12.4…
Canada: Harmattan Cardium Assets A core play in the Western Canadian Sedimentary Basin (WCSB) with substantial potential remaining Asset Overview TGL Rights WI Production 2022 Drills 2022 Q1 production (WI) of 2.4 mboepd(1) 2022…
Equatorial Guinea: Block P Accelerating value creation through a new core area VAALCO Atlas GEPetrol 45.9%(1) WI 34.1% WI 20% WI Operator Carried Interest Material Development Opportunity with Further Upside All wells drilled…
Gabon: Provisional Offshore Blocks Additional Upside in Gabon Outside of Etame Adjacent to Existing Discoveries BW Energy VAALCO Panoro Energy Asset Overview 37.5% WI 37.5% WI 25% WI Provisionally awarded two blocks in 12th Offshore…
Disclaimers (cont.) Participants in the Proposed Arrangement Solicitation VAALCO, TransGlobe and their respective directors and executive officers may be deemed participants in the solicitation of proxies from VAALCOs stockholders in…
Disclaimers (cont.) Oil & Gas Advisories Relating to TransGlobe Reserves The estimates of TransGlobe's December 31, 2021 reserves set forth in this presentation have been prepared by GLJ Ltd. (GLJ), an independent qualified reserves…
Creating a Diversified African E&P Business Supporting Sustainable Growth & Shareholder Returns
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