Vaalco Energy, Inc. · NYSE:EGY
Vaalco Energy — Merger or Acquisition (July 2022)
30 slides from Vaalco Energy's merger presentation, Jul 14, 2022
Slide 1: Combination of VAALCO Energy, Inc. & TransGlobe Energy Corporation
exhibit 99.2 Combination of VAALCO Energy, Inc. & TransGlobe Energy Corporation ~— African focused E&P B Business & Shareholder Ret vaaLcornencr,ine, ThansGlobe Energy
Slide 2: Today's Presenters
Today's Presenters > >25 years experience in O86 XK. 2 wh mie te Ron Bain > >25 years’ O8G experience (£0 and Board member > Eland acquired by Seplat Petroleum Development CCompary Pl in 2019 > Addon rvs experienc, Ere orth America, among ther region reporting, taation anc compliance in numerous > P
Slide 3: Recommended All-Share Business Combination of VAALCO & TransGlobe
XK. 2 hn meet R Jed All-Share Busii Combi in of VAALCO & TransGlobe | VAALCO and TransGlobe's boards unanimously support the transaction > 066727 ofa VAALCO share er TransGobe share Key Terms > Resulting equity ownership in combined group of $4.5% VAALCO, 455% TransGlobe) > 13 July 2022 Combined > T
Slide 4: A Combination with a Compelling Strategic Rationale
A Combination with a x. od | Creating a world-class African-focused E&P supporting sustainable growth and shareholder returns Complementary Businesses Creating a Diversified, African-Focused E&P Robust Balance Sheet and Financial Framework Supporting Shareholder Returns Opportunity-Rich Portfolio wi
Slide 5: Diversified African-Focused E&P
t Diversified African-Focused E&P ae Canadian Acreage Heaa > gia nea term Bela ating
Slide 6: Enhancing Financial Resilience
Enhancing Financial Resilience K_ 2. hn mete | Combination of two Zeal Auargu linden trea USGA Taam _ > Dividend o S528 millon annualized (paid quarter) 2021 Sales Volumes mbocp 1848 ya > fam cananesna tc ation wh she psa 2021 Operating Cath Flows Ussm 4496 soa BERR cttsci sere on toot ave EMEA inso
Slide 7: Experienced Team
Experienced Team to | Demonstrable track record of creating and delivering value to shareholders VALCO Executives Combined Company CEO and CFO x TransGlobe Executives ‘TansGlobe team commited toa transition per eee ee operations zz
Slide 8: Strengthened Platform
prrengrhened x teen
Slide 9: Building a Business of Scale and Resilience
puilding a Business of Scale and Resilience X_ 2 creating a 2022 Full Year Production Guidance (NRI}" (mboepd)- 96% Ol & Uquies © Enhance risk management with ash lows and value diversified across multiple assets and operating jurisdictions © create optonalty within porto to high: {grade and sequenc
Slide 10: Reserves Base to Support Long-Term Growth
(meses Base to Support Long-Term Growth x. 2 be) -92% Oi Gaten met canada 2021E 2P Reserves (WI) (mmboe)-91% Oil mcabon_mtzyot sania
Slide 11: Tangible Inventory of Growth Opportunities
Tangible Inventory of Growth Opportunities x 2 Pp opportunities ° ° ® focus on core assets Block GBM Exploration Block development ° e ® Increased internal S eeyoriont ding / S evntion2c for capital recompletons development allocation > Optiizaton of exiting production base (©) Aecslerting canasion
Slide 12: Actively Delivering Tangible Growth
Renter Actively Delivering Tangible Growth XX. 2. 0322 aa: a 03°23 4:23 Gabon=Etame "0 Commences Operations — wong ee ee —r {Gabon & Equatorial Guinea Eaypt- Western Desert "Fe i ring KredWater Food Tet We | Weld Water Food Progam ive Weld fit ing | Welt out wet ‘ara Phase 2 ring / Completions ems c
Slide 13: Social, Environmental, Governance track record
ocial, ‘autem, Reve boy [Cuter shared track record an elfective ESG. agenda “Track Record and Commitment of Combined Group VAAL > tere reportable hydrocarbon 5 wr caO year operating ary Environmental | efining investment programs to enhance emissions control pee eae . > Targeted plan to reduce metha
Slide 14: Enhanced Proposition for Capital Markets
Enhanced Proposition for | binging together wo comparias wth asvong equity markt vack record VALCO Share Price 2:Year Performance vs. Brent Combination brings together two E&Ps with similar strong equity om market, Sasa sare Cmelned company baton equipped to deliver sus growth and returns “TransGlob
Slide 15: Transaction Timetable
Transaction Timetable ‘Completion expected in 03/04 2022 > Arrangement agreement signed ~ 13 July 2022 > Shareholder proxy documents filed with SEC and TSK 03/04 aS > 2022 if 03/04 Bios > UK prospectus publication 3/ Bias > Issuance of consideration shares and completion 2022
Slide 16: A Combination with a Compelling Strategic Rationale
A Combination with a Compelling Strategic Rationale | Creating a world-class, diversified Complementary Bu ing. Diveraied freon focused E&P [B) oh oie ° > scale enhances tinal strength risk management, ponohooptenalty > Hihy capsble operational teams with complement ilsts > Geenersate, mas
Slide 17: Appendix - Asset Overviews
APPENDIX - ASSET OVERVIEWS Creating a Diversified African E&P Business Supporting Sustainable Growth & Shareholder Returns
Slide 18: Gabon: Etame Offshore License
Gabon: Etame Offshore License 58.8% WI) 31.4% WI 2.3% WI Operator Asset Overview > Operator > Significant production potential: = Produced ~126 gross mmbbl to date > 2P reserves (net) of 17.0 mmboe®? 00m to 2,900m TVD)
Slide 19: Etame: Track Record of Success
Etame: Track Record of Success | Growing production through the drill bit, increasing margins and extending field life programs over 20 years > Production from horizontal wells can exceed 5,000 bopd, with limites pressure drawdown and recovery factors of up to SO% > Successful development well in 20
Slide 20: Egypt: Eastern Desert Merged Concession
payee Eastern Desert Merged Concession X_ 2 development 100% WI ‘per Asset Overview > Located in Egypt’s Eastern Desert 021 , brings together three previously separate PSCs > 20-year (15:year primary + 5-year option) contrat period > Improved fiscal terms to support future growth for reduced governm
Slide 21: Egypt: Positioned for Long-Term Value Creation
payee Positioned for Long-Term Value Creation projects > Drilled over 250 wells in past 10+ years > 2P reserves (net) of 17.4 mmbbl; 1P (net): 12.4 mmbbI? mb 6 , assets to remain investible at lower oil prices production ~ tia peojects including Kel and Arta are being executed currently ~ Porflio of
Slide 22: Canada: Harmattan Cardium Assets
Canada: Harmattan Cardium Assets Asset Overview WI Production > 2022.01 production (Wi of 2.4 mboepd? Reserves -31 December 2021 > 1P 8.4 mmboe(NRI/S, 8:8 mmboe (wi) > 2P=16.9 mmboe (NR), 19.4 mmboe (Wi) "70m gh ollanaiquds ona Boe bss Development Plan > Plans to dil and complete 7 wel at South Harm
Slide 23: Equatorial Guinea: Block P
Equatorial Guinea: Block P K_ 2. | Accelerating value creation through a new core area 45.9%) WI 34.1% WI 20% WI Material Development Opportunity with Further Upside > All wells drilled on block P have oil shows or oil sands > PSC license period is for 25 years from date of approval of a development
Slide 24: Gabon: Provisional Offshore Blocks
Gabon: Provisional Offshore Blocks x_ 2. | Additional Upsid! utside of Et Asset Overview 37.5% WI 37.5% WI 25% WI > Provisionally awarded two blocks in 12" Offshore Licensing Operon Round in Gabon, subject to concluding PSC terms with the Gabonese government ~ Block 612-13 covers an area of 2.989 km
Slide 25: Appendix: U.S. GAAP Reconciliation
Appendix US.GaA# [Rs Recontiaton —— = == = aS 2 = 5 eer ine = — = a
Slide 26: Disclaimers
Disclaimers
Slide 27: Disclaimers (cont.)
Disclaimers (cont.)
Slide 28: Disclaimers (cont.)
Disclaimers (cont.)
Slide 29: Disclaimers (cont.)
Disclaimers (cont.) D4 satiate Peete
Slide 30: Slide 30