Vaalco Energy, Inc. · NYSE:EGY
Vaalco Energy — Investor Presentation (November 2022)
17 slides from Vaalco Energy's investor presentation, Nov 9, 2022
Slide 1: A Diversified African-focused E&P Business
A Diversified African-focused E&P Business November 2022 Returns & Growth
Slide 2: Safe Harbor Statement
4 Safe Harbor Statement x ‘Thisprezentaton includes “forward-looking statements" wthinthe meaning of Seton 27A ofthe Secures et of 1935, ar amended (he “Secures et") and Section 2 ofthe Secures Exchange Ae of 1938 95 ‘mende, whichareintended tobe coved byte safeharborcrented by tore nw and other app
Slide 3: Accelerating Shareholder Returns and Value Growth
Accelerating Shareholder Returns and Value Growth | Creating a world-class African-focused E&P supporting sustainable shareholder returnsand growth Robust net c providing a stro focused E&P meaningful shareholder returns ‘Complementary asset base spanning Gabon, ‘Significant cash distribution announ
Slide 4: A Diversified African-Focused E&P
A Diversified African-Focused E&P | Complementary businesses coming together to create stronger, Pan-African entity Growing, Diversified Footprintin Africa > Fulleycleportfoliowith material production andeash flows > 100% operatedassets > critiealmassof operations with runningroom forgrowth combinat
Slide 5: Debt Free Balance Sheet Underpins a Robust Financial Framework
Debt Free Balance Sheet Underpins a Robust Financial Framework | stronger foundation to fund enhanced shareholder returnsand growth Expanded Liquidity at 20 September 2022(USSm) Financial Priorities for the Combined Company < 1 Enhanced ESMMMEEEEE > Dividends, share buybacks and special distribution
Slide 6: Returning Meaningful Value to Shareholders
Returning Meaningful Value to Shareholders | Better positioned for expanded and more sustainable through-cycle shareholder returns Near-Term Cash Returns to Shareholders (USSm)" Dhvidend Buybeck Potential Additona | _PerShare Special Datibution ShareholderRetu Paramount for the Combined Company" < 1
Slide 7: Adding Future Value Through Synergies
Adding Future Value Through Synergies cori | Unlocking additional value through cost reductions and operational optimization through the use of best practices == (= Within 6 months post closing 18-24 months post closing > Combination enhances engineering and reservoir > Ge cee listings on > caeaon S
Slide 8: Creating a Diversified African E&P Business
Creating a Diversified African E&P Business Supporting Sustainable Growth & Shareholder Returns
Slide 9: Significant Upside in the Enlarged Resource Base
Significant Upside in the Enlarged Resource Base Full-cycle combined portfolio supports long-term reserve and production growth, and facilitates improved capital ranking RESOURCES © Blocks & H Exploration Provisionally awarded new exploration blocks with resource potential near Etame field Longer-Te
Slide 10: Egypt: Eastern Desert Merged Concession
Egypt: Eastern Desert Merged Concession | Newly merged concession offering attractive fiscal terms to enable further development Asset Overview > Located onshore in Egypt’s Eastern Desert with 76,205 gross acreage position > Three previous PSCs were combined into one concession, ratified in early 20
Slide 11: Egypt: Positioned for Long-Term Value Creation
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 > 2P reserves (NRI) of 17.4 mmbbl; 1P (NRI): 12.4 mmbbl®) Including South Ghazalat 2P reserves (NRI) of 0.2 mmbbl; 1P reserv
Slide 12: Egypt: Eastern Desert PSC Terms
Egypt: Eastern Desert PSC Terms Improved PSC terms enhance sustainable future investment Gross Production Barrels Oil Cost oil> actual recoverablecosts ess Cost Oil EGPC Energy Allocation per Table EGPC x ‘Cost Oil -Company PSC expenditures are recovered out of 40% ofall petroleum produced Profit Oi
Slide 13: Canada: Harmattan Cardium Assets
Canada: Harmattan Cardium Assets | Acore play in the Western Canadian Sedimentary Basin (WCSB) with substantial potential remaining Asset Overview Bree fe > Cardium assets in the WCSB covering 52,425 gross acres tesla | WI Production Seed > 2022.03 production (NRI) of 2.05 mboepd't) o be > 2022 aver
Slide 14: Gabon: Etame Offshore License
Gabon: Etame Offshore License | Production from multiple reservoirs, wells and platforms, with recovery factors ~50% 58.8% WI!) 31.4% WI 2.3% WI Operator Asset Ove: > Operator of Etame licences in Gabon with 63.6%" participatinginterest > Located in prolificSouth Gabon basinin shallow water (~85m) >
Slide 15: Equatorial Guinea: Future Growth Potential
Equatorial Guinea: Future Growth Potential Maximizing the value in VAALCO’s portfolio 23.1 164.4 million BO million BOE million BOE 2P CPR gross reserves unvished gross nrisked gross Best Estimate 2Cresourcel! Prospective Resources Material Development Opportunity with Further Upside > All wells dri
Slide 16: Environmental, Social, Governance
Environmental, Social, Governance Cultural alignment and shared track record {or environmental stewardship enhances Combined Company's ability to deliver an effective ESG agenda Track Record and Commitment of Combined Group VAALCO Select ESG Performance V2 Environmental Social Zero sgnificant/report
Slide 17: Contact
CONTACT CORPORATE OFFICE BRANCH OFFICES 9800 Richmond Avenue, VAALCO Gabon SAS TransGlobe Egypt Suite 700, Houston, Texas 77042 6P. 1335, Port Gentil, Gabon 6 Bade Towers Ring Road, Maadi 7713.623.0801, T +241-(0)1-5655-29 Cairo, Egypt F 713.623.0982 1 +03 4945237 Evaaleo@vaalco.com TransGlobe Canad
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