Vaalco Energy, Inc. · NYSE:EGY
Vaalco Energy — Lytham Partners Investor Conference September 2025
19 slides from Vaalco Energy's conference presentation, September 2025
Slide 1: Lytham Partners Investor Conference
Lytham Partners Investor Conference Profitably and Sustainably Growing Value September 2025 Private and Confidential
Slide 2: Forward Looking Statements Safe Harbor
Q2 2025 Supplemental Information: Profitably and Sustainably Growing Value August 2025 Forward Looking Statements Safe Harbor This presentation of VAALCO Energy, Inc. (“Vaalco” or the “Company”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as
Slide 3: Who Are Vaalco?
Who Are Vaalco? A leading independent diversified oil & gas operator CANADA • Established in 1985, Listed on NYSE & LSE with 255 employees Alberta • Operating and developing successfully in five countries. Completing major development projects and keeping an average EGYPT uptime of 97% over all asse
Slide 4: Four Years of Successful Strategic Delivery
Four Years of Successful Strategic Delivery Continuously accomplishing operational, financial and growth goals 2021 2022 2023 2024 2021 2022 2023 2024 • Began Phase 2 • Completed Phase 2 Drilling • Successful Drilling • Contracted Rig for Phase 3 Drilling at Etame at Etame in Egypt in Etame, Gabon •
Slide 5: Successful Execution of Multiple Work Programs Across Portfolio
Successful Execution of Multiple Work Programs Across Portfolio Increasing production and reserves materially year-on-year for four years HIGHLIGHTS 27,500 25,000 Production (WI) 22,500 23,946 24,738 20,000 WI BOEPD 17,500 15,000 WI Production increased by 12,500 4.4x and 2P WI Reserves 10,000 12,17
Slide 6: Unlocking Meaningful Potential in the Portfolio
Unlocking Meaningful Potential in the Portfolio Vaalco has consistently unlocked reserves and value through dynamic organic growth Unlocking Gabon Reserves Reserves(1) Additions from HIGHLIGHTS Through Crude Sweetening Future Drilling Campaigns Ebouri Reserves & Resources Movements 2023 to 2024 (1)
Slide 7: Track Record for Value Accretive M&A
Track Record for Value Accretive M&A Three highly accretive transformative transactions in four years HIGHLIGHTS Sasol Transaction(1) TransGlobe Merger(1) Svenska Transaction(1) Feb 2021 Acquisition Cost $/bbl Acquisition Cost $/bbl Acquisition of 4 2.5 Sasol Gabon’s $3.70 27.8% WI in Etame 3.5 $2.1
Slide 8: Achieving Significant Shareholder Returns
Achieving Significant Shareholder Returns By maximizing the value of, and free cash flow from, its existing resources HIGHLIGHTS Adjusted EBITDAX Cumulative Shareholder Returns 350 65.0% Actual EBITDA 120 Dividends Buyback Margin % Total Adjusted EBITDA grown by more than $104.7 300 60.0% Total $303
Slide 9: Gabon Overview
Gabon Overview Vaalco has been producing from Etame for over 22 years › Etame Marin Block Material ‐ Vaalco (Op, 58.81%) Position ‐ Continuous block under single Etame Marin Across 3 PSC after 2021 renegotiation Blocks › Niosi and Guduma Exploration Licenses ‐ BWE (Op.), Vaalco (37.5% WI) › Producti
Slide 10: Côte d'Ivoire Overview
Côte d’Ivoire Overview Opportunity for growth under favorable investment terms Cash Generative › CI-40 Baobab and Kossipo gross 2P 85.9 MMBOE(1) and 2C 166.4 MMBOE(2) Material Asset Base › Low recovery factor ~14% with potential to with Significant Upside increase to +30% (3) Baobab Continued › Effi
Slide 11: Egypt Overview
Egypt Overview Strong › Following Vaalco’s entry in 2022, consistent production growth through drilling programs and recompletion Production campaigns Base with › Currently producing ~11,000 BOEPD (gross) Growth › Active drilling program targets further production gains › Near field exploration to b
Slide 12: Equatorial Guinea Block P Overview
Equatorial Guinea Block P Overview Near term first production for Vaalco in Equatorial Guinea › Block P, 30 km NW of the City of Bata, Equatorial Guinea › Two discoveries on block in proven but underexplored Rio Muni oil basin Excellent Oil › Vaalco as operator holds 60% interest in Block P and Qual
Slide 13: Canada Overview
Canada Overview › Oil-focused natural gas exploration and production operation › Developing the prolific Cardium formation in Proven Play in central Alberta's Western Canadian the WCSB Sedimentary Basin ‐ Newer completions techniques allow exploitation of previously under-developed Cardium Upper Sho
Slide 14: A Diverse Growth Portfolio
A Diverse Growth Portfolio We plan to invest between $250 and $300 million in 2025 as we: Execute the 2025 FPSO Refurbishment in Côte d’ivoire Prepare for the Next Drilling Program at Baobab Begin Our Next Drilling Campaign in Gabon Complete the FEED for Venus, Equatorial Guinea Continue Drilling in
Slide 15: Significant Portfolio Value and Potential Upside
Significant Portfolio Value and Potential Upside Vaalco share price sits at a material discount USD Million 1200 $10.56/share HIGHLIGHTS 329.5 1096.1 1000 At NPV10 Vaalco currently trades at $7.38/share below year-end cash 800 387.1 plus 1P reserves 766.6 766.6 600 Vaalco trades at more than a 50% d
Slide 16: Highly Generative Cashflow
Highly Generative Cashflow Anticipated near-term free cash flow for equity exceeds current valuation Free Cash Flow(1) Generation (mid-2026 to mid-2030) USD Million, cumulative HIGHLIGHTS 700 600 High free cash flow generation anticipated $80/bbl following CDI, Gabon and 500 oil price Egypt 2025/202
Slide 17: Anticipated Material Organic Production Growth
Anticipated Material Organic Production Growth Planned growth driven by proven reserves base and discovered resource 60 Cote d’Ivoire Development of Kossipo FPSO Development of Discovery in Cote d’Ivoire Returns and Venus Field EG Production 50 Back Online Working Interest Production mmbbls/d 40 Cot
Slide 18: Key Takeaways
Key Takeaways Highly successful, proven management team and operator Diversified, lower risk portfolio of organic development opportunities under favorable PSCs Peer group leading balance sheet and fully funded 2025/2026 development campaign on three assets Planned production to increase by 50% by s
Slide 19: For More Information
For More Information Vaalco.com Vaalco Energy Corporate Offices Branch Offices United States Vaalco Energy Gabon Vaalco Energy Egypt Vaalco Energy Cote d’Ivoire B.P. 1335, Port Gentil, Gabon 6 Badr Towers Succursale de Côte d’Ivoire 2500 CityWest Blvd., Suite 400 Ring Road, Maadi Abidjan Plateau, Ru
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