Vaalco Energy, Inc. · NYSE:EGY
Vaalco Energy — Non-Deal Roadshow (June 2026)
42 slides from Vaalco Energy's roadshow presentation, June 2026
Slide 1: Mid-Year Investor Briefing: Progress Since Capital Markets Day 2025
Mid-Year Investor Briefing: Progress Since Capital Markets Day 2025 Material near-term value generation June/July 2026
Slide 2: Disclaimer
Disclaimer 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 amended (the “Securities Act”) and Section 21E of the Securities Exchange A
Slide 3: Who is Vaalco?
Who is Vaalco? A leading independent diversified oil & gas operator Egypt › Established in 1985, Listed on NYSE & › Long-standing dividend offers a material LSE with 260(1) employees income to shareholders with potential for further shareholder returns in future Côte D'ivoire › Operating and develop
Slide 4: Over 140 Years of Combined Experience
Leadership team with proven track record of delivering value Continuous proven success in African focused E&P George Thor Ronald Casey Maxwell Pruckl Bain Donohue Chief Executive Officer EVP - Chief Operating EVP - Chief Financial EVP – Technical & and Director Officer Officer Business Development O
Slide 5: Vaalco – Positioned for Material Growth
Vaalco – Positioned for Material Growth Proven operator with a strong balance sheet, underpinning multiple material growth opportunities Over Five Years of Successful Development of Execution and Delivery 70 Venus Field EG Development Highly Successful, Proven Operator & Cote d’Ivoire Development of
Slide 6: Unlocking Sustainable Growth Through Portfolio Monetization
Unlocking Sustainable Growth Through Portfolio Monetization 2021-2022 2023-2024 2025 & 2026 YTD Acquisition of Sasol’s Etame Interest Contracted Rig for Phase 3 in Etame Initiated 2025/2026 Gabon Drilling Campaign; to Date 3 Wells Successfully Brought on Completed Phase 2 Drilling at Etame Acquisiti
Slide 7: 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 five years Asset 2P WI CPR Net Production SEC Proved Reserves 2P WI Reserves Present Value (2,3) (mmboe) (mmboe)(1,2) ($Millions) Rates(2) (WI boe/d) 77 37 779 23,275 19,021
Slide 8: A Diverse Africa Focused Portfolio
A Diverse Africa Focused Portfolio Egypt Côte d’Ivoire Egypt 2025: Offline 2025: 10,963 BOEPD (WI) 99% Oil, 1% Gas 100% Oil 18.2 MMBOE YE 2025 net SEC proved reserves(1) 8.6 MMBOE Côte D'ivoire YE 2025 net SEC proved Production Paid back 1.8x initial net investment reserves(1) focused with between a
Slide 9: Significant Organic Value, Reserves and Cash Flow Additions
Significant Organic Value, Reserves and Cash Flow Additions A portfolio of numerous opportunities to build further value and scale Potential Potential Potential Production Near-term Reserves Core-NAV Exploration Block Adds Cashflow Adds Adds Upside Baobab Baobab Phase 6 Côte d’Ivoire Kossipo CI-705
Slide 10: Ivory Coast Overview
Ivory Coast Overview Key new production base with drivers for near term growth Portfolio Overview 2026 Prod. Guidance Reserves / Resources Asset Status Ownership Partners (Net WI) (Net WI)(1) Development, CNR 2100-2400 2P: 23.7 mmboe Baobab 27.4% Production Petroci boepd 2C: 20.6 mmboe Kossipo Devel
Slide 11: Baobab Overview
Baobab Overview Driver for near term growth Asset Highlights Production and Financials Country Specific › FPSO refurbishment complete Expected Future WI Production(3) › Resumed production at Baobab – All 7 producers online 14,000 Baobab Phases 1-5 Phase 6 › Production growth through Phase 5 Developm
Slide 12: Kossipo Overview
Kossipo Overview Discovered Resource, Vaalco as operator Asset Highlights Production and Financials Country Specific › Vaalco confirmed as Operator of Kossipo Expected Future WI Production(3) Development (60%), with partner Petroci (40%) › Currently optimizing static and dynamic subsurface 30,000 mo
Slide 13: CI-705 Overview
CI-705 Overview Large block with multiple leads in active and successful exploration trend Commitments › Phase 1 Exploration Commitment: Seismic purchases and desktop studies (commitment met) ‐ 6-Month Phase 1 Extension granted ‐ Phase 2 election decision in 2026 ‐ Phase 2 Commitment: Seismic reproc
Slide 14: Gabon Overview
Gabon Overview Legacy production base, new non-Op exploration position Material Position Portfolio Overview Across 3 Blocks 2026 Prod. Guidance Reserves / Resources Asset Status Ownership Partners (Net WI) (Net WI)(2) Strong 9,300 - Addax, 2P: 16.9 mmbbls Production Etame Production 58.8%(1) PetroEn
Slide 15: Etame Marin Block
Etame Marin Block Vaalco legacy core asset and cash machine Asset Highlights Production and Financials Country Specific Phase 3 Drilling Campaign Expected Future WI Production(1) 14,000 › Successfully drilled and brought online 3 wells in H126, with IPs totaling >14,850 BOPD 12,000 10,000 › 2 firm w
Slide 16: Gabon Exploration Blocks
Gabon Exploration Blocks Niosi Marin & Guduma Marin Commitments Niosi (5-year 1st Exploration Phase): › 1000 km 2 3D –1 Well commitment Guduma (3-year 1st Exploration Phase) › Only Geological & Geophysical studies required › No seismic acquisition or drilling requirement Plans › 3D seismic acquisiti
Slide 17: Equatorial Guinea: Future Growth Potential
Equatorial Guinea: Future Growth Potential Proven Resource, exploration running room Portfolio Overview 2026 Prod. Reserves / Resources Asset Status Ownership Partners (Net WI) (Net WI)(1) Atlas, GE 2P: 13.8 mmbbls Venus Development 60% n/a Petrol 2C: 1.1 mmbbls Atlas, GE Europa Development 60% n/a
Slide 18: Venus Field
Venus Field Well-defined discovered resource Asset Highlights Production and Financials Country Specific › Discovered in 2005, two appraisal wells drilled Expected Future WI + Carry Repayment Production(1) › High quality U. Cretaceous deepwater turbidite sands 20,000 18,000 ‐ Average Poro = 28% 16,0
Slide 19: Egypt Overview
Egypt Overview Consistent Free Cashflow returns Portfolio Overview 2026 Prod. Guidance Reserves / Resources Asset Status Ownership Partners (Net WI) (Net WI)(1) Development, 10,400 – 2P: 22.5 mmbbls Petrobakr 100% JV EGPC Production 11,500 bopd 2C: 24.3 mmbbls South Ghazalat Exploration 100% JV EGPC
Slide 20: Expected Activity Roadmap
Expected Activity Roadmap Block 2026 2027 2028 Beyond Baobab Côte Kossipo d’Ivoire CI-705 Egypt Petrobakr Venus Equatorial Guinea Block P Saturno, Europa, other prospects Etame Gabon Niosi & Guduma LEGEND: FPSO reconnection FDP FID Seismic Acquisition Seismic (re)processing Drilling Execution Subsur
Slide 21: Anticipated Material Organic Production Growth
Anticipated Material Organic Production Growth Planned growth driven by proven reserves base and discovered resource Development of Baobab Gabon Egypt Baobab Kossipo EG Baobab Phase 6 Development of Phase 6 70 Venus Field EG Development of Kossipo Cote d’Ivoire Discovery in Cote d’Ivoire FPSO 60 Ret
Slide 22: Strong Cash Flow From Assets
Strong Cash Flow From Assets Sustaining capital allocation optionality Capital Investment Sustainable Dividend › Investments ranked and prioritized for returns › Vaalco implemented a sustainable dividend in 2022, doubled in 2023 › Strong production and reserves replacement with reducing break-evens
Slide 23: Highly Generative Cashflow
Highly Generative Cashflow Anticipated operating cashflow materially exceeds market cap over 4-year period Operating Cash Flow(1) Generation (mid-2026 to mid-2030) HIGHLIGHTS USD Million, cumulative 1200 High operating cash flow generation anticipated 1000 following CDI, Gabon and Egypt 2025/2026 in
Slide 24: VAALCO RBL Facility
VAALCO RBL Facility Scalable reserve-based lending facility secured by multi-asset borrowing base across Gabon, CDI & Egypt Debt Maturity Profile Facility Overview Facility Facility Amount (1,2) Rate Maturity › $300M committed VAALCO RBL $300M Term SOFR + 6.0% - 6.5% Mar 2031 › Term SOFR + 6.50% mar
Slide 25: Peer Leading Debt Ratios with Meaningful Shareholder Returns
Peer Leading Debt Ratios with Meaningful Shareholder Returns Conservative approach to debt for investment sets company up for long-term success HIGHLIGHTS 1.2x 1.0x Debt / EV (Multiple)(1,3) 1.0x 0.8x 0.7x 0.7x 0.6x 0.5x Peer Leading 0.4x 0.5x 0.3x Leverage 0.4x 0.2x 0.2x Ratios 0.2x 0.0x EGY Peer 1
Slide 26: Commodity Price Risk Management
Commodity Price Risk Management Disciplined hedging strategy secures downside while preserving upside participation Hedge coverage by quarter(1) Hedging Position Q2-26 698 kbbl 41% 30% › ~34% of forecast sales protected via collar structures across multiple counter-parties through Q3 2027 Q3-26 777
Slide 27: Environmental, Social, Governance
Environmental, Social, Governance Cultural alignment and shared track record for environmental stewardship enhances combined Company’s ability to deliver an effective ESG agenda Track Record and Commitment of Combined Group VAALCO Select ESG Performance › Contributed installing water wells, solar li
Slide 28: Vaalco Key Acquisition Criteria
Vaalco Key Acquisition Criteria A robust and proactive approach to acquisitions has proven successful for Vaalco Opportunity to bring Vaalco’s proven operating experience 1 and success to make acquisition viable or add value through the advantages this brings versus peers 1 2 3 4 Technically robust
Slide 29: Track Record for Value Accretive M&A
Track Record for Value Accretive M&A Four significant transactions in four years HIGHLIGHTS Sasol Transaction(1) CI-40 Transaction(2) CI-40 Acquisition Acquisition Cost WI $/bbl Acquisition Cost WI $/bbl Feb 2021 Purchased in 2024 Acquisition of Sasol Gabon’s 9 2.5 $2.31 for 27.8% WI in Etame 8 $7.9
Slide 30: Key Takeaways
Key Takeaways Clear, Consistent Strategy with over Five Years of Successful Execution and Delivery Highly Successful, Proven Operator & Management Team Material Organic Growth Opportunities, Planned Production to Increase by over 250% Through 2030(1) Existing Portfolio Has Significant Cashflow Oppor
Slide 31: Appendix
Appendix Vaalco Energy 31
Slide 32: Etame: PSC Terms
Etame: PSC Terms Attractive PSC with 80% cost recovery until 2028 Gross Production Etame: Key Terms Barrels Oil Royalty 13% Government Production and Abandonment Development Term Carry 87% of gross production Abandonment fund 10 yrs through Net Production 7.5% carried fully funded through through Ju
Slide 33: Egypt: Eastern Desert PSC Terms
Egypt: Eastern Desert PSC Terms Improved PSC terms enhance sustainable future investment Production (quarterly average) Gross Production Brent Price ≤ 5,000 > 5,000 Bopd and >10,000 Bopd and >15,000 Bopd and > 25,000 Bopd ≤ 10,000 Bopd 40% Barrels Oil 60% US$/bbl Bopd ≤ 15,000 Bopd ≤ 25,000 Bopd EGP
Slide 34: CI:40 Baobab - Favorable, Long Standing PSC Terms
CI:40 Baobab - Favorable, Long Standing PSC Terms At total Government take limited to under 50%, Baobab has one of the best fiscal terms to be found in established producing countries in Sub-Saharan Africa Fiscal Overview DMO discount is added Revenue 100 mcf to the cost oil pool 100 bbls 10% of ann
Slide 35: CI:40 Kossipo - Favorable, Long Standing PSC Terms
CI:40 Kossipo - Favorable, Long Standing PSC Terms At total Government take limited to under 50%, Kossipo has one of the best fiscal terms to be found in established producing countries in Sub-Saharan Africa Fiscal Overview DMO discount is added Revenue 100 mcf to the cost oil pool 100 bbls 10% of a
Slide 36: EG: PSC Terms
EG: PSC Terms Attractive PSC with 70% cost recovery Gross Production % EG: Profit Oil Split Barrels Oil Cum Prod Royalty 10%–16% (mmbbl) Contractor Govt › Royalty — Tiered by daily production: 10% (0–10k bbl/d) → 11% → 13% → 15% → 16% 70% 30% 0 – 25 90.0% 10.0% (100k+ bbl/d) › Cost Oil — Up to 70% o
Slide 37: CI-705: PSC Terms
CI-705: PSC Terms Côte d'Ivoire offshore block — operated by Vaalco (70% interest) Gross Production % CI-705: Profit Oil Tranches Barrels Oil Production (bbl/d) Contractor Government 0 – 50k 47% 53% 75% 25% 15% uplift 50 – 100k 42% 58% on capex 100 – 150k 37% 63% > 150k 32% 68% Cost Oil Profit Oil ›
Slide 38: Egypt: South Ghazalat PSC Terms
Egypt: South Ghazalat PSC Terms Egypt PSC — Cost Recovery 25% with Excess Recovery split; Production Sharing on 75% Gross Production Egypt: Crude Oil Production Sharing % Barrels Oil 25% 75% Production (bbl/d) Contractor Government < 5,000 17% 83% 5,000 – 10,000 16.5% 83.5% 100% Cost Oil Profit Oil
Slide 39: Reconciliations of Non-GAAP Measures
Reconciliations of Non-GAAP Measures Please refer to Q4 2025 Earnings Release for additional reconciliations Mid-Year Investor Briefing | June 2026 Vaalco Energy 39
Slide 40: Hedging Philosophy
Hedging Philosophy Hedges are locked in at corporate level to optimize for fiscal regimes at the asset level Past Unleveraged Approach Post-Financing Opportunistic or tactical Moving towards a more approach. Protecting a Floor to programmatic hedging program support operating cash flow and as per RB
Slide 41: Board of Directors
Board of Directors Andrew L. Edward George Fabrice Cathy Fawthrop LaFehr Maxwell Nze-Bekale Stubbs Chairman of Chief Executive Director Director Director the Board Officer and Director >175 Years of Combined Experience Mid-Year Investor Briefing | June 2026 Vaalco Energy 41
Slide 42: 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