Vaalco Energy, Inc. · NYSE:EGY
Vaalco Energy — Non-Deal Roadshow (February 2026)
20 slides from Vaalco Energy's roadshow presentation, February 2026
Slide 1: Investor Road Show
Investor Road Show Profitably and Sustainably Growing Value February 2026
Slide 2: Safe Harbor Statement
Investor Road Show: Profitably and Sustainably Growing Value February 2026 Safe Harbor Statement 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 o
Slide 3: Vaalco Portfolio Overview
Vaalco Portfolio Overview High-Quality Diverse African Assets Driving Growth and Operational Optimization CANADA • Established in 1985, Listed on NYSE & LSE with ~280 employees • Operating and developing successfully in five countries. Alberta Completing major development projects and keeping an ave
Slide 4: 2025 Solid Performance Driven By Efficient Capital Allocation
Investor Road Show: Profitably and Sustainably Growing Value February 2026 2025 Solid Performance Driven By Efficient Capital Allocation Positive Full-Year Results Across Meaningful Metrics FY 2025 Egypt Accounts Receivable FY 2025 Capex Guidance Revisions FY 2025 WI Sales Guidance vs Actual $125 $1
Slide 5: Solid Financial Foundation
Investor Road Show: Profitably and Sustainably Growing Value February 2026 Solid Financial Foundation Generating Strong Adjusted EBITDAX to Fund Opportunities and Return Cash to Shareholders Strong Adjusted EBITDAX Generation (US$ millions) Available Liquidity (US$ millions) Returning Cash to Shareh
Slide 6: Unlocking Sustainable Growth Through Portfolio Monetization
Unlocking Sustainable Growth Through Portfolio Monetization Portfolio Expansion Driving Consistent Value Creation and Disciplined Execution 2021-2022 2023-2024 2025 2026+ • Completed Phase 2 Drilling • Contracted Rig for Phase 3 in • Initiated 2025/2026 Gabon • Baobab Ivoirien Scheduled at Gabon Eta
Slide 7: Step Change in Total Production and Reserves
Investor Road Show: Profitably and Sustainably Growing Value February 2026 Step Change in Total Production and Reserves Significant Increase in Size and Scale Production (WI)(5) SEC Proved Reserves(1,5) (MMBOE) 27,500 50.0 45.0 25,000 40.0 45.0 35.0 24,738 30.0 22,500 23,946 25.0 27.9 28.6 20.0 15.0
Slide 8: Côte d'Ivoire Update
Investor Road Show: Profitably and Sustainably Growing Value February 2026 Côte d’Ivoire Update Boosted Production in 2024 and 2025 FPSO Upgrade Underway and near completion 4Q 2025 Asset Stats Asset Highlights 0 BOEPD 100% / 0% / 0% › FPSO project began on schedule in Q1 2025 which WI Production Oi
Slide 9: Gabon Update
Investor Road Show: Profitably and Sustainably Growing Value February 2026 Gabon Update Production Optimization 4Q 2025 Asset Stats Asset Highlights › Strong operational production uptime and optimization 7,743 BOEPD 100% / 0% / 0% efforts, offsetting decline WI Production Oil NGL Gas ‐ Achieved ~97
Slide 10: Egypt Update
Investor Road Show: Profitably and Sustainably Growing Value February 2026 Egypt Update Production & Drilling Optimization 4Q 2025 Asset Stats Asset Highlights › Continued the drilling program in 2025 and have 10,964 BOEPD 100% / 0% / 0% completed 20 wells WI Production Oil NGL Gas › Reduction in sp
Slide 11: Equatorial Guinea: Future Growth Potential
Investor Road Show: Profitably and Sustainably Growing Value February 2026 Equatorial Guinea: Future Growth Potential Maximizing the Value in Vaalco’s Portfolio VENUS EUROPA SW GRANDE DISCOVERY DISCOVERY PROSPECT Potential to add: Upside potential: Upside potential: 2P CPR reserves Unrisked Unrisked
Slide 12: Environmental, Social, Governance
Investor Road Show: Profitably and Sustainably Growing Value February 2026 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 V
Slide 13: Accelerating Shareholder Returns and Value Growth
Investor Road Show: Profitably and Sustainably Growing Value February 2026 Accelerating Shareholder Returns and Value Growth A World-class African-focused E&P Supporting Sustainable Shareholder Returns and Growth Building a diversified, African- Material reserves and focused E&P with meaningful prod
Slide 14: Baobab Ivoirien FPSO Refurbishment Update
Investor Road Show: Profitably and Sustainably Growing Value February 2026 Baobab Ivoirien FPSO Refurbishment Update FPSO Improvements Mark Timeline Milestone Ahead of Phase 5 Development Vaalco Energy 14
Slide 15: Appendix
Appendix Vaalco Energy 15
Slide 16: Baobab Ivoirien FPSO Refurbishment Update
Investor Road Show: Profitably and Sustainably Growing Value February 2026 Baobab Ivoirien FPSO Refurbishment Update Quayside Work Nearing Completion Refurbishment Highlights › Baobab Ivoirien FPSO refurbishment and life extension in final stage of completion at Dry Docks World Dubai ‐ Hull Tank Ste
Slide 17: Canada Update
Investor Road Show: Profitably and Sustainably Growing Value February 2026 Canada Update Optimizing Lateral Lengths, Frac Intensity and Facilities 4Q 2025 Asset Stats Asset Highlights › Based on successful capital programs, moving to 1,957 BOEPD 29% / 34% / 46% WI Production Oil NGL Gas longer later
Slide 18: Q4 and Full Year 2025 Guidance
Investor Road Show: Profitably and Sustainably Growing Value February 2026 Q4 and Full Year 2025 Guidance (As of November 10, 2025) Q4 2025 FY 2025 WI Production1 (BOEPD) Gabon 8,000 - 8,800 7,900 – 8,400 Egypt 10,400 – 11,300 10,400 – 11,100 Canada 1,900 – 2,100 2,000 – 2,200 Cote d’Ivoire 0 300 –
Slide 19: Reconciliations of Non-GAAP Measures
Investor Road Show: Profitably and Sustainably Growing Value February 2026 Reconciliations of Non-GAAP Measures Please refer to Q3 2025 Earnings Release for additional reconciliations Vaalco Energy 19
Slide 20: 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