VAALCO Energy : Supplemental Update Q1 2026

About this update from Vaalco Energy, Inc.

Q1 2025 Supplemental Information Profitably and Sustainably Growing Value May 2026 Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Q1 2026 Highlights Invested $78.1 Million in Capital Expenditures, Primarily in Gabon and Côte d'Ivoire Successfully placed Etame 14H well on production in April 2026 at an initial rate of 4,850 gross BOPD Successfully placed Etame 15H well on production in February 2026 at an initial rate of 2,000 gross BOPD Baobab Ivoirien FPSO fully moored in place and production at Côte d'Ivoire remains on track for Q2 2026 Rationalized Portfolio Divested all Canadian properties for an adjusted purchase price of $25.5 million in February 2026 Confirmed as operator (60% WI) in the Kossipo field on the CI-40 Block, with a FDP to be completed in late 2026 Increased FY26 Production and Sales, While Maintaining Capital Expenditure Guidance Flat Raised FY26 production and sales NRI volumes by 8% and 12%, respectively at the midpoint of guidance 2026 Capex guidance remains unchanged even with additional drilling in Egypt included Q2'26 sales volumes of 16,800 to 18,300 NRI BOPD are 44% than Q1'26 with 2 Gabon partner liftings expected Reported Strong Operational Results Q1'26 NRI sales, NRI production and WI production were all above midpoint of guidance Further reduced trade receivable in Egypt from $31.6 million at YE'25 to $24.2 million in Q1'26 Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Strategically Expanding Our Diversified African-Focused Portfolio Building Scale and Diversification with a Full-cycle, Low-risk, High Return Portfolio A Growing, Diversified Footprint in Africa Operated Non-Operated Operated Operated › Full-cycle portfolio with material production and cash flows › Critical mass of operations with running room for growth › Highly capable subsurface/technical, operational and business development teams supporting growth Organic Growth Opportunities Côte d'Ivoire FPSO maintenance and upgrade, coupled with Phase 5 drilling Gabon 2025/2026 drilling campaign Egypt Continued high return workovers and recompletions, with planned 6 well drilling program Equatorial Guinea FEED study completion with FID and potential drilling post 2026 19,884 BOEPD WI Production 96.2% / 1.7% / 2.1% Oil NGL Gas 1,485 MBOE WI Sales $78.1 million Capex (cash) Global Q1 2026 Metrics Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Solid Financial Foundation Generating Strong Adjusted EBITDAX to Fund Opportunities and Return Cash to Shareholders Strong Adjusted EBITDAX Generation (US$ millions) Liquidity (US$ millions) Returning Cash to Shareholders (US$ millions) $100.00 $90.00 $80.00 $70.00 $60.00 $50.00 $40.00 No partner liftings in Gabon in Q3'25 and Q1'26 $14.00 $6.7 $6.7 $6.5 $6.5 $6.5 $6.5 $6.5 $6.5 $6.5 $12.0 $11.7 $12.6 $12.6 $12.00 $10.00 $8.00 $6.00 $30.00 $4.00 $20.00 $10.00 $0.00 $48 Cash at 3/31/26 $148 Availability Under Credit Facility (1) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 $2.00 $0.00 $11.6 $49.9 $57.0 $61.7 $72.5 $76.2 $92.8 $23.7 $42.9 (2) Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 FPSO refurbishment at Baobab, no sales in Cote d'Ivoire after February 2025, expected sales in Q3 2026 Facility commitments were increased in January 2026 to $255 million and in April 2026 to $300 million, with $152 million drawn at 3/31/26. $30 million share buy back program concluded in Q1 2024. Vaalco Energy 5 Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Vaalco's Material Asset Base in Côte d'Ivoire High-Quality Infrastructure Drives Asset Development CI40 Baobab Field › Baobab Ivoirien FPSO moored in place, connecting risers/umbilicals and expect field restart in Q2 2026 › Phase Five Drilling Campaign will commence after production restart and target first oil 4Q'26 › Phase Five capital allocation will include a mix of producing (4), injection (2-3), and workover (2) wells › Well positioned with multiple prospect areas to capitalize on explosive growth in the basin CI 40 Kossipo FEED › Vaalco (60%) confirmed as operator with partner PetroCI (40%) › Field development plan submission expected before end of 2026 › New OBN seismic data driving and derisking Vaalco's updated evaluation and development plans › Gross 2C resources of 102.1 MMBOE, first oil expected 2030 (1) CI-705 License Extension Evaluation › Block technical evaluation underway; lead/prospect portfolio build currently underway › 1st Exploration Period ending in 2026 ‒ 2nd Exploration Period (one firm well required by November 2028), decision pending Based on management's assumptions as of 12/31/2025. Please read the information set forth under the header "Oil and Natural Gas Reserves" in the Safe Harbor Statement at the beginning of this presentation. Vaalco Energy 6 Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Kossipo Discovery Enhances Asset Development Pipeline Seismic Results Indicate New Prospect of Growth in Dynamic Côte d'Ivoire Portfolio Oil-Water Contact Kossipo-1X Kossipo-2A NE SW Key Highlights › Significant oil discovery ready to develop with nearly 293 MMBOE in Place located 8km SW of Baobab Field › Field was discovered in 2002 and later appraised in 2019 › Kossipo-1X drilled in 2002; Kossipo-2A appraisal well drilled in 2019 › Subsea development planned with FDP submission in 3Q'26 › Ocean Bottom Node Seismic acquired in 2024 › Waveform Inversion processing completed January 2026 with significant improvement over previous Streamer data › Oil Water Contact identified in wells visible on OBN seismic confirming accumulation size › New Field Modeling Underway › Updated seismic interpretation underway › Regional reservoir study underway to assess flow behavior expectations › Static and Dynamic Modeling to inform FDP and well designs Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Gabon Update Production Optimization Asset Highlights › Commenced 2025/2026 drilling campaign in December 2025 and announced successful pilot in January 2026 › Successfully drilled, completed and placed on production Etame 15H development well in late February 2026 › West Etame exploration well determined to be non-commercial, upper portion of the well being utilized and sidetracked to drill ET-14H development well › Successfully drilled, completed and placed on production Etame 14H development well in late April 2026 › The existing water handling system on the Etame platform can process ~25,000 bwpd and the new upgraded capacity will increase to 40,000 bwpd › Completed Production Sharing Contracts with the Government of Gabon for the offshore Niosi Marin and Guduma Marin exploration blocks (previously blocks G&H). Combined surface area of 4,918 km2. › 3D seismic acquisition across the Niosi, Guduma licenses completed and technical evaluation underway 1Q 2026 Asset Stats 7,516 BOEPD WI Production 100% / 0% / 0% Oil NGL Gas Operational Production Uptime 100% 98% ~97% ~97% ~95% ~93% ~85% 96% Percentage Uptime 94% 92% 90% 88% 86% 84% 82% 80% 1 78% 2022 average 2023 average 2024 average 2025 average 2026 average YTD › Strong operational production uptime and optimization efforts, offsetting decline - Achieved ~97% production uptime in 2023 & 2024, ~95% (1) in 2025 and 93% in 2026 YTD Maintaining Strong Production and Planning for Next Drilling Campaign 2025 average calculated excluding the July field shutdown. Including the shutdown period, the average uptime is ~91% Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Egypt Update Drilling and Improving Financial Health Asset Highlights › Completed 22 wells as part of continuous drilling program › Completed successful 2025 Egyptian drilling program in Q4 2025 › Reduction in spud-to-spud cycle time led to 1Q 2026 Asset Stats 11,264 BOEPD WI Production 100% / 0% / 0% Oil NGL Gas Capital Workovers/New Drills Completed in 2024-2026 7 increased drill opportunities, faster production uplift and enhanced reserve monetization › Beginning a new six well drilling program in Q2 2026, that was previously unbudgeted, without adding capex to total company original guidance › Materially reduced aged Accounts Receivable balance, and are effectively current on sales with collections Capital Workovers New Drills 6 2 6 4 3 4 4 5 1 2 2 6 5 4 3 2 1 0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Drilling Program Provided Production Boost in 2025 and Continued Production Optimization with Workovers/Recompletions Planned for 2026 and Added a Six Well Drilling Program to Begin in Q2 2026 Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Equatorial Guinea: Future Growth Potential Maximizing the Value in Vaalco's Portfolio VENUS DISCOVERY Potential to add: 2P CPR reserves EUROPA DISCOVERY Upside potential: Unrisked 2C resource SW GRANDE PROSPECT Upside potential: Unrisked Prospective Resources 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 first oil production › Discoveries on Block were made by Devon, a prior operator/owner Current Status › In 2021, completed feasibility study of Venus standalone project › In September 2022 Plan of Development approved by EG government › On March 22, 2024, 3rd Amendment to the Block P JOA was executed › FEED study completed and confirms the technical viability of our Plan of Development › Assessing market for available host redeployment opportunities Strategy to Accelerate Value Creation While Adding Another Core Area, Reduces Risk and Enhances Upside Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 2026 Full Year Capital Expenditures Guidance (1) (As of May 7, 2026) 2026 Full-Year Capital Guidance: $290 - $360 million Egypt ~6% EG ~1% Capitalized CDI - Finalizing FPSO Refurbishment and Tie-In ($65MM - $70MM), Initial Phase 5 Drilling Program ($80MM - $85MM) and Kossipo ($5MM - $10MM) Gabon - Phase Three Drilling Program Including Maintenance Upgrades Egypt - New Six Well Drilling Campaign, Recompletions and Maintenance Capital EG - Continued Technical Studies Capitalized Interest - Includes Reserved Based Lending Facility Drawdown Interest Interest ~6% Gabon ~34% CDI ~53% Diligent Capital Allocation to High-Return Projects 2026 Capex includes $22 - $24 million in capitalized interest Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Q2 and Full Year 2026 Guidance (As of May 7, 2026) Q2 2026 FY 2026 WI Production 1,4 (BOEPD) Gabon 9,900 - 10,900 9,300 - 10,300 Egypt 10,400 - 11,500 10,400 - 11,500 Canada 0 250 - 300 Cote d'Ivoire 1,300 - 1,400 2,100 - 2,400 Total Vaalco WI Production 21,600 - 23,800 22,050 - 24,500 NRI Production 1 (BOEPD) Total Vaalco NRI Production 16,800 - 18,700 17,400 - 19,450 WI Sales (BOEPD) Gabon 11,400 - 12,100 8,300 - 10,500 Egypt 10,400 - 11,500 10,400 - 11,500 Canada 0 250 - 300 Cote d'Ivoire 0 2,400 - 2,700 Total Vaalco WI Sales 21,800 - 23,600 21,350 - 25,000 NRI Sales (BOEPD) Total Vaalco NRI Sales 16,800 - 18,300 16,800 - 19,950 Production Expense 2 (millions) $40.5 - $48.5 $150.5 - $178.0 Production Expense per WI BOE $19.00 - $24.00 $18.00 - $22.00 Production Expense per NRI BOE Exploration Expense (millions) $26.00 - $31.00 $2.00 - $3.00 $22.00 - $29.00 $26.00 - $31.00 Offshore Workovers (millions) $0 - $0 $0 - $10.0 Cash G&A 3 (millions) $7.0 - $9.0 $31.0 - $37.0 CAPEX (millions) DD&A ($/BOE) $110.0 - $130.0 $17.00 - $20.00 $290.0 - $360.0 $16.00 - $20.00 WI is Working interest to VAALCO and NRI is net of royalties Excludes offshore workover expense and stock-based compensation Excludes stock-based compensation Vaalco sold all of its producing properties in Canada to a third party in Feb 2026 Vaalco Energy 12 Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Cash Flow Movement and Hedging (As of March 31, 2026) Cash Movement December 31, 2025 to March 31, 2026 (US$ millions) $250.0 $42.9 $58.8 Cash at December Liftings/Collections 31, 2025 $200.0 $92.0 $93.4 $150.0 $25.7 $100.0 $53.4 $18.1 $50.0 $6.7 $47.8 $- Sale of Canada Debt Drawn Payables Royalty, Payroll, JV Cash calls Dividends Cash at March 31, Business Taxes and Other 2026 Hedging Positions as of March 31, 2026 Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Accelerating Shareholder Returns and Value Growth A World-class African-focused E&P Supporting Sustainable Shareholder Returns and Growth Building a diversified, African-focused E&P with meaningful upside. Complementary asset base spanning Côte d'Ivoire, Gabon, Egypt, and Equatorial Guinea Robust balance sheet providing a strong foundation for meaningful shareholder returns. Significant cash distribution returning over $120 million to shareholders since 2022 with a current dividend yield of ~4% Step change in production and cash flows support sustainable returns and growth. Material growth in production potential and reserves over past two years supports significant cash generation for shareholder returns and growth investment Material reserves and production with a high-quality inventory of multi-year investment options. Significant 1P and 2P (NRI) reserve base with upside across multiple assets Enlarged scale enhances investment proposition for the global capital markets. Increased scale and profile promotes enhanced market visibility and uplift in trading liquidity Proven team with an established track record of value creation. Strong record of value creation and returns, coupled with returning value to shareholders, enhances investment thesis Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Step Change in Total Production and Reserves Significant Increase in Size and Scale Production (WI) SEC Proved Reserves (1) (MMBOE) 27,500 25,000 22,500 20,000 17,500 50.0 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 - 45.0 27.9 28.6 11.2 43.0 VAALCO YE 2021 VAALCO YE 2022 VAALCO YE 2023 VAALCO YE 2024 VAALCO YE 2025 WI BOEPD 15,000 12,500 10,000 7,500 5,000 2,500 2P WI CPR Reserves (2,3) (MMBOE) 96.1 76.4 77.3 19.5 90.7 100.0 80.0 60.0 40.0 20.0 - 23,946 24,738 23,275 21,305 12,177 8,734 5,579 0 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Est. VAALCO YE 2021 VAALCO YE 2022 VAALCO YE 2023 VAALCO YE 2024 VAALCO YE 2025 SEC reserves are NSAI and GLJ estimates as of December 31, 2023, December 31, 2024, and December 31, 2025 2P WI CPR Reserves are NSAI and GLJ estimates as of December 31, 2023, December 31, 2024, and December 31, 2025 with Vaalco's management assumptions for escalated crude oil price and costs. See "Oil and Natural Gas Reserves" in the Safe Harbor Statements for further information 2P CPR reserves in YE 2022 and YE 2023 for Equatorial Guinea POD approval are NSAI estimates as of September 2022 with Vaalco's management assumptions for escalated crude oil price and costs Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 2025 2P CPR Reserves (As of March 13, 2026) WI 2P CPR: 90.6 MMBOE NRI 2P CPR: 73.5 MMBOE 100.0 WI 2P CPR Reserves (MMBOE) 13.7 13.8 16.9 22.5 23.7 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 Cote d'Ivoire Egypt Gabon Equatorial Guinea Canada 80.0 22.0 13.1 12.4 14.2 11.8 NRI 2P CPR Reserves (MMBOE) 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 Cote d'Ivoire Egypt Gabon Equatorial Guinea Canada PV10 of 2P WI Reserves of ~$859 million at Year End 2025 Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Reconciliations of Non-GAAP Measures Please refer to Q1 2026 Earnings Release for additional reconciliations For More Information Vaalco.com Vaalco Energy Corporate Offices United States 2500 CityWest Blvd., Suite 400 Houston, TX 77042 o. 713.623.0801 f. 713.623.0982 [email protected] United Kingdom Henry Wood House, 4-5 Langham place, London, W1B 3DG T +44 20 7647 2500 Investor Contacts United States Al Petrie 713.543.3422 [email protected] vaalco@vaalco . com Branch Offices Vaalco Energy Gabon B.P. 1335, Port Gentil, Gabon +241-(0)1-56-55-29 VAALCO Energy Guinea Ecuatorial Office 2-1, 3rd Floor, Energy Square, Autovia Aeropuerto - Ela Nguema Malabo II, Equatorial Guinea T +240-222-991002 United Kingdom Barry Archer 44.0.20.7466.5000 [email protected] Vaalco Energy Egypt 6 Badr Towers Ring Road, Maadi Cairo, Egypt T +03 4845237 Vaalco Energy Cote d'Ivoire Succursale de Côte d'Ivoire Abidjan Plateau, Rue A7 Pierre Semard, Villa NA2 01 BP 4053 Abidjan 01 Côte d'Ivoire T +225 07 78 26 46 Attention : This is an excerpt of the original content. 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