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Unlocking Material Growth and Value Through Operational Excellence Significant Organic Catalysts for Re-Rating Capital Markets Day – 14 May 2025
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Vaalco Energy 2 Disclaimer Vaalco Capital Markets Day | May 2025 Forward-Looking Statements Safe Harbor This presentation of Vaalco Energy, Inc. (“Vaalco”) 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 Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify, but the absence of these words does not mean that a statement is not forward- looking. Forward-looking statements in these materials include, but are not limited to, statements relating to (i) estimates of future drilling, production, sales and costs of acquiring crude oil, natural gas and natural gas liquids; (ii) expectations regarding future exploration and the development, growth and potential of Vaalco’s operations, project pipeline and investments, and schedule and anticipated benefits to be derived therefrom; (iii) expectations regarding future acquisitions, investments or divestitures; (iv) expectations of future dividends; (v) expectations of future balance sheet strength; and (vi) expectations of future equity and enterprise value. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the floating, production, storage and offloading (“FPSO”) servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC. Dividends beyond the second quarter of 2025 have not yet been approved or declared by the Board of Directors (“Board”) for Vaalco, remain, at the discretion of the Board. The Board may revise or terminate the payment level at any time without prior notice. Any forward-looking statement made by Vaalco in this presentation is based only on information currently available to Vaalco and speaks only as of the date on which it is made. Except as may be required by applicable federal securities laws, Vaalco undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Vaalco uses non-GAAP financial measures, including “Adjusted EBITDAX” and “Free Cash Flow,” as useful measures of Vaalco’s core operating and financial performance and trends across periods. These non-GAAP financial measures have limitations as analytical tools and should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the Appendix to this presentation. NPV-10 Value and Probable Reserves NPV-10 is a non-GAAP financial measure and represents the period-end present value of estimated future cash inflows from Vaalco’s reserves, less future development and production costs, discounted at 10% per annum to reflect timing of future cash flows. NPV-10 values have been calculated using Vaalco’s management assumptions for timing, escalated crude oil price and cost. NPV-10 generally differs from standardized measure, the most directly comparable GAAP financial measure, because it generally does not include the effects of income taxes; however, Vaalco’s NPV-10 does include the effect of income taxes. NPV-10 does not purport to represent the fair value of Vaalco’s crude oil and natural gas reserves. The SEC strictly prohibits companies from aggregating proved, probable and possible reserves in filings with the SEC due to the different levels of certainty associated with each reserve category. GAAP does not provide a measure of estimated future net cash flows for reserves other than proved reserves and accordingly it is not practicable to reconcile the NPV-10 value to a GAAP measure, such as the standardized measure. Estimates of NPV-10, as well as the underlying volumetric estimates, are inherently more uncertain of being recovered and realized than comparable measures for proved reserves. Further, because estimates of probable reserve volumes have not been adjusted for risk due to this uncertainty of recovery, their summation may be of limited use. WI CPR Reserves and Resources WI CPR reserves represent proved (“1P”), proved plus probable (“2P”) and proved plus probable plus possible (“3P”) estimates as reported by NSAI and GLJ and prepared in accordance with the definitions and guidelines set forth in the 2018 Petroleum Resources Management Systems approved by the Society of Petroleum Engineers. The SEC definitions of proved, probable and possible reserves are different from the definitions contained in the 2018 Petroleum Resources Management Systems approved by the Society of Petroleum Engineers. As a result, 1P, 2P and 3P WI CPR reserves may not be comparable to United States standards. The SEC requires United States oil and gas reporting companies, in their filings with the SEC, to disclose only proved reserves after the deduction of royalties and production due to others but permits the optional disclosure of probable and possible reserves in accordance with SEC definitions. 1P, 2P and 3P WI CPR reserves, as disclosed herein, may differ from the SEC definitions of proved and probable reserves because: Pricing for SEC is the average closing price on the first trading day of each month for the prior year which is then held flat in the future, while the 1P, 2P and 3P WI CPR pricing assumption was $80 per barrel of oil beginning in 2025, $70 in 2026, and inflating 2% thereafter; and Lease operating expenses are typically not escalated under the SEC’s rules, while for the WI CPR reserves estimates, they are escalated at 2% annually beginning in 2026. In addition, Vaalco uses terms in this presentation, including “1C,” “2C,” and “3C,” that SEC guidelines strictly prohibit Vaalco from including in its SEC filings. 1C is a low estimate scenario, 2C is a best estimate scenario, and 3C is a high estimate scenario of “contingent resources”; that is, quantities of petroleum potentially recoverable from known accumulations by the application of development projects not currently considered to be commercial owing to one of more contingencies. Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. These estimates are by their nature are more speculative than estimates of proved, probably and possible reserves that meet the SEC’s definitions of such terms and are subject to substantially greater risk of being realized. Management uses 1P, 2P, 3P, 1C, 2C, and 3C and Prospective Resource as a measurement of operating performance because it assists management in strategic planning, budgeting and economic evaluations. Management believes that the presentation of these metrics is useful to its international investors, particularly those that invest in companies trading on the London Stock Exchange, in order to better compare reserve information to other London Stock Exchange-traded companies that report similar measures. However, they should not be used as a substitute for proved reserves calculated in accordance with the definitions prescribed by the SEC. In evaluating Vaalco’s business, investors should rely on Vaalco’s SEC proved reserves and other oil and natural gas disclosures included in Vaalco’s latest Form 10-K and other reports and filings with the SEC, and consider 1P, 2P, 3P, 1C, 2C and 3C and Prospective Resources only supplementally. Other Oil and Gas Advisories › Investors are cautioned when viewing BOEs in isolation. BOE conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalencies described above, utilizing such equivalencies may be incomplete as an indication of value.
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Vaalco Energy 3 Who Are Vaalco? Vaalco Capital Markets Day | May 2025 • Established in 1985, Listed on NYSE & LSE with 255 employees • Operating and developing successfully in five countries. Completing major development projects and keeping an average uptime of 97% over all assets • Diverse long-life portfolio with material production, near-term development and significant upside • Multiple development catalysts in the near-term, with fully funded development campaigns in three countries in 2025 • Sustainable dividend in place offering a material income to shareholders with potential for further shareholder returns in future • Proven track record of accretive inorganic growth. Multiple accretive transactions since 2021, growing WI production and 2P reserves by 4.4x and 12x respectively EGYPT CÔTE D'IVOIRE GABON EQUATORIAL GUINEA CANADA Alberta A leading independent diversified oil & gas operator 2024 WI Production 24,738 BOEPD 2024 NRI Sales of 19,843 BOEPD 2024 Adjusted EBITDAX (1) $303 million SEC Proved Reserves(2) of 45.0 MMBOE 2P WI CPR Reserves(2) 96.1 MMBOE Current Dividend Yield 7.3% 63% institutionally owned 97% free float Top quartile dividend yield Russell 3000 index member 1. Adjusted EBITDAX is a Non-GAAP financial measure and is described and reconciled to the closet GAAP measure in the attached tabl e under “Non-GAAP Financials Measures” in Appendix 2. Reserves estimates as of December 31,2024 based on NSAI and GLJ reports
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Vaalco Energy 4 Leadership Team with Proven Track Record of Delivering Value Vaalco Capital Markets Day | May 2025 Continuous proven success in African focused E&P George Maxwell Thor Pruckl Ronald Bain Casey Donohue Chief Executive Officer and Director EVP - Chief Operating Officer EVP - Chief Financial Officer EVP – Technical & Business Development Over 130 Years of Combined Experience
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Vaalco Energy 5 Key Takeaways Vaalco Capital Markets Day | May 2025 Clear, Consistent Strategy with Four Years of Successful Execution and Delivery Highly Successful, Proven Operator & Management Team Material Organic Growth Opportunities, Growing Production 50% Over Next 12-18 Months and 250% Over Next Five Years(1) Existing Portfolio Has Significant Cashflow Opportunities Over Next Five-years Strong Balance Sheet and Disciplined Capital Allocation Proven Delivery of Transformational Accretive Inorganic Growth with Clear Acquisition Criteria Peer Leading Dividend Yield 1. Estimates based on Management’s assumptions
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Vaalco Energy 6 Vaalco’s Revised Strategy Communicated in 2021 Vaalco Capital Markets Day | May 2025 Four years of successful delivery Successfully Execute Work Programs, Grow Production and Reserves Unlock Meaningful Potential in the Portfolio Diversified, Highly Accretive Inorganic Growth Opportunities With Strategic Focus Efficiency Focused and Strong Balance Sheet Achieving Significant Shareholder Returns by Maximizing Value From its Existing Resources 1 2 3 4 5
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Vaalco Energy 7 1 Four Years of Successful Strategic Delivery Vaalco Capital Markets Day | May 2025 Continuously accomplishing operational, financial and growth goals 3 1 2022 20232021 20232022 2024 2021 2024 • Acquisition of Sasol’s Etame Interest • New FSO for Etame • Began Phase 2 Drilling at Etame 4 2 3 • Completed Phase 2 Drilling at Etame 1 1 • Completion of Etame Field Reconfiguration • Equatorial Guinea Plan of Development Approved • TransGlobe Combination • $50 million RBL • Successful Integration of TransGlobe Operations in Vaalco • Successful Drilling in Egypt • Optimized Drilling in Canada 5 • Launched $30 Million Buyback Program • Concluded $30 Million Buyback Program • Contracted Rig for Phase 3 in Etame, Gabon 2 3 • Acquisition of Svenska, CDI 1 5 2 Four Years of Transformational Achievements 5 • Vaalco Initiated Sustainable Shareholder Returns through Dividend 2 5 • Doubled Sustainable Dividend
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Vaalco Energy 8 Successful Execution of Multiple Work Programs Across Portfolio Vaalco Capital Markets Day | May 2025 Increasing production and reserves materially year-on-year for four years HIGHLIGHTS WI Production increased by 4.4x and 2P WI Reserves by 9.9x in four years. Organic 2P Reserves Replacement at Egypt of 100% over last 2 years Organic 2P Reserves Replacement at Etame, Gabon of 88% over last 4 years with gross production of 23.2 MMBBLS in this time 5,579 8,734 12,177 23,946 24,738 0 2,500 5,000 7,500 10,000 12,500 15,000 17,500 20,000 22,500 25,000 27,500 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 WI BOEPD 9.7 19.5 76.4 77.3 96.1 0.0 20.0 40.0 60.0 80.0 100.0 120.0 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 MMBOE Production (WI)2P WI Reserves(1) 1.Reserves based on NSAI and GLJ reports
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Vaalco Energy 9 YE24 1C YE24 2C YE24 1P YE24 2P Unlocking Meaningful Potential in the Portfolio Vaalco Capital Markets Day | May 2025 Vaalco has consistently unlocked reserves and value through dynamic organic growth Year-end 2023 Vaalco Has a Material Portfolio of Organic Development Value Drivers Year-end 2024 2P WI Reserve Adds from Organic Growth HIGHLIGHTS Crude Sweetening Project at Etame lead to overall Ebouri reserves increases of 334% and 204% in 1P and 2P respectively in YE24 vs YE23 Approval of Venus plan of development added material reserves Phase 5 Drilling In leading to significant reserve adds and reduction in costs per barrel 0 1 2 3 4 5 6 7 YE23 1C YE23 2C YE23 1P YE23 2P Reserves/Resources mmbbls Crude Sweetening Additional Volumes Additional Drilling Ebouri Unlocking Gabon Reserves Through Crude Sweetening Ebouri Reserves & Resources Movements 2023 to 2024 (1) Reserves(1) Additions from Future Drilling Campaigns 8.97 13.8 4.76 9.0 16.2 4.8 0 2 4 6 8 10 12 14 16 18 20 CDI Drilling EG Venus(2) Gabon Drilling Barrels Received from Carry 1. Reserves estimates as of December 31,2024 based on NSAI and GLJ reports 2. WI barrels including barrels Vaalco will receive for the repayment of carried costs per YE24 NSAI report as of December 31, 2024
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Vaalco Energy 10 Track Record for Value Accretive M&A Vaalco Capital Markets Day | May 2025 Three highly accretive transformative transactions in four years HIGHLIGHTS Sasol Transaction(1) Svenska Transaction(1) $3.70 $3.18 $2.21 0 0.5 1 1.5 2 2.5 3 3.5 4 1P 2P 2P+2C $/bbl Acquisition Cost $/bbl $2.13 $1.58 $0.84 0 0.5 1 1.5 2 2.5 1P 2P 2P+2C $/bbl Acquisition Cost $/bbl >$40 million of synergies achieved Doubled Vaalco production and Tripled 1P reserves Feb 2021 Acquisition of Sasol Gabon’s 27.8% WI in Etame October 2022 Strategic Combination with TransGlobe Energy April 2024 All Cash Acquisition of Svenska Petroleum Exploration TransGlobe Merger(1) 1. As of Year-End 2024. Estimates based on NSAI as of December 31, 2024 and management assumptions
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Vaalco Energy 11 Efficiency Focused & Strong Balance Sheet Vaalco Capital Markets Day | May 2025 A robust approach to costs and corporate finance HIGHLIGHTS Peer leading Leverage Ratios Vaalco optimization of drilling days in Egypt has reduced average drilling cost by $418,750(2). A 66% reduction. Debt / EV (Multiple)(1) 0 <0.5 0.5 0.5 0.6 0.8 0.8 0.9 1.1 0 0.2 0.4 0.6 0.8 1 1.2 Peer 1 EGY Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Strong Stewardship Underpinned Four Years of Successive Growth 2022: Avg. drilling time was 38 days $636,500 per well 2023: Reduced to under 15 days $251,250 per well 2025: Further improved to 13 days $217,750 per well To date ~1.5 years of drilling days saved! Vaalco Has Optimized the Efficiency of the Egyptian Operations(2) 1. Peers include: Africa Oil, BW Energy, Kosmos, Panoro Energy, Seplat, Talos Energy, Tullow and W&T Offshore. Source: Factset consensus estimate as of May 9, 2025. Vaalco Q1 2025 report 2. Based on current rig contracts at $65/bbl Brent
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Vaalco Energy 12 Achieving Significant Shareholder Returns Vaalco Capital Markets Day | May 2025 By maximizing the value of, and free cash flow from, its existing resources HIGHLIGHTS Adjusted EBITDAX Cumulative Shareholder Returns $9.3 $35.9 $61.8 $74.7 $3.0 $24.5 $30.0 $30.0 0 20 40 60 80 100 120 2022 2023 2024 Q2 2025(1) millions of $ Dividends Buyback Total $12.3 Total $60.4 Total $91.8 Adjusted EBITDA grown by more than 11x in Four Years Over $100 million of shareholder returns between 2022 and Q2 2025 Over 75% of FCF returned to shareholders between 2022 and 2024 Accelerating Financial Metrics and Peer Group Leading Dividend Yield Total $104.7 $26 $85 $186 $280 $303 30.0% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0% 65.0% 0 50 100 150 200 250 300 350 2020 2021 2022 2023 2024 Margin % Millions of $ Actual EBITDA Margin % 1. Based on previously announced second quarter dividend of $0.0625 per share of common stock to be paid on June 27, 2025 to stockholders of record as of May 23, 2025
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Vaalco Energy 13 Continued Implementation of Growth Strategy Vaalco Capital Markets Day | May 2025 Increasing planned production by a further 50% in under 18 months and driving value 1 2025 • Commence Gabon 2025/2026 Drilling Campaign 2 2026 2027 and beyond • Egypt 10-15 Well Drilling Program • Cote d’Ivoire FPSO Project • Equatorial Guinea FEED and FID • Cote d’Ivoire Phase 5 Drilling Campaign • Farm-in to CI-705 CDI 1 1 3 1 • Complete Gabon 2025/2026 Drilling Campaign 1 • Egypt Continued Drilling Program • Cote d’Ivoire FPSO Returns and Production back online2 • Development of Venus Field EG • Development of Kossipo Discovery in CDI • Further Infill Drilling in Gabon, CDI and Egypt Continuous Material Catalysts Driving Value and Shareholder Returns 2 2 Planned Production to Increase by 250% Through 2030 4 • Up to $300 million RBL In Place • Kossipo Development POD2 1 2
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Vaalco Energy 14 Diversified, Full-Cycle Portfolio
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Vaalco Energy 15 A Diverse Africa Focused Portfolio Vaalco Capital Markets Day | May 2025 Production focused with material organic growth opportunities and upside EGYPT CÔTE D'IVOIRE GABON EQUATORIAL GUINEA CANADA Alberta Gabon 2024: 8,741 BOEPD (WI) 100% Oil 11.1 MMBOE YE 2024 net SEC proved reserves(1) Achieved ˜97% production time Secured a drilling rig in Q4 2024 for 2025/2026 drilling program Côte d’Ivoire 2024: 2,891 BOEPD (WI) 100% Oil 16.4 MMBOE YE 2024 net SEC proved reserves(1) Paid back 1.8x initial net investment between closing and year-end 2024 Invested $3 million to acquire 70% interest in CI-705 block that has attractive drilling prospects Equatorial Guinea Expected IP Rate of up to 20,000 BOEPD (Gross) 100% Oil 23.0 MMBOE YE 2024 Gross 2P reserves (1) Venus project currently in FEED with FID planned for 2025 Canada 2024: 2,749 BOEPD (WI) 40% Oil 31% NGL’s 29% Natural Gas 8.1 MMBOE YE 2024 net SEC proved reserves(1) Drilled and completed four wells in 1H 2024 Drilled well in the southern acreage in Q4 2024 Egypt 2024: 10,357 BOEPD (WI) 100% Oil 9.4 MMBOE YE 2024 net SEC proved reserves(1) Executed 12 recompletions to help mitigate decline Contracted a rig in Q4 2024 and continuous drilling since 1. Reserves estimates as of December 31,2024 based on NSAI and GLJ reports
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Gabon
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Vaalco Energy 17 Upside Opportunities Gabon Overview Vaalco Capital Markets Day | May 2025 SEC Proved CPR 2P CPR 3P 1C 2C 3C Etame WI (MMBBLS)(1) 12.7 17.1 23.9 10.9 14.0 20.4 NRI (MMBBLS)(1) 11.1 12.7 17.1 Material Position Across 3 Blocks Strong Production Base Near Term Production Growth › Significant trend exploration potential in Niosi, Guduma › Phase 4 Etame drilling campaign › Phase 3 development campaign with first oil expected late 2025 › Phase 3 2P volumes > 10 MMBO with incremental IP increase of 16,000 BOEPD › Monetizing Ebouri resource through crude sweetening › Etame Marin Block ‐ Vaalco (Op, 58.81%) ‐ Continuous block under single Etame Marin PSC after 2021 renegotiation › Niosi and Guduma Exploration Licenses ‐ BWE (Op.), Vaalco (37.5% WI) › Production from 5 fields on Etame Marin, largely from the Gamba formation › > 140 MMBO extracted to date › Currently producing ~ 15,000 BOEPD (gross) 2,974 km2 1,927 km2 Vaalco has been producing from Etame for over 22 years 1. Reserves/Resources estimates as of December 31,2024 based on NSAI
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Vaalco Energy 18 Gabon Subsurface Vaalco Capital Markets Day | May 2025 Gamba & Dentale stratigraphic context › Gamba sands are regionally extensive and of excellent quality ‐ Deposited in a braided fluvial environment, directly above the Dentale Unconformity › Vaalco making strides in understanding of variability of Dentale sands which are comprised of multiple sand-shale cycles of moderate to very good quality ‐ Deposited in a meandering- anastomosing fluvial environment with lake margin deltaic and shoreline sands Lacustrine mudstones Channel sands Lake NORTH SOUTH Delta & lake shoreline sands Fluvial, overbank shales & thin sands Dentale Depositional Model Gamba Depositional Model Vembo mudstones Gamba Sands
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Vaalco Energy 19 Gabon Phase 3 Program Update Vaalco Capital Markets Day | May 2025 › Expected spud date September 2025 › Rig booked for 5 firm and 5 contingent well slots › Gamba focused program › Currently Planned ‐ Ebouri Infill ‐ Two Workovers at Ebouri ‐ Etame Infill (preceded by 2 pilot holes) ‐ SE Etame Infill ‐ West Etame Exploration › Program Estimates ‐ 2P CPR Reserves of Gross: 8.3 MMBO(1) ‐ Incremental Unrisked IP = 16,000 BOEPD(2) Further unlocking of Etame’s potential 1. Reserve estimates as of December 31,2024 based on NSAI report 2. Management Estimate
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Vaalco Energy 20 Monetizing Ebouri Resource with New Technology Vaalco Capital Markets Day | May 2025 › The Ebouri field was discovered in 2004 and brought online in 2009 › Initial oil production (2009) showed no H2S › In 2012 H2S detected at EEBOM-3H and –4H wells; both wells shut in › EEBOM-2H continued to produce at treatable levels › New low-cost approach developed to treat sour crude with chemical sweetening › Workovers planned during Phase 3 drilling campaign to install robust down hole injection to increase production at Ebouri and upgrade the ESP's › Sweetening will add ~4.3 MMBO gross additional reserves at Ebouri(1) *Data to 03/2025 Proactive and dynamic operations to drive value 1. Reserve estimates as of December 31,2024 based on NSAI report
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Vaalco Energy 21 Etame Marin Future Opportunities Vaalco Capital Markets Day | May 2025 Phase 4 drilling campaign (2028-2029) Production Resources(1) (MMBO) Ebouri Infill (Gamba) 1.2 Etame Infill (Gamba) 1.5 Dentale Subcrop 1 2.2 Dentale Subcrop 2 2.2 ETSEM-C (Gamba) 1.2 D-9 oil (N Tchibala) 1.5 Exploration COS STOOIP (MMBOE) (2) P50 P10 Elili* (Dentale) *Niosi Block 44% 127 284 NE Avouma (Gamba) 46% 7.8 17.6 Contingent Resources Prospective Resources 1 2 3 2 3 1 1 2 3 1. Reserves/Resources estimates as of December 31,2024 based on NSAI 2. Reserves/Resources estimates as of December 31,2024 based on NSAI and Management’s assumptions
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Vaalco Energy 22 New Exploration Blocks in Gabon Vaalco Capital Markets Day | May 2025 Niosi Marin & Guduma Marin › Combined area is 4,918 km2 and adjacent to Etame Marin and Dussufu Marin › Primary reservoirs are Gamba and Dentale › Costs are PSC commitment total costs for the block (Vaalco @ 37.5%) license Niosi Marin Guduma Marin Partners BWE (op)/ Vaalco / Panoro 37.5% / 37.5% / 25% Contract Signed 03/2025 Exploration Phase 1 5 years 3 years Commitment 1000 km2 seismic + 1 well Geological + Geophysical Study Min. costs (gross) $15MM + $20MM $5MM Additional Exploration Phases 3 years 3 years + 2 years Commitment 1 well 1 well / phase Min. costs (gross) $20MM $20MM / phase 2025 2026 2027 2028 2029 2030 2031 2032 2033 Sign PSC Niosi Well Niosi Marin: Exploration Phase 1 (5 years) Exploration Phase 2 (3 years) Guduma Marin: Exploration Phase 1 (3 years) Exploration Phase 3 (2 years) Acquire Seismic 1 wellSeismic Processing Interpretation Drill Program Preparation Acquire Seismic Seismic Processing Interp+Study
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Vaalco Energy 23 Niosi Marin Exploration Block Vaalco Capital Markets Day | May 2025 Prospect example: Elili (Updip from GBO-2X well) Elili Prospect › Significant tilted Dentale structure with 4-way closure ‐ Overlying Gamba structure with 4-way closure ‐ Downdip GBO-2X well shows ~60 m of good quality reservoir sands in Dentale › Key Risk: Trap/Reservoir continuity › POSg = 44% › P10 area: 2,270 acres GBO-2X GBO-2X E LILI P ROSPECT NE SW Block Niosi Marin Water Depth ~ 120 m Depth ~ -3220 m TVDSS Dentale Volumes (all units) (1) Unit P90 P50 P10 STOOIP 55 127 284 Recoverable MMBOE 16 38 85 1. Estimates based on Management’s assumptions
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Côte d’Ivoire
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Vaalco Energy 25 Côte d’Ivoire Overview Vaalco Capital Markets Day | May 2025 Opportunity for growth under favorable investment terms Cash Generative Material Asset Base with Significant Upside Baobab Continued Development and Optimization Near Term Production Growth With Baobab Phase 5 Program Growth Via Development of Kossipo and Further Baobab Development Rapid Expansion in Côte d’Ivoire › CI-40 Baobab and Kossipo gross 2P 85.9 MMBOE(1) and 2C 166.4 MMBOE(2) › Low recovery factor ~14% with potential to increase to +30% (3) › Kossipo gross 2C resource of 89.9 MMBOE(2) › Planned as a subsea tie-back to the Baobab FPSO, first oil 2030 › Baobab Phase 6: 2C gross resources of 76.5 MMBOE(1) › Efficient, high uptime production facility › FPSO refurbishment project ongoing › Awarded license extension to 2038 › 2Q24: Vaalco entered CDI through acquisition of Svenska Petroleum Exploration › 2025: Acquired 70% operated interest in CI-705 › Continuing to evaluate opportunities for growth in CDI › Rig contract award planned for 2Q25; All other major contracts placed; First oil 2H26 › Phase 5 gross reserves of 32.7 MMBOE(1) with production peaking at 27,000 BOEPD 1. Reserves/Resources estimates as of December 31,2024 based on NSAI 2. Estimates based on Management’s assumptions 3. Based on Stock Tank Original Oil in Place at YE24
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Vaalco Energy 26 CI-40 Overview Vaalco Capital Markets Day | May 2025 › Baobab field was discovered in 2001 and is located in the western half of the CI-40 license, 30km offshore Côte d’Ivoire › Operated by Canadian Natural Resources (CNR) (57.6% WI), Vaalco (27.4%) and Petroci (15.0% WI) as partners › PSC license to April 2038 › Baobab is a low opex, highly cash generative asset with a material reserves and resource base › Baobab substantial gross 2P reserve base of 85.9 MMBOE and 2C of 76.5 MMBOE(1) › Low recovery factor to date of just over 14% with potential to increase estimate ultimate recovery to over 30% › CI-40 also contains the Kossipo discovery, gross 2C 89.9 MMBOE(2) › Baobab field is currently shut in during the planned FPSO refurbishment project License Summary SEC Proved CPR 2P CPR 3P 1C 2C 3C Baobab WI (MMBOE)(1) 17.4 23.5 28.2 8.9 20.9 40.7 Entitlement(1) (MMBOE) 16.4 21.7 24.3 Water depth 400-1,600 m License Term April 2038 First Oil August 2005 Produced 158.4 MMBOE Offshore Côte d’Ivoire 1. Reserves/Resources estimates as of December 31,2024 based on NSAI 2. Estimates based on management’s assumptions
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Vaalco Energy 27 45 29 19 17 28 23 20 17 13 9 14 27 22 22 26 21 18 18 17 16 1 10 27 25 23 26 37 30 25 21 18 16 14 5 0 10 20 30 40 50 2005A 2007A 2009A 2011A 2013A 2015A 2017A 2019A 2021A 2023A 2025A 2027E 2029E 2031E 2033E 2035E 2037E mmbl/d Phases 1-4 Phase 5 Phase 6 Baobab : A solid foundation for a successful future Vaalco Capital Markets Day | May 2025 Experienced operator with long production history › Baobab field has been producing since 2005 under the operatorship of CNR an experienced global operator › The Baobab field development has taken place in 4 development drilling phases having recovered only ~14% of the reserves to date › Production was suspended in January 2025 and the FPSO towed to dry dock for significant refurbishment program including steel renewal and turret bearing replacement › Production is expected to resume in May 2026 and produce until 2038 Gross Production Baobab, MBOPD(1) BAOBAB Produced to date 144.5 MMBBLS EUR (Phase1-6) 246.5 MMBBLS Phase 1 Phase 2 Phases 3 & 4 FPSO Refurbishment Estimates 1. Estimates based on Management’s assumptions
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Vaalco Energy 28 Near Term Production Growth – Baobab Phase 5 Vaalco Capital Markets Day | May 2025 Advanced development project in proven reservoir planned for 2026 › Phase 5 gross reserves: 2P 32.7 MMBOE (WI 9.0 MMBOE)(1) › 4 producers and 3 water injectors tied into existing subsea infrastructure › 4D seismic acquired in 2023 › All key long lead item contracts placed › Rig award planned Q2 2025 › First oil Q4 2026 Well locations 1. Reserve estimates as of December 31,2024 based on NSAI report
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Vaalco Energy 29 CI-40 Kossipo Discovery Overview Vaalco Capital Markets Day | May 2025 Further low risk growth beyond the Baobab field › The Kossipo discovery sits 8 km to the south-east of Baobab › High-quality oil: 34.6°API and 836 scf/stb › Discovered in 2002 with the Kossipo-1X well › Appraised in 2019 with Kossipo-2A well › Reprocessing of a 3D seismic survey of Kossipo took place in 2014 and OBN was acquired 2024 › OBN being processed with early products expected in Q3 2025 › Development will be a subsea tie back to the Baobab FPSO › First oil Kossipo Phase 1 planned 2030 2C 3C Oil (MMBBL) 78.6 99.0 Gas (BCF) 65.7 82.7 Total (MMBOE) 89.9 113.3 Kossipo Gross Field Resources(1) 1. Estimates based on Management’s assumptions
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Vaalco Energy 30 CI-40 Further Development Phases – Baobab Phase 6 Vaalco Capital Markets Day | May 2025 Baobab 2C resources of 71.5 MMBBL to be developed post Phase 5 supporting the Phase 6 campaign › Further development drilling phases are planned in Vaalco’s view in order to take the ultimate recovery of the field to over 30% › The scope for Phase 6 currently is a 3 production well and 1 water injection well campaign, utilizing existing infrastructure › Phase 6 gross management estimates for resources are 20.9 MMBBL › 2C resources beyond Phase 5 are 71.5 MMBBL › First Oil Phase 6 expected in 2031 Well Locations – Phase 6 Planned Gross Production, MBBL/d (1) Gross Reserves to be Produced(1): 20.9 MMBBL 1. Estimates based on Management’s assumptions
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Vaalco Energy 31 CI-705 Expanding and Diversifying Vaalco’s Footprint in Cote D’Ivoire Vaalco Capital Markets Day | May 2025 Q1 2025 Vaalco became an operator with 70% interest in CI-705 › Proven hydrocarbon system (oil & gas) › Multiple leads & prospects identified on block ‐ Albian sandstone reservoirs proven at Baobab/Kossipo, Lion-Panthere & Foxtrot ‐ Late Albian carbonate reservoirs proven at Baleine field (2.5 billion barrels in place) ‐ U. Cretaceous deepwater sands proven at Paon & Calao (1.0 – 1.5 billion barrels) › Seismic and geological studies throughout 2025/2026 › Exploration drilling 2027/2028 CI-705 Details License Group Vaalco (Op.,70%), ICE (20%), Petroci (10%) Block Size 2,289 sq km WD Range 0 – 2500m Wells To Date 3 (Barracuda, K-1 and K-2)
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Vaalco Energy 32 Egypt
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Vaalco Energy 33 Egypt Overview Vaalco Capital Markets Day | May 2025 SEC Proved CPR 2P CPR 3P 1C 2C 3C Egypt WI (MMBBLS)(1) 16.3 22.1 29.1 15.9 27.5 51.9 Entitlement(1) (MMBBLS) 9.4 12.9 17.0 10 km Upside Opportunities Strong Production Base with Growth Maintaining Asset Longevity Operational Excellence › Exploration program in Northwest Gharib (Eastern Desert) and in South Ghazalat acreage in Abu Gharadig Basin (Western Desert) › Evaluation of contractual terms for our Western Desert assets › Reduced drilling times by 66% and dramatically improved production hook-up pace › Applying new technology to enhance operational efficiency › Enhanced well surveillance and diagnostics › Improved water flood efficiency › Improving ESG metrics and strong safety culture › Following Vaalco’s entry in 2022, consistent production growth through drilling programs and recompletion campaigns › Currently producing circa. 11,000 BOEPD › Active drilling program targets further production gains › Near field exploration to bring on new production at minimal facilities capex › Pursuing all behind pipe opportunities › Optimizing secondary and tertiary recovery 1. Reserves/Resources estimates as of December 31,2024 based on NSAI
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Vaalco Energy 34 Eastern Desert Brown Field Development Vaalco Capital Markets Day | May 2025 › Using improved well design and new technology to drill multi-target deviated wells › Evaluating the deep targets in existing fields › Utilizing new interpretation and evaluation technology to discover new reservoirs Enhancing performance and unlocking potential Scale 1:5000 Key Achievements: An Example from the K-Field 2023: 2025: 2025: Proved deeper potential in the ASL-G Discovered deeper pay in the Bakr sand Drilled K-88, first deviated multi-target well since 1980, penetrating 7 reservoirs -Reinforcing ASL-G as a promising horizon -Excellent IP Rate: Tested at 408 BOPD in Feb-25
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Vaalco Energy 35 Vaalco Capital Markets Day | May 2025 South Ghazalat and North West Gharib Egypt Upside Potential SGZ Dev. Lease Prospect 2 Prospect 5 SGZ-7B structure › Seismic re-interpretation using seismic spectral decomposition › Identified upside potential at SGZ-7B structure in addition to two new prospects › Plan to drill 1 appraisal well in 2025 › New structural mapping in NWG identified upside potential in three different segments; red, green and blue on chart › Further plan to drill 3 exploration wells, one in each segment and 4 appraisal wells South Ghazalat – Top Red Beds Depth Map NWG-51-1 NWG-51-2 NWG-49-2 NWG-49-1 NWG-49X NWG-50X NWG-50-1 NWG-49-3 NWG-49-4 NWG-49-5 Nose Prospect (C.I.=50 ft) Exploration wells Appraisal wells Development wells NW Gharib - Near Top Nukhul Depth Map
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Equatorial Guinea
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Vaalco Energy 37 Equatorial Guinea Block P Overview Vaalco Capital Markets Day | May 2025 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 › Vaalco as operator holds 60% interest in Block P and 96% economic interest from first oil until carry is repaid. › Venus P-2 Discovery well in 2005 encountered 50 m gross, 46 m net of excellent quality oil-bearing sands ‐ Venus P-2ST Appraisal well encountered the field OWC › Direct analogues to the producing Ceiba and Okume complex SEC Proved CPR 2P CPR 3P 1C 2C 3C EG WI (MMBBLS)(1) 6.8 13.8 19.1 1.4 5.8 12.4 Entitlement (MMBBLS) (1) 8.3 14.2 18.3 Excellent Oil Quality in a Proven Reservoir Additional Prospectivity on Block Approvals in Place First Oil on the Way › Additional leads/prospects identified on block ‐ Post-Rift: Marte South, Marte North, Urano and SW Grande ‐ Pre-Rift: Saturno › Working toward FID on approved Plan of Development › Development is focused on Venus, with potential Europa tieback › FEED study nearing completion › First oil planned by end-2028 1. Reserves/Resources estimates as of December 31,2024 based on NSAI
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Vaalco Energy 38 Venus Field Vaalco Capital Markets Day | May 2025 › Discovered in 2005, two appraisal wells drilled › High quality U. Cretaceous deepwater turbidite sands ‐ Average Porosity = 26% ‐ Average Permeability = 570 md (sands up to 3000 md) › Expected recovery factor ~ 40 - 50% › High Quality Oil ‐ 30o API, Viscosity = 0.94cP at reservoir conditions ‐ Low paraffin and asphaltene content › Wells expected to deliver at rates up to 10,000 BOEPD per well (Gross) › Water Injection planned to commence at start up › Mid-Case EUR ~ 27 MMBO(1) Top Green Sand Base Green Sand OWC P - 2ST - 1 P - 2 W E P - 2ST - 1 P - 2 P - 3 Top Green Sand Material production and value offshore Equatorial Guinea 1. Estimates based on Management’s assumptions
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Vaalco Energy 39 Canada
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Vaalco Energy 40 Canada Overview Vaalco Capital Markets Day | May 2025 Proven Play in the WCSB Stable Production Base Significant Drilling Inventory › Oil-focused natural gas exploration and production operation › Developing the prolific Cardium formation in central Alberta's Western Canadian Sedimentary Basin ‐ Newer completions techniques allow exploitation of previously under-developed Cardium Upper Shoreface section › 48 gross long-reach lateral locations identified ‐ Most drillable from existing pad-sites › Combination of pooled Crown and Freehold Lands ‐ Most assets are at 100% WI SEC Proved CPR 2P CPR 3P Canada WI (MMBOE)(1) 9.5 19.6 24.4 Entitlement (MMBOE)(1) 8.1 16.6 20.6 › Current production of ~ 2,800 BOEPD (WI) › Stable production base can be maintained with limited Capex 1. Reserves/Resources estimates as of December 31,2024 based on GLJ Report
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Vaalco Energy 41 Cardium Production Type Curves & Single Well Economics Vaalco Capital Markets Day | May 2025 Proven well performance underpins the forward inventory › Drilling in South Harmattan has proven the type curve that supports the forward drillable inventory › Vaalco’s Canada team one of the first to implement pooling of Crown and Freehold Cardium mineral rights to leverage the economic benefits of longer horizontal wells across its “checkerboard” land position ‐ Crown lands have a Royalty holiday in the first phase of production. Pooling with slightly-higher royalty freehold lands allows the distribution of cost for the surface infrastructure and vertical portion of the well across a longer productive length 0 50 100 150 200 250 300 350 400 450 0 12 24 36 48 60 Gross Oil Rate (bbl/d) Months on Production 1-Mile 2-Mile 2.75-Mile Cardium Type Curves Well Length 1-Mile 2-Mile 2.75-Mile Crown/FH mix 100% CR 50% Crown 50% FH 64% Crown 36% FH Company Share WI% 100% 100% 100% Example Well Layout IP(30) bopd 155 300 400 2P EUR (WI) mboe 157 349 513 Total Royalty % 18% 15% 15% Crown Freehold Crown Freehold Crown Crown
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Vaalco Energy 42 Material, Near-term, Fully- funded Projects to Deliver Step- change in Organic Growth Key Projects
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Vaalco Energy 43 A Diverse Growth Portfolio Vaalco Capital Markets Day | May 2025 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 Egypt We plan to invest between $250 and $300 million in 2025 as we:
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Vaalco Energy 44 Investing For Growth Vaalco Capital Markets Day | May 2025 2025/2026 development providing significant production and value to stakeholders MV-10 Refurbishment Baobab Phase 5 Drilling Gabon Phase 3 Drilling Production & Reserves Cost(1) Target Start-Up Unlocking material production and value until license expiry Significant production increase dropping breakeven opex to low levels adding significant baseline FCF to Vaalco Self funding within 6-months of first oil, Extending field life and producing material FCF well into 2030 Field coming back online in excess of 15,000 BOEPD Initial Gross production expected to increase by 15,000 BOEPD and add 25 MMBBLS of 2P reserves Expected to increase Etame gross production to back over 23,000 BOEPD Net Capex spend of $139.5 million Net Capex spend of $161.5 million Net Capex of $160.8 million May 2026 July 2026 September 2025 Equatorial Guinea Currently in FEED with strong economics, with material expected production WI 1P and 2P CPR Reserves of 6.8 MMBBLS and 13.8 MMBBLS respectively and initial expected gross production of 20,000 BOEPD Currently in FEED Currently in FEED 1. Estimates based on Management’s assumptions
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Vaalco Energy 45 Preparing for the Future – FPSO Baobab Ivoirien Refurbishment Vaalco Capital Markets Day | May 2025 FPSO refurbishment ongoing to secure a long future › FPSO Baobab Ivoirien was converted in 2003 with Baobab first oil in 2005 and was on station for 20 years › The FPSO has been purchased and is JV owned since Q1 2025 › FPSO is a converted ULCC tanker originally with over a million barrels of storage capacity › To ensure class and optimal in-field activity to the end of field life, the planned FPSO dry dock project is ongoing › Replacement of swivel and turret bearing assembly › Extensive topside fabric maintenance › Accommodation upgrades › Control system updating and process piping replacement › Vessel expected back in the field in Q2 2026 and to be reconnected and back on production in May 2026
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Vaalco Energy 46 FPSO Baobab Ivoirien - Refurbishment Project Vaalco Capital Markets Day | May 2025 Vessel arrived at Drydocks World, Dubai ahead of schedule Scope > Turret bearing replacement > Hull steel renewal > Tank coating Milestones > Production shutdown > FPSO disconnect > FPSO tow commenced > FPSO arrival in Dubai > FPSO Quayside scope completed > FPSO commences Tow to Field > FPSO reconnect > FPSO Production restart January 2025 March 2025 March 2025 May 2025 Jan 2026 March 2026 May 2026 May 2026 Drydocks World Dubai Baobab Ivoirien Execution Location › The dry dock project is being executed under an EPC agreement with MODEC › The shipyard performing the refurbishment project is Drydocks World (DDW), Dubai Drydock to be used Berths 7 & 8 – Initial Berthing
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Vaalco Energy 47 Preparing for the Future – FPSO Baobab Ivoirien Refurbishment Vaalco Capital Markets Day | May 2025 Over 8,000 nautical miles completed safely › FPSO Baobab Ivoirien tow has reached Dubai › Distance covered from departure: 8159.2 nm › Turned over to Drydocks World Dubai May 13, 2025
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Vaalco Energy 48 Baobab Phase 5 Drilling Project Vaalco Capital Markets Day | May 2025 Baobab drilling in 2026 › 4 producers and 3 water injectors › The new Phase 5 wells will tie back to the existing North and South manifolds and pipelines › Phase 5 infrastructure plan expands seabed footprints at Drill Centre North and Drill Centre South › The design philosophy is similar to the Phase 3 and 4 expansions, by tying insulated flexible flow lines into existing manifolds › Key long lead item contracts placed including Subsea Christmas trees, wellheads, jumpers and OCTG › Subsea work/risers are being installed as part of the MV-10 reconnection scope DCN DCS Milestones > Drilling Rig Contract > Rig Mobilization > First Oil > Drilling Campaign Completed Q2 2025 Q2 2026 Q4 2026 Q2 2027
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Vaalco Energy 49 Gabon Drilling Campaign Vaalco Capital Markets Day | May 2025 › Rig Contract Executed for Five Firm Plus 5 Options › Highlights ‐ Further development at Ebouri recovering further reserves through crude sweetening including the drilling of an infill well and working over two existing wells ‐ Further production and appraisal at Etame ‐ Further infill drilling at South East Etame ‐ Gas supply requirement and gas well under review › Borr Norve Contracted ‐ Independent leg jack up ‐ Same unit used for Phase 2 drilling in 2021/2022 and BW Energy for most recent Dusafu Campaign Borr Norve In-Field Drilling in 2022 Milestones > Drilling Rig Contract > Rig Mobilization > Commence Drilling > First Oil > Drilling Campaign Completed Q4 2024 Q3 2025 Q3 2025 Q4 2025 Q3 2026 Continuing to unlock Gabon’s value
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Vaalco Energy 50 Equatorial Guinea Venus Development Vaalco Capital Markets Day | May 2025 Moving forward to first oil in the near term › Plan of Development obtained government approval › 2 Production wells, 10,000 BOEPD (Gross) per well and 1 Water Injector › Assessment of Venus Plan of Development (POD) remains ongoing with FEED study nearing completion to optimize facility and well design › Venus facility is planned as a standalone project with potential future tie back of nearby discoveries and prospects › Production expected to reach 20,000 BOEPD(1) (Gross) 0 5 10 15 20 25 30 - 5,000 10,000 15,000 20,000 25,000 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Total Oil Produced mmstb Oil and Water Production (STB/d) Oil Rate Water Rate Oil Total 1.Estimates based on Management’s assumptions
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Vaalco Energy 51 Egypt Operations Vaalco Capital Markets Day | May 2025 › 25 wells so far have been drilled by Vaalco to Q1 2025 › Fully compliant with environmental regulations › Increased efficiency of rig move process, reducing cost and accelerating production growth › Delivering 2 wells/month & optimizing performance to deliver 2.5 wells/month EDC-64 Drilling Rig 38 15 13 17 6 5 0 5 10 15 20 25 30 35 40 2022 2023 2025 Days Drilling Hook-Up Quick Production Hook up: Rig-release to Production Hook-up Reduced to Less Than 6 Days Vaalco Has Optimized the Efficiency of the Egyptian Operations 2022: Average drilling time was 38 days 2023: Reduced to under 15 days 2025: (Ongoing Program): Further improved to 13 days Efficient low cost well operations
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Vaalco Energy 52 Environment, Social and Governance Vaalco Capital Markets Day | May 2025 Integrated approach › We actively manage emissions and continue to drive down absolute emissions and emissions intensity from our operations › We take a robust approach to assessing infrastructure and decarbonization investment strategy that results in observable change › Scope 1 emissions have reduced year over year ‐ 29.44 kg CO2e/BOE in 2022 to 20.50 kg CO2e/BOE in 2024 31.5 19.79 20.36 20.62 24.77 15.62 28.11 24.69 22.93 29.44 21.93 20.5 10 15 20 25 30 35 2022 2023 2024 Gabon Canada Egypt Global Scope 1 Emission Intensity kgCO2e/BOE 2024 HIGHLIGHTS › Conducted physical and transition risk assessment for all operating regions › Identify new opportunities for operational decarbonization › Launched global multilingual HSSE Handbook establishing minimum safety and environmental standards › Upgraded our Safety Observation System with a QR code for easier reporting › Launched Supplier Code of Conduct › Delivering on our commitment to equality and inclusion
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Vaalco Energy 53 Enviable Balance Sheet Underpins Organic & Inorganic Growth Ambitions and Commitment to Sustainable Shareholder Returns Finance Highlights
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Vaalco Energy 54 Financial Highlights Vaalco Capital Markets Day | May 2025 Material cashflow, value and returns coupled with a peer group leading balance sheet Highly Cash Generative Production Out Beyond 2030 Significant Portfolio Value and Potential Upside Fully Funded Development Campaign while Maintaining Peer Leading Balance Sheet Strength Strong Cash Flow From Assets Sustaining Capital Allocation Optionality Continued Considerable Return of FCF to Shareholders 3 1 4 5 2 6 Hedging Philosophy
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Vaalco Energy 55 Significant Portfolio Value and Potential Upside Vaalco Capital Markets Day | May 2025 Vaalco share price sits at a material discount HIGHLIGHTS At NPV10 Vaalco currently trades at below year-end cash plus 1P reserves Vaalco trades at more than a 50% discount to 2P reserves Vaalco’s year-end cash plus 3P Nav is 3x the current market cap Vaalco’s Portfolio Offers Material Value to Current Share Price While Concurrently Offering a Compelling Income 82.55 82.5 379.5 397.5 766.6 766.6 1096.1 297 387.1 329.5 0 200 400 600 800 1000 1200 Cash at YE Proved 1P NAV Probable 2P NAV Possible 3P NAV Upside $3.66/share $7.38/share $10.56/share Market cap $360 million USD Million
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Vaalco Energy 56 Sustainable Dividend › Vaalco implemented a sustainable dividend in 2022 › Primary mode of cash return to shareholders › Current dividend yield to shareholders in upper quartile in peer group Capital Investment › Investments ranked and prioritised for returns › Strong production and reserves replacement with reducing break-evens preferred › Ideally assets are self sustainable from own revenues or debt-capacity Strong Cash Flow From Assets Vaalco Capital Markets Day | May 2025 Sustaining capital allocation optionality CASH FLOW PRIORITIES Peer Group Leading Balance Sheet › Vaalco targets peer group leverage ratios › Strong balance sheet has allowed for material organic investment while allowing Vaalco to be dynamic with acquisitions Further Shareholder Returns › Vaalco will look to increase shareholder returns when possible › In periods of discounted market value Vaalco will look to initiate a share buyback with available FCF Over 75% of free cash flow returned to shareholders between 2022 and 2024 $30 million of Vaalco stock purchased in latest buyback $300 million Reserves Based Lending facility put in place in Q1 2025 $16/bbl Development cost per 2P Barrel at Baobob, CDI(1) 1. Reserve estimates as of December 31,2024 based on NSAI report
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Vaalco Energy 57 Highly Generative Cashflow Vaalco Capital Markets Day | May 2025 Anticipated near-term free cash flow for equity exceeds current valuation HIGHLIGHTS High free cash flow generation anticipated following CDI, Gabon and Egypt 2025/2026 investment Disciplined Capital Allocation Approach to Balance Reinvestment With Shareholder Returns Expected free cash flow for Equity at modest commodity prices exceeds current market valuation over four years 0 100 200 300 400 500 600 700 FCFFE Mkt Cap Free Cash Flow(1) Generation (mid-2026 to mid-2030) USD Million, cumulative $80/bbl oil price $70/bbl oil price $65/bbl oil price $60/bbl oil price Current Market Value 1. Free Cashflow is based on Vaalco’s internal asset assumptions. It is net of anticipated operational costs, capex, debt servic e and G&A costs
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Vaalco Energy 58 Continued Considerable Return of FCF to Shareholders Vaalco Capital Markets Day | May 2025 Strong free cash flow driving further returns $9.3 $26.6 $25.9 $26.0 $26.0 $26.0$3.0 $21.5 $5.5 2022 2023 2024 2025E 2026E 2027E millions of $ Dividends Buyback Shareholder Returns Delivering Competitive Shareholder Returns(1) (%) … … with an ambition to continue shareholder returns along with further organic development › Robust expected FCF allows for continuation of sustainable dividend while investing in growth › With material FCF generation expected from 2026 onwards allowing for further shareholder returns ? ? ? ? Total $48.1 Total $31.4 0.0% 0.0% 0.0% 0.0% 2.7% 7.1% 8.0% 8.0% 9.1% 0 2 4 6 8 10 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 EGY Peer 6 Peer7 Peer 8 (%) 1. Peers include: Africa Oil, BW Energy, Kosmos, Panoro Energy, Seplat, Talos Energy, Tullow and W&T Offshore. Source: Factset consensus estimate as of May 9, 2025. Vaalco Q1 2025 report Total $12.3
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Vaalco Energy 59 Peer Leading Debt Ratios Vaalco Capital Markets Day | May 2025 Conservative approach to debt for investment sets company up for long-term success Debt / EV (Multiple)(1) 0 <0.5 0.5 0.5 0.6 0.8 0.8 0.9 1.1 0 0.2 0.4 0.6 0.8 1 1.2 Peer 1 EGY Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 0 0.4 0.6 0.7 0.9 1.2 2.2 2.4 2.7 0 0.5 1 1.5 2 2.5 3 Peer 1 Peer 2 EGY Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Net Debt / EBITDA ‘26(1) HIGHLIGHTS After planned material investment in 2025 and 2026, Vaalco expects to continue to have peer leading debt ratios The anticipated significant EBITDA levels in 2026 expected to continue into 2027 keeping ratios strong Conservative levels of debt reduces relative debt service allowing for more free cash flow 1. Peers include: Africa Oil, BW Energy, Kosmos, Panoro Energy, Seplat, Talos Energy, Tullow and W&T Offshore. Source: Factset consensus estimate as of May 9, 2025. Vaalco Q1 2025 report
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Vaalco Energy 60 Hedging Philosophy Vaalco Capital Markets Day | May 2025 Hedges are locked in at corporate level to optimize for fiscal regimes at the asset level Past Unleveraged Approach Post-Financing Opportunistic or tactical approach. Protecting a Floor to support operating cash flow and shareholder returns Using near-term less than six- month window due to material expense with market volatility and curve visibility Maintaining flexibility to benefit from upside. Tied to specific events Hedge selectively based on market conditions. Hedging when prices are favorable or when planning large investments Moving towards a more programmatic hedging program as per RBL requirements. Lock in cash flows RBL covenant requirements: > 40% of banking case production profile for next 6-months > 30% of banking case production profile for subsequent 6-months > Hedging requirement commences once 35% of facility drawn Maintain consistent hedging over a rolling time horizon
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Vaalco Energy 61 Proven Organic and Inorganic Growth Success
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Vaalco Energy 62 - 10 20 30 40 50 60 2025 2025 2026 2026 2027 2027 2028 2028 2029 2029 2030 2030 2031 2031 Working Interest Production mmbbls/d Gabon Canada Egypt EG Baobab Kossipo Baobab Phase 6 Anticipated Material Organic Production Growth Vaalco Capital Markets Day | May 2025 Planned growth driven by proven reserves base and discovered resource Planned Production to Increase by 250% Through 2030(1) Cote d’Ivoire FPSO Returns and Production Back Online Cote d’Ivoire Phase 5 Drilling Campaign Development of Venus Field EG Commence Gabon 2025/2026 Drilling Campaign Development of Kossipo Discovery in Cote d’Ivoire 1. Estimates based on Vaalco’s assumptions
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Vaalco Energy 63 Vaalco Key Acquisition Criteria Vaalco Capital Markets Day | May 2025 A robust and proactive approach to acquisitions has proven successful for Vaalco 1 2 3 4 5 Opportunity to bring Vaalco’s proven operating experience and success to make acquisition viable or add value through the advantages this brings versus peers Technically robust and commercially viable with a tilt towards in-production or near-term production Highly accretive to Vaalco shareholders with strong metrics and the potential to optimize these further leveraging Vaalco’s proven in-house expertise Ideally where Vaalco already has a footprint and can leverage its infrastructure Attractive, low-cost reserve additions significantly extending production life well into 2030s A Robust Approach To Acquisitions Has Led to Three Successful and Material Transactions For Vaalco Shareholders 1 2 3 4 1 2 3 1 2 3 5 5
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Vaalco Energy 64 Key Takeaways Vaalco Capital Markets Day | May 2025 Highly successful, proven management team and operator Meaningful sustainable dividend with anticipated material future FCF from 2026 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 second half 2026 and 250% by 2030, with multiple near-term catalyst and expected reserves upgrades
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Vaalco Energy 65 Appendix
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Vaalco Energy 66 Reconciliation of Non-GAAP Measures Vaalco Capital Markets Day | May 2025 Net Income to Adjusted EBITDAX Reconciliation of Net Income to Adjusted EBITDAX 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 Net income 58,490$ 60,354$ 51,890$ 81,836$ (48,181)$ Add back: Impact of discontinued operations — — 72 98 98 Interest expense (income), net 3,732 6,452 2,034 (10) (155) Income tax expense (benefit) 81,307 89,777 71,420 (22,156) 27,681 Depreciation, depletion and amortization 143,034 115,302 48,143 21,060 9,382 Exploration expense 48 1,965 258 1,579 3,588 FPSO demobilization — 7,484 8,867 — — Impairment of proved crude oil and natural gas properties — — — — 30,625 Non-cash or unusual items: Stock-based compensation 4,558 3,323 2,200 2,459 114 Unrealized derivative instruments loss (gain) 292 (359) (5,123) 4,806 639 Bargain purchase gain (13,532) 1,412 (10,817) (5,189) — Other operating (income) expense, net (78) (418) (38) 440 1,669 Non-cash purchase price adjustment 14,981 — — — — Transaction costs related to acquisition 3,910 — 14,630 — — Credit losses and other 6,304 (4,906) 3,082 875 1,165 Adjusted EBITDAX 303,046$ 280,386$ 186,618$ 85,798$ 26,625$ Year-End
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Vaalco.com For More Information Corporate Office 2500 Citywest Blvd., Suite 400 Houston, TX 77042 o. 713.623.0801 f. 713.623.0982 vaalco@vaalco.com Branch Office Vaalco Gabon SA B.P. 1335, Port Gentil, Gabon +241-(0)1-56-55-29 Investor Contacts United States Al Petrie 713.543.3422 apetrie@vaalco.com vaalco@vaalco.com United Kingdom Ben Romney, Barry Archer, George Pope 44.0.20.7466.5000 vaalco@Buchanan.uk.com Country Business Address Vaalco Energy Cote d’Ivoire SPE AB Immeuble Rive Droite, Bureau No. 6, 4ème étage Rue des Brasseurs Treichville, Zone 3, Abidjan, Côte d’Ivoire m. +44 (0)7903 141490 Vaalco Energy Guinea Ecuatorial Vaalco Energy Mauritius (EG) Ltd Kosmos Building, Office 2-1, 3rd Floor Energy Square, Autovía Aeropuerto Malabo II, Equatorial Guinea o. +240 222 970 456 Vaalco Energy Gabon Nouveau Port, Z.I. de l'OPRAG BP 1335, Port-Gentil NIF : 737 161K, Republique Gabonaise o. +241 01 56 55 26 f. +241 01 56 55 32 Vaalco Energy Canada Suite 900 - 444 5th Ave SW, Calgary, Alberta T2P 2T8 Canada o. +403 264 9888 f. +403 770 8855 Vaalco Energy Egypt 6 Badr Towers, Ring Road Maadi, Cairo Egypt o. +202 2522 9500 f. +202 2522 9501 Vaalcoegypt@vaalco.com Vaalco Energy Henry Wood House 4-5 Langham Place London, W1B 3DG o. +1 713 623 0801