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Q3 2025 Supplemental Information Profitably and Sustainably Growing Value November 2025
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Vaalco Energy 2 Vaalco Energy 2 Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Forward Looking Statements Safe Harbor This presentation of VAALCO Energy, Inc. (“Vaalco” or the “Company”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as 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 Vaalco's ability to effectively integrate assets and properties it has acquired as a result of the Svenska acquisition into its operations; (iii) 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; (iv) expectations regarding future acquisitions, investments or divestitures; (v) expectations of future dividends; (vi) expectations of future balance sheet strength; and (vii) 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 expressed, projected or 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 third quarter of 2025 have not yet been approved or declared by the Board of Directors(the “Board”) for Vaalco. The declaration and payment of future dividends remains at the discretion of the Board and will be determined based on Vaalco’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, crude oil and natural gas prices, and other factors deemed relevant by the Board. The Board reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on Vaalco common stock, 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. 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 “Adjusted Net Income,” 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 at the end of this presentation or in the Q3 2025 earnings release. Oil and Natural Gas Reserves This presentation contains crude oil and natural gas metrics which do not have standardized meanings or standard methods of calculation as classified by the SEC and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate our Company; however, such measures may not be reliable indicators of the future performance. WI CPR reserves WI CPR reserves represent proved (1P) and proved plus probable (2P) 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 and probable 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 and 2P 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 and 2P 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 and 2P WI CPR pricing assumption was $79.79 per barrel of oil beginning in 2025, $69.79 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 2025. Management uses 1P and 2P WI CPR reserves as a measurement of operating performance because it assists management in strategic planning, budgeting and economic evaluations. Management believes that the presentation of 1these metrics are 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, 1P and 2P WI CPR reserves 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 and 2P WI CPR reserves 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 Reported strong operational results at or above guidance NRI production of 15,405 and NRI Sales of 12,831 BOEPD, both at the high end of guidance WI production of 19,887 BOEPD toward the high end of guidance Production included a planned annual maintenance shutdown in Gabon that was successfully completed in July Generated solid financial results Net income of $1.1 million ($0.01 per diluted share) Adjusted EBITDAX of $23.7 million Q3 2025 Highlights Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Increased full-year production and sales guidance midpoints Strong YTD2025 production performance, with increased field uptime Production guidance midpoint increased 6% and sales guidance midpoint increased 5% Returning cash to shareholders through ongoing dividend Current dividend yield of about ~7% Returned over ~$100 MM through dividends and share buybacks since 2022 Further decreased full-year capital guidance midpoint Full-year 2025 midpoint lowered by $58 million or 19% Reduction achieved through delays in Gabon drilling campaign, Canada drilling and discretionary capital
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Vaalco Energy 4 Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 YTD 2025 Key Metrics YTD 2025 Reported Production (Avg. WI Daily Production Volumes) 21,305 BOEPD Adjusted EBITDAX1 $130.5 million Net Income $17.2 million Diluted Net Income per Share 0.16 Cents Solid Operational and Financial Results Continue to Meet or Exceed Guidance and Consensus Focused execution of strategic vision across diversified portfolio contributes to success 1) Adjusted EBITDAX, Adjusted Net Income and Adjusted Net Income per share are Non-GAAP financial measures and are described and reconciled to the closest GAAP measure in the Appendix or in the Q3 2025 earnings release
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Vaalco Energy 5 Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Increasing Production and Sales Guidance Delivering Meaningful Results Despite Lowering Full-Year Capital Guidance Key Highlights › Production midpoint guidance (NRI) increased 6% over previous guidance › Sales midpoint guidance (NRI) increased 5% over previous guidance › Successfully completed planned shutdown in Gabon in July, with uptime in Gabon averaging 95% in 2025 › Despite Egypt capital guidance remaining unchanged, Egypt has sustained production uplift on an NRI basis exceeding full-year guidance by 10% 15,605 16,505 16,050 16,800 FY 2025 Original Guidance Updated FY 2025 Guidance Production (NRI boepd) Sales (NRI boepd) 1) 2025 YTD average calculated excluding the July field shutdown. Including the shutdown period, the average uptime is ~90% 1
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Vaalco Energy 6 Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Reducing Capex and Opex per Boe Guidance Cost Control, Capital Efficiencies and Capital Program Timing Key Highlights › Full-year capital expenditure guidance reduced nearly 20% from original guidance › Drilling program delayed in Gabon due to timing of rig › Egypt drilling more wells with same capital due to reduction in spud-to- completion cycle time leading to increased drill opportunities, faster production uplift and enhanced reserve monetization › Deferred capital in Canada enables portfolio reallocation to prioritize optimization and higher expected return opportunities $300 $243$26.00 $25.00 19.0 20.0 21.0 22.0 23.0 24.0 25.0 26.0 27.0 - 50 100 150 200 250 300 FY 2025 Original Guidance Updated FY 2025 Guidance Capex ($MM) Opex/Bbl (NRI)
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Vaalco Energy 7 Strategically Expanding Our Diversified African-Focused Portfolio Building Scale and Diversification with a Full-cycle, Low-risk, High Return Portfolio › 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 A Growing, Diversified Footprint in Africa Non-Operated Operated Operated Operated Supported by High-Quality Canadian Acreage Operated › Majority operated assets › Significant reserve base Organic Growth Opportunities Gabon 2025/2026 drilling campaign Egypt 10-15 well drilling campaign, coupled with continued high return workover and recompletions Canada Upside potential in southern acreage with additional long lateral development opportunities Equatorial Guinea FEED study completion with FID and potential drilling in post 2026 Côte d’Ivoire FPSO maintenance and upgrade, coupled with Phase 5 drilling 19,887 BOEPD WI Production 92.3% / 4.3% / 3.4% Oil NGL Gas 1,180,000 BOE WI Sales $48.3 million Capex (cash) Global Q3 2025 Metrics Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025
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Vaalco Energy 8 $24 $127 Cash at 9/30/25 Availability Under Credit Facility Solid Financial Foundation Generating Strong Adjusted EBITDAX to Fund Opportunities and Return Cash to Shareholders Strong Adjusted EBITDAX Generation (US$ millions) Returning Cash to Shareholders (US$ millions) Liquidity (US$ millions) $47.8 $65.3 $71.4 $95.9 $61.7 $72.5 $92.8 $76.2 $57.0 $49.9 $23.7 $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 $11.2 $11.7 $12.6 $12.6 $12.0 $6.5 $6.5 $6.5 $6.5 $6.5 $6.5 $6.5 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 1) $30 million share buy back program concluded in Q1 2024 . 1 Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025
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Vaalco Energy 9 Announced March 2025 Operator of CI-705 exploration block 70% WI and a 100% paying interest at commercial terms through the seismic reprocessing and interpretation stages Expands West African Focus In A Well-established and Investment-friendly Country CI-705 Farm-in Agreement Offshore Côte d’Ivoire We believe the CI-705 block is favorably located in a proven hydrocarbon system Located near existing infrastructure with access to a strong growing domestic market with attractive upside potential Vaalco invested $3 million to acquire our interest Received seismic data for the block and plan to conduct a detailed geological analysis to assess the overall prospectivity of the block Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025
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Vaalco Energy 10 Côte d’Ivoire Update Boosted Production in 2024 and 2025 FPSO Upgrade Underway Asset Highlights › FPSO project began on schedule in Q1 2025 which enables future drilling and development; expected to restart in 2026 › FPSO has been towed to shipyard and refurbishment is underway › Vessel departed from the field in late March and arrived in Dubai in May ahead of schedule › Significant development drilling expected to begin in 2026 with meaningful additions to production from the main Baobab field in CI- 40, as well as potential future development of the Kossipo field also on the license 3Q 2025 Asset Stats 0 BOEPD WI Production 100% / 0% / 0% Oil NGL Gas Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025
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Vaalco Energy 11 Gabon Update Production Optimization Asset Highlights › Strong operational production uptime and optimization efforts, offsetting decline ‐ Achieved ~97% production uptime in 2023 & 2024 and 95% in 2025 through September ‐ Focus on back pressures post FPSO change out optimizing field process and production capabilities › In July 2025, successfully completed a planned full field maintenance shut down of the Gabon platforms to perform safety inspections and necessary maintenance › Awaiting arrival of rig for 2025/2026 drilling campaign expected to begin in late Q4 2025 › Completed Production Sharing Contracts with the Government of Gabon for the offshore Niosi Marin and Guduma Marin exploration blocks (previously blocks G&H) 3Q 2025 Asset Stats Operational Production Uptime 7,118 BOEPD WI Production 100% / 0% / 0% Oil NGL Gas ~85% ~97% ~97% ~95% 78% 80% 82% 84% 86% 88% 90% 92% 94% 96% 98% 100% 2022 average 2023 average 2024 average 2025 YTD average Percentage Uptime Maintaining Strong Production and Planning for Next Drilling Campaign Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 1 1) 2025 YTD average calculated excluding the July field shutdown. Including the shutdown period, the average uptime is ~90%
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Vaalco Energy 12 6 4 3 2 2 4 6 4 0 1 2 3 4 5 6 7 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Capital Workovers New Drills Egypt Update Production & Drilling Optimization Asset Highlights › Continued the drilling program in 2025 and have completed 14 wells YTD (Q1-Q3) › Reduction in spud-to-spud cycle time leading to increased drill opportunities, faster production uplift and enhanced reserve monetization › Additional drilling and completion activity is expected in Q4 2025 › Fractured a well in South Ghazalat, in the Western Desert, in Q4 2024 and evaluating the results 3Q 2025 Asset Stats Capital Workovers/New Drills Completed in 2024/2025 10,812 BOEPD WI Production Capital Workover Program Helped to Offset Natural Decline in 2024, and Drilling Program Providing Production Boost in Early 2025 Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 100% / 0% / 0% Oil NGL Gas
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Vaalco Energy 13 Canada Update Optimizing Lateral Lengths, Frac Intensity and Facilities Asset Highlights › Based on successful capital programs, moving to longer laterals exclusively in the future ‐ Extending laterals to 2.5 and 3 miles should improve the overall economics of future drilling programs ‐ Acquired additional acreage to facilitate longer laterals ‐ Successfully drilled four wells, all of which were 2.75 mile laterals ‐ New wells improved liquid ratio from 60% in Q1 2024 to ~75% in Q2 thru Q4 2024 › Drilled exploration well in southern acreage in Q4 2024, with encouraging results, evaluating options to tie well in › Deferring further drilling until 2026 Enhancing Returns By Extending Lateral Length Delivering Results and Preparing for Future Drilling Programs Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 3Q 2025 Asset Stats 1,957 BOEPD WI Production 29% / 31% / 40% Oil NGL Gas
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Vaalco Energy 14 Equatorial Guinea: Future Growth Potential Maximizing the Value in Vaalco’s Portfolio Strategy to Accelerate Value Creation While Adding Another Core Area, Reduces Risk and Enhances Upside 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 and confirms the technical viability of our Plan of Development VENUS DISCOVERY EUROPA DISCOVERY SW GRANDE PROSPECT Potential to add: 2P CPR reserves Upside potential: Unrisked 2C resource Upside potential: Unrisked Prospective Resources Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025
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Vaalco Energy 15 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 – 310 Total Vaalco WI Production 20,300 – 22,200 20,600 – 22,010 NRI Production1 (BOEPD) Total Vaalco NRI Production 15,600 – 17,300 15,900 – 16,910 WI Sales (BOEPD) Gabon 7,700 – 8,400 7,800 – 8,200 Egypt 10,400 – 11,300 10,400 – 11,100 Canada 1,900 – 2,100 2,000 – 2,200 Cote d’Ivoire 0 600 – 700 Total Vaalco WI Sales 20,000 – 21,800 20,800 – 22,200 NRI Sales (BOEPD) Total Vaalco NRI Sales 15,400 – 16,900 14,900 – 17,200 Production Expense2 (millions) $36.0 – $44.5 $152.0 – $158.0 Production Expense per WI BOE $19.00 – $23.00 $18.00 – $21.00 Production Expense per NRI BOE $25.00 – $29.00 $24.00 – $26.00 Offshore Workovers (millions) $0 – $0 $0 – $0 Cash G&A3 (millions) $7.0 – $9.0 $28.0 – $32.0 CAPEX (millions) $70.0 – $110.0 $225.0 – $260.0 DD&A ($/BOE) $16.00 – $20.00 $16.00 – $20.00 Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 1) WI is Working interest to VAALCO and NRI is net of royalties 2) Excludes offshore workover expense and stock-based compensation 3) Excludes stock-based compensation
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Vaalco Energy 16 Cash Flow Movement and Hedging Slide 16 Cash Movement June 30, 2025 to September 30, 2025 (US$ millions) Hedging Positions as of Sept 30, 2025 Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 $66.6 $76.6 $55.9 $35.9 $20.9 $6.5 $23.9 $0 $20 $40 $60 $80 $100 $120 $140 $160 Cash at June 30, 2025 Liftings / Collections Payables Royalty, Payroll, Taxes and Other JV Cash Calls Dividends Cash at September 30, 2025
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Vaalco Energy 17 Accelerating Shareholder Returns and Value Growth Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 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, Equatorial Guinea and Canada. Robust balance sheet providing a strong foundation for meaningful shareholder returns. Significant cash distribution returning over $100 million to shareholders since 2022 with a current dividend yield of ~7% 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.
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Vaalco Energy 18 Step Change in Total Production and Reserves Significant Increase in Size and Scale 5,579 8,734 12,177 23,946 24,738 21,305 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 FY 2025 Est WI BOEPD Production (WI) SEC Proved Reserves(1) (MMBOE) 11.2 27.9 28.6 45.0 - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 VAALCO YE 2021 VAALCO YE 2022 VAALCO YE 2023 VAALCO YE 2024 19.5 76.4 77.3 96.1 - 20.0 40.0 60.0 80.0 100.0 VAALCO YE 2021 VAALCO YE 2022 VAALCO YE 2023 VAALCO YE 2024 2P WI CPR Reserves(2,3) (MMBOE) 1) SEC reserves are NSAI and GLJ estimates as of December 31, 2023 and December 31, 2024 2) 2P WI CPR Reserves are NSAI and GLJ estimates as of December 31, 2023 and December 31, 2024 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 3) 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 4) FPSO in Ivory Cost offline since February 2025 undergoing retrofit at Dubai Dry Docks World Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 4
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Vaalco Energy 19 Reconciliations of Non-GAAP Measures Please refer to Q3 2025 Earnings Release for additional reconciliations Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025
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Vaalco Energy Corporate Offices United States 2500 CityWest Blvd., Suite 400 Houston, TX 77042 o. 713.623.0801 f. 713.623.0982 vaalco@vaalco.com United Kingdom Henry Wood House, 4-5 Langham place, London, W1B 3DG T +44 20 7647 2500 Branch Offices Vaalco Energy Gabon B.P. 1335, Port Gentil, Gabon +241-(0)1-56-55-29 vaalco@vaalco.com Investor Contacts United States Al Petrie 713.543.3422 apetrie@vaalco.com vaalco@vaalco.com Vaalco.com For More Information United Kingdom Ben Romney and Barry Archer 44.0.20.7466.5000 vaalco@Buchanan.uk.com Vaalco Energy Canada 900, 444 – 5th Avenue S.W. Calgary, Alberta, Canada T2P 2T8 T +1.403.264.9888 Vaalco Energy Egypt 6 Badr Towers Ring Road, Maadi Cairo, Egypt T +03 4845237 Vaalco Energy Guinea Ecuatorial Office 2-1, 3rd Floor, Energy Square, Autovia Aeropuerto - Ela Nguema Malabo II, Equatorial Guinea T +240-222-991002 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