VAALCO Energy (EGY) Investor presentation summary

Portfolio overview and strategic growth

• Diversified, de-risked portfolio spans Africa and Canada, with recent expansion into Côte d'Ivoire through the Svenska acquisition, adding material production and reserves.

• Portfolio includes producing assets in Gabon, Egypt, Equatorial Guinea, Côte d'Ivoire, and Canada, each with tailored growth and optimization plans.

• Strong management experience in African markets and oil & gas-friendly fiscal regimes support ongoing expansion.

• No debt and approximately $63 million in cash provide a solid financial base for growth and shareholder returns.

Operational and financial performance

• Q2 2024 production reached 25,411 BOEPD, with adjusted EBITDAX of $72.5 million and net income of $28.2 million, reflecting significant year-over-year growth.

• Adjusted net income per share doubled quarter-over-quarter and year-over-year, with strong operational results meeting or exceeding guidance.

• Shareholder dividends remained steady at $6.5 million for the quarter.

• 2024 guidance projects total WI production of 23,600–26,500 BOEPD and capex of $32–54 million.

Svenska acquisition impact

• Svenska acquisition funded entirely with cash, no new debt or equity issued.

• Acquisition immediately accretive, adding ~5,000 BOEPD (99% oil), low operating costs, and strong Brent-aligned realizations.

• Côte d'Ivoire entry diversifies portfolio and provides long-term upside through planned development drilling and FPSO upgrades.

• Updated 2024 guidance reflects a 13% increase in production and significant reserve additions.