VAALCO Energy (EGY) Investor presentation summary

Portfolio overview and strategic growth

• Operates in five countries with a diverse portfolio of onshore and offshore assets, maintaining a 97% average uptime and fully funded development campaigns in two countries for 2026.

• Achieved significant inorganic growth since 2021, increasing WI production by 4.4x and 2P reserves by 12x, and agreed to sell Canadian assets for C$35 million at 2.7x 2025 operating cash flow.

• FY 2025 WI production reached 21,150 BOEPD, with WI sales of 22,100 BOEPD and SEC proved reserves of 45.0 MMBOE.

• Current dividend yield stands at 5.0%, with over $100 million returned to shareholders since 2022.

Financial performance and capital allocation

• FY 2025 capex guidance was reduced by 20% while exceeding sales expectations, highlighting operational efficiency.

• Egypt collections of ~$210 million in 2025 improved accounts receivable and strengthened partnerships.

• Strong adjusted EBITDAX generation, with $131 million YTD 3Q25 and available liquidity of $195 million at year-end 2025.

• Facility commitments increased to $255 million in January 2026, with a $30 million share buyback completed in Q1 2024.

Operational highlights by region

• Côte d'Ivoire: FPSO refurbishment nearing completion, with significant development drilling set for 2026 and field restart planned for 2Q 2026.

• Gabon: Maintained ~97% uptime in 2023-2024 and ~95% in 2025, commenced new drilling campaign, and completed seismic acquisition for new exploration blocks.

• Egypt: Completed 20 wells in 2025, reduced drilling cycle time, added 6 wells without extra capex, and materially reduced aged receivables.

• Canada: Transitioned to longer laterals for improved drilling economics, drilled four 2.75-mile wells, and produced 1,957 BOEPD in Q4 2025.

• Equatorial Guinea: Plan of Development approved, FEED study completed, and strategy in place to accelerate value creation with further upside potential.