VAALCO Energy, Inc. (NYSE:EGY) Q3 2023 Earnings Conference Call November 8, 2023 11:00 AM ET Company Participants Al Petrie - Investor Relations Coordinator George Maxwell - Chief Executive Officer Ron Bain - Chief Financial Officer Thor Pruckl - Chief Operating Officer Conference Call Participants Stephane Foucaud - Auctus Advisors Charlie Sharp - Canaccord Jeff Robertson - Water Tower Research Bill Dezellem - Tieton Capital Jamie Wilen - Wilen Management Operator Good day. And welcome to the VAALCO Energy ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 1-32167 VAALCO Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 76 ...

Financial Data and Key Metrics Changes - The company reported a quarterly production increase of 7% to 19,676 NRI barrels of oil equivalent per day, or 24,863 barrels on a working interest basis, exceeding production guidance [11][12] - Adjusted EBITDAX grew by 37% to $65.3 million, which was $17.5 million higher than Q1 2023, despite lower realized pricing [13][45] - Cash from operations was $77.6 million, funding $27.1 million in capital expenditures, with a strong cash balance of $46.2 million at quarter-end and no bank debt [13][50] Business Line Data and Key Metrics Changes - In Egypt, the drilling campaign included 12 vertical wells, achieving a significant reduction in drilling time from an average of 38 days per well in 2022 to 8-15 days in 2023, representing a 60% reduction [16][18] - Canada set a production record in 2023, with the completion of the drilling and completions program, and plans to optimize future prospects with longer lateral wells [20][29] - Gabon saw strong production numbers despite minimal new capital expenditures in 2023, benefiting from the new FSO's cost savings and increased storage capacity [22][23] Market Data and Key Metrics Changes - The company experienced a 47% increase in sales compared to Q1 2023, driven by higher production and sales volumes in Gabon, Egypt, and Canada [12][39] - Brent crude prices dropped about 4% quarterly, impacting realized pricing, particularly in Egypt where all Q2 sales were sold domestically [39][40] - Natural gas liquid and natural gas pricing in Canada saw significant declines, with benchmark natural gas pricing down 39% [40] Company Strategy and Development Direction - The company aims to optimize production, manage costs, and allocate capital for future growth, focusing on operational efficiencies and environmental stewardship [8][18] - Plans for 2024 include a three to four well drilling program, contingent on rig availability and market conditions [31][68] - The company is engaged in final PSC negotiations regarding blocks G and H in Gabon, indicating potential for future growth [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong performance in the second half of 2023, with expectations to build cash reserves for future projects [63][68] - The company noted increased competition in their operational areas, particularly from European oil and gas companies, which may complicate future opportunities [106] - Management highlighted the importance of maintaining operational efficiency and maximizing shareholder returns amidst changing market dynamics [64][115] Other Important Information - The company has returned $15 million through a share buyback program since November 2022 and plans to continue this program [9][66] - The company is bank debt-free and has a strategic vision focused on growth and maximizing shareholder returns [34][61] - An updated supplemental earnings deck was provided for better transparency regarding sales pricing and production at the country level [59] Q&A Session Summary Question: Is it too early to talk about potential CapEx for the 2024-2025 Gabon drilling program? - Management indicated that preliminary numbers are being worked on, and they are gathering market information for well locations and types of wells to be drilled [73][78] Question: What is causing the dramatic decrease in drilling times in Egypt? - Management attributed the decrease to better coordination on equipment delivery and changes in personnel, leading to improved drilling and completion efficiency [80][81] Question: Can you quantify the positive impact of the SEENT gasline fix on costs? - The fix is expected to reduce diesel costs by approximately $500,000 to $600,000 per month once completed, with repair costs estimated between $2 million and $3 million [87][89] Question: What is the update on the contiguous property in Gabon with BW? - Progress has been made, but finalization may not occur before the upcoming elections in Gabon [117] Question: Where are you in understanding the geology of the Dentale? - The company is studying the Dentale's geology, focusing on permeability issues and planning for future drilling campaigns [121][124]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 1-32167 VAALCO Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 76-0274 ...

Operational Highlights - Q1 2023 production increased to 18,306 net BOEPD, up 27% from Q4 2022 and up 127% from Q1 2022[3] - Strong drilling results in Egypt added over 1,000 BO/d in early May[3] - VAALCO finalized documents for Block P in Equatorial Guinea, including the Venus development[3] Financial Highlights - The company paid a quarterly cash dividend of $0.0625 per share for Q1 2023, a 92% increase from $0.0325 per share in 2022[4] - Q1 2023 net income was $3.5 million ($0.03 per diluted share), and Adjusted Net Income was $7.3 million ($0.07 per diluted share)[4] - VAALCO returned $10.5 million to shareholders through share buybacks from November 2022 to May 9, 2023[4] - Adjusted EBITDAX for Q1 2023 was $47.8 million[10] - The company had a strong, bank debt-free balance sheet with $52.1 million in unrestricted cash and $40.2 million in Adjusted Working Capital[10] Production and Sales - VAALCO sold 1,224,000 NRI BOE in Q1 2023, with Q2 2023 NRI BOE sales guidance of 1,420,000 to 1,570,000[7]

VAALCO Energy, Inc. (NYSE:EGY) Q1 2023 Earnings Conference Call May 10, 2023 11:00 AM ET Company Participants Chris Delange - Investor Relations Coordinator George Maxwell - Chief Executive Officer Ron Bain - Chief Financial Officer Conference Call Participants John White - ROTH Capital Stephane Foucaud - Auctus Advisors Charlie Sharp - Canaccord Jeff Robertson - Water Tower Research Bill Dezellem - Tieton Capital Operator Ladies and gentlemen, thank you for standing by. Welcome to the VAALCO Energy First Q ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 1-32167 VAALCO Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 76-027 ...

VAALCO Energy, Inc. (NYSE:EGY) Q4 2022 Earnings Conference Call April 6, 2023 10:00 AM ET Company Participants Al Petrie - Investor Relations Coordinator George Maxwell - Chief Executive Officer Ron Bain - Chief Financial Officer Conference Call Participants Stephane Foucaud - Auctus Advisors Jeffrey Robertson - Water Tower Research Charlie Sharp - Canaccord Genuity Bill Dezellem - Tieton Capital Operator Good morning and welcome to the VAALCO Energy Fourth Quarter and Full Year 2022 Earnings Conference ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-32167 (I.R.S. Employer Identification No.) 9800 Richmond Avenue Suite 700 Houston, Texas 77042 (Address of principal ...

VAALCO Energy, Inc. (NYSE:EGY) Q3 2022 Earnings Conference Call November 9, 2022 11:00 AM ET Company Participants Al Petrie - Investor Relations Coordinator George Maxwell - Chief Executive Officer Ron Bain - Chief Financial Officer Conference Call Participants John White - ROTH Capital Stephane Foucaud - Auctus Advisors Charlie Sharp - Canaccord Bill Dezellem - Tieton Capital Jamie Wilen - Wilen Management Operator Good morning and welcome to the VAALCO Energy Third Quarter 2022 Conference Call. All partic ...