Financial Data and Key Metrics Changes - For the full year 2024, the company achieved a record adjusted EBITDAX of $300 million, marking a year-over-year increase of $23 million or 8% [6][25] - Record production reached almost 25,000 working interest barrels equivalent per day, with record sales of nearly 20,000 net interest barrels per day [6][25] - SEC proved reserves grew by 57% year-over-year to 45 million BOE, while 2P CPR reserves increased to 96.1 million BOE [6][21] Business Line Data and Key Metrics Changes - In Canada, production from new wells increased to approximately 75% liquids in Q2 through Q4, contributing to strong production performance [12] - In Egypt, 12 workovers were completed in 2024, with plans for 8 to 13 additional wells to be drilled in 2025 [14] - Gabon showed positive production results with strong uptime and improved decline curves, with a drilling program planned to begin in Q3 2025 [16][17] Market Data and Key Metrics Changes - The company reported stable pricing in Q4 2024, supported by a hedging program to mitigate risks [27] - Production costs for Q4 2024 were below guidance, with absolute costs at $37.7 million and per barrel costs at $20.16 [27][28] Company Strategy and Development Direction - The company aims to maximize asset value through operational efficiency, prudent investments, and seeking accretive opportunities [40][42] - Plans include extensive drilling campaigns in Gabon and Cote D'Ivoire, with a focus on enhancing production and reserves [41][42] - The company is positioned to execute projects in its diversified portfolio, with a strong emphasis on returning value to shareholders [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational and financial momentum entering 2025, highlighting a commitment to safety and operational excellence [5][15] - The company anticipates a production decline in 2025 due to the FPSO shutdown but expects significant growth in 2026 as new projects come online [34][35] Other Important Information - The company returned $33 million to shareholders through dividends and buybacks in 2024, with a projected annual dividend of $0.25 per share for 2025 [7][42] - A new revolving credit facility of up to $300 million was established to support capital programs [33][38] Q&A Session Summary Question: Can you talk about the cycle times for exploration projects in Gabon and Cote D'Ivoire? - Management indicated that seismic acquisition is expected to begin in Q1 2026, with drilling likely starting in late 2026 or early 2027 for Gabon, while Cote D'Ivoire will see seismic data acquisition in Q2 or Q3 2025 [45][46] Question: What impact will the capital campaign in 2026 have on cost recovery pools? - Management noted that capital spent on successful wells in Gabon will begin to recover quickly, while Cote D'Ivoire will see a 25% uplift in investment once production resumes [48][49] Question: How will the Gabon drilling campaign impact production volumes? - Management expressed optimism about achieving significant production increases, similar to past campaigns, with a focus on enhancing the Itami asset [51][52] Question: What are the critical path items for the FPSO refurbishment in Cote D'Ivoire? - Key milestones include the turret bearing delivery and the expected timeline for commissioning, with first oil anticipated in mid to late May 2026 [66][68] Question: How many H2S wells will be included in the drilling program? - Management confirmed that the Aburi wells will be part of the drilling program, with the first wells being drilled in 2025 and the Aburi wells following later [82][85]

Financial Performance - Total revenues increased by 6% from $455 million in 2023 to $479 million in 2024[14] - Adjusted EBITDAX increased by 8% from $280 million in 2023 to $303 million in 2024[14] - Vaalco generated net income of $58.5 million and Adjusted EBITDAX of $303 million in FY2024[16] Reserves and Production - SEC Proved Reserves increased by 57% from 28.6 MMBOE in 2023 to 45.0 MMBOE in 2024[14, 16] - 2P WI CPR Reserves increased by 24% from 77.3 MMBOE in 2023 to 96.1 MMBOE in 2024[14, 16] - WI production reached 24,738 BOEPD and NRI Sales reached 19,843 BOEPD in FY2024[16] Strategic Acquisitions and Developments - Vaalco strategically expanded into Côte d'Ivoire with the acquisition of Svenska for $40 million[16] - The company paid back 1.8x its initial net investment in Côte d'Ivoire in the eight months since closing the Svenska acquisition[16, 46] - Vaalco acquired a 70% WI in the CI-705 block in offshore Côte d'Ivoire[16] Capital Expenditures and Guidance - Cash capital investment increased by 6% from $97 million in 2023 to $103 million in 2024[14] - FY2025 capital expenditures are projected to be in the range of $270 million to $330 million[76]

Financial Data and Key Metrics Changes - For the full year 2024, the company increased its adjusted EBITDAX to $300 million, a new record [7] - Record production reached almost 25,000 working interest barrels equivalent per day, with record sales of nearly 20,000 net interest barrels per day [7] - SEC proved reserves grew 57% year over year to 45 million BOE, while 2P CPR reserves increased to 96.1 million BOE [7][22] - The company returned $83 million to shareholders over the past two years through dividends and share buybacks [7] Business Line Data and Key Metrics Changes - In Cote D'Ivoire, the company completed the Svenska acquisition in April 2024, achieving a 1.8x payback on the initial investment by year-end [8] - Canadian production was approximately 60% liquid in Q1 and about 75% liquid from Q2 to Q4, indicating a shift towards more profitable liquid production [12] - In Egypt, the company completed 12 workover projects in 2024 to mitigate decline, with plans to drill an additional 8 to 13 wells in 2025 [14] Market Data and Key Metrics Changes - The company reported stable pricing in Q4 2024, supported by a hedging program to mitigate risks [29] - Production costs for Q4 2024 were below guidance, with absolute costs at $37.7 million and per barrel costs at $20.16 [30] Company Strategy and Development Direction - The company aims to maintain operational excellence and consistent production to expand adjusted EBITDAX, positioning itself for future growth [6] - Plans include extensive drilling campaigns in Gabon and Cote D'Ivoire, with a focus on maximizing production and reserves [43][44] - The company is also progressing with the FEED study for the Venus Block P in Equatorial Guinea, anticipating an economic final investment decision in 2025 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational and financial momentum entering 2025, highlighting a diversified portfolio of high-quality assets [8][24] - The company noted improvements in collection rates in Egypt, which have outpaced revenues in early 2025 [35][63] - Management emphasized the undervaluation of the stock despite strong operational performance and a top quartile dividend yield [41][46] Other Important Information - The FPSO ceased hydrocarbon operations as scheduled on January 31, 2025, with significant development drilling expected to begin in 2026 [9] - The company secured a new revolving credit facility with an initial commitment of $190 million, expandable to $300 million, to support capital programs [36] Q&A Session Summary Question: Can you talk about the cycle times for exploration projects in Gabon and Cote D'Ivoire? - Management indicated that seismic acquisition for Gabon is expected in Q1 2026, with drilling likely starting in late 2026 or early 2027 [48][49] Question: What impact will the capital campaign in 2026 have on cost recovery pools? - Management noted that capital spent in Gabon will start recovering as soon as successful wells are in production, while Cote D'Ivoire offers a 25% uplift for every dollar invested [51][52] Question: How will the Gabon drilling campaign impact production volumes? - Management expressed optimism about achieving significant production increases, similar to past campaigns, with a focus on enhancing the drilling program [55] Question: What are the critical path items for the FPSO refurbishment in Cote D'Ivoire? - Key milestones include the turret bearing, which is already in transit to Dubai, with first oil expected between mid to late May 2026 [71][72] Question: How many H2S wells will be included in the drilling program? - Management confirmed that the Aburi wells will be part of the drilling program, with the first wells being drilled in 2026 [88]

Operational Update - VAALCO Energy, Inc. provided an operational update on January 21, 2025, including annual and fourth quarter production and sales volumes[5]. - The press release detailing the operational update is included as Exhibit 99.1 in the Current Report[5]. Stock Information - The company is listed on both the New York Stock Exchange and the London Stock Exchange under the trading symbol EGY[2].

Core Viewpoint - VAALCO Energy, Inc. reported strong operational and financial results for Q4 and full year 2024, highlighting significant growth in production and reserves, alongside a commitment to returning value to shareholders through dividends and buybacks [1][4]. Fourth Quarter 2024 Highlights - Reported net income of $11.7 million ($0.11 per diluted share), an increase of 6% from Q3 2024 but a decrease from $44.0 million in Q4 2023 [5][23]. - Adjusted EBITDAX totaled $76.2 million, an 18% decrease from $92.8 million in Q3 2024 and down 20% from $95.9 million in Q4 2023 [24]. - Produced 20,775 net revenue interest (NRI) barrels of oil equivalent per day (BOEPD) and sold 20,352 NRI BOEPD, both at the high end of guidance [5][23]. Full Year 2024 Highlights - Full year net income was $58.5 million, down from $60.4 million in 2023, primarily due to increased depreciation, depletion, and amortization (DD&A) expenses [37]. - NRI production volumes increased by 6.8% to 7.3 million barrels of oil equivalent (MMBOE) compared to 6.8 MMBOE in 2023 [38]. - Average realized crude oil price for 2024 was $65.64 per barrel, a slight decrease of 0.3% from $65.83 in 2023 [39]. 2025 Key Items and Outlook - The company plans a capital budget of $270 to $330 million for 2025, including a drilling campaign at Etame and refurbishment of the FPSO [5][6]. - Targeting to return over $25 million to shareholders through dividends in 2025 [5]. - The company has entered a new revolving credit facility with an initial commitment of $190 million, expandable to $300 million, to support growth initiatives [5][6]. Year-End 2024 Reserves - SEC proved reserves increased by 57% to 45.0 MMBOE from 28.6 MMBOE at year-end 2023, with 20.9 MMBOE in proved developed reserves and 24.1 MMBOE in proved undeveloped reserves [18]. - The reserve replacement ratio was 324%, reflecting strong additions through the Svenska acquisition and positive revisions [18]. Operational Update - In Egypt, the company enhanced production through planned workovers, achieving positive well economics [7]. - In Côte d'Ivoire, the company commenced a dry docking project for the FPSO and plans significant development drilling in 2026 [16][17]. - The company has secured a rig for the 2025/26 drilling campaign at Etame, with plans to finalize locations soon [13].

Core Viewpoint - VAALCO Energy has entered an agreement to acquire a 70% stake in the CI-705 block off the coast of Côte d'Ivoire, assuming operatorship alongside its partners [1][4] Group 1: Acquisition Details - VAALCO will hold a 100% paying interest in the CI-705 block through a commercial carry agreement, covering exploration and production costs [2][4] - The block is located near Eni's Calao discovery, the second largest hydrocarbon discovery in Côte d'Ivoire [2] Group 2: Block Characteristics - CI-705 spans approximately 2,300 sq. km in the Tano Basin, with water depths ranging from zero to 2,500 meters [3] - The block has been less explored, with only three wells drilled to date, indicating potential for significant oil and gas discoveries [5] Group 3: Exploration Plans - VAALCO has invested approximately $3 million to acquire its stake and plans to conduct detailed geological analysis to assess the block's potential [5][6] - The company aims to leverage existing regional infrastructure for future developments and has confirmed oil and gas prospects in the block [6] Group 4: Future Growth - VAALCO has several major exploration projects planned for 2025 and 2026, expected to enhance organic growth within its diversified asset portfolio [7]

Core Viewpoint - Vaalco Energy, Inc. has secured a new revolving credit facility with an initial commitment of $190 million, expandable to $300 million, to support its short-term funding needs and planned investment programs across its diversified asset base [1][2]. Group 1: Credit Facility Details - The new revolving credit facility is led by The Standard Bank of South Africa Limited, Isle of Man Branch, with participation from other banks including Rand Merchant Bank, The Mauritius Commercial Bank Limited, and Glencore Energy UK Ltd [2]. - The facility is designed to supplement the company's internally generated cash flow and cash balance, enabling funding for significant organic growth projects over the next few years [2]. - The facility has a six-year term, with amortization beginning on September 30, 2026, and an interest rate of 6.5% plus SOFR until the completion of the Côte d'Ivoire FPSO Dry Dock Refurbishment Project, after which the rate will decrease to 6.0% plus SOFR [5]. Group 2: Company Overview - Vaalco Energy, Inc. is an independent energy company based in Houston, Texas, with a diverse portfolio of production, development, and exploration assets across multiple countries including Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, Nigeria, and Canada [3].

Core Points - Vaalco Energy, Inc. will release its fourth quarter and full year 2024 earnings on March 13, 2025, after the market closes [2] - A conference call to discuss the financial and operational results will take place on March 14, 2025, at 10:00 a.m. Central Time [2] - Vaalco is an independent energy company based in Houston, Texas, with operations in multiple countries including Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, Nigeria, and Canada [3] Company Information - Vaalco was founded in 1985 and incorporated in Delaware [3] - The company has a diverse portfolio of production, development, and exploration assets [3] Contact Information - For general inquiries, Vaalco can be reached at +00 1 713 543 3422 [4] - US investor relations are managed by Al Petrie Advisors, also reachable at +00 1 713 543 3422 [4] - UK financial public relations are handled by Buchanan, with contact number +44 (0) 207 466 5000 [4]

Core Viewpoint - Vaalco Energy, Inc. has announced its entry into the CI-705 block offshore Côte d'Ivoire, becoming the operator with a 70% working interest and a 100% paying interest, indicating a strategic expansion in a promising oil and gas region [1][2]. Company Overview - Vaalco Energy, founded in 1985 and incorporated in Delaware, is an independent energy company based in Houston, Texas, with a diverse portfolio of production, development, and exploration assets across multiple countries including Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, Nigeria, and Canada [3]. Investment Details - The CI-705 block covers approximately 2,300 km² and is located in the Tano basin, about 70 km west of Vaalco's existing CI-40 block. The block has seen limited exploration with only three wells drilled to date [1]. - Vaalco has invested $3 million to acquire its interest in the CI-705 block, which is believed to have significant prospectivity for both oil and natural gas [1][2]. Strategic Importance - The CI-705 block is strategically located near existing infrastructure and a growing domestic market, which presents attractive upside potential for the company [2]. - The company plans to conduct a detailed geological analysis and potentially drill up to two exploration wells to further assess the block's prospectivity [2]. Future Outlook - Vaalco's CEO expressed excitement about the expansion into Côte d'Ivoire and highlighted plans for major projects in 2025 and 2026, which are expected to deliver significant organic growth across the company's portfolio [2].

Core Viewpoint - Vaalco Energy, Inc. has announced its entry into the CI-705 block offshore Côte d'Ivoire, acquiring a 70% working interest and a 100% paying interest, positioning itself as the operator of the block [1][2] Company Overview - Vaalco Energy, founded in 1985 and based in Houston, Texas, is an independent energy company with a diverse portfolio of production, development, and exploration assets across multiple countries including Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, Nigeria, and Canada [3] Investment Details - The CI-705 block is located in the Tano basin, approximately 70 km west of Vaalco's CI-40 Block and 60 km west of ENI's Calao discovery, covering around 2,300 km with a water depth ranging from zero to 2,500 meters [1] - Vaalco has invested $3 million to acquire its interest in the CI-705 block, which is considered to have significant prospectivity [1][2] Strategic Importance - The CEO of Vaalco expressed excitement about expanding operations in Côte d'Ivoire, highlighting the block's favorable location in a proven petroleum system and access to existing infrastructure [2] - The company plans to conduct a detailed geological analysis and potentially drill up to two exploration wells to assess oil and natural gas prospects on the block [2]