VAALCO Energy (EGY) CMD 2026 presentation summary

Strategic progress and portfolio overview

• Achieved significant growth in production, reserves, and asset value through disciplined execution and accretive acquisitions since 2020, including major transactions in Côte d'Ivoire and Egypt.

• Portfolio spans four African countries with a mix of onshore and offshore assets, delivering 21,160 BOEPD WI production and 43 MMBOE SEC proved reserves as of 2025.

• Multiple development catalysts are underway, including fully funded drilling campaigns and field reconfigurations, supporting near-term and long-term growth.

• Consistent dividend yield (4.6%) and over $120 million returned to shareholders since 2021, with further buybacks and dividend increases.

• Leadership team with over 140 years of combined experience, driving operational excellence and value creation.

Operational achievements and asset performance

• Delivered a 640% increase in 2P WI reserves, 820% increase in NPV, and 240% increase in annual production over five years.

• Côte d'Ivoire: Baobab FPSO refurbishment completed, production restarted, and Phase 5 drilling to commence in Q3 2026; Kossipo FDP submission planned for 2026.

• Gabon: Etame Marin Block remains a core cash-generating asset, with >95% uptime and successful Phase 3 drilling campaign adding significant production.

• Egypt: Sustained production growth through drilling and recompletions, virtually eliminating accounts receivable and maintaining strong cash flow.

• Equatorial Guinea: Venus project FID expected in 2026, with high-quality oil and significant upside from surrounding prospects.

Financial strength and capital allocation

• Operating cash flow projected to reach 140–195% of market cap over the next four years, supporting reinvestment and shareholder returns.

• $300 million reserve-based lending facility with favorable terms and scalable borrowing base across key assets.

• Peer-leading debt ratios and disciplined capital allocation enable dynamic organic and inorganic growth.

• Development cost at Baobab is ~$16/bbl, supporting low break-evens and robust project economics.

• Hedging strategy protects ~34% of forecast sales through Q3 2027, balancing downside protection with upside participation.