VAALCO Energy (EGY) Investor presentation summary

Strategic overview and growth trajectory

• Diversified oil and gas operator with assets in Côte d'Ivoire, Gabon, Egypt, and Equatorial Guinea, maintaining ~96% uptime across assets in 2025.

• Achieved transformational growth: 2P WI reserves up ~640%, NPV up ~820%, and annual production up ~240% over five years.

• Multiple near-term development catalysts, including fully funded campaigns in 2026 and significant organic and inorganic growth opportunities.

• Proven track record of accretive M&A, with four major transactions since 2021, expanding reserves and production base.

• Clear strategy to increase production by over 250% through 2030, driven by Baobab, Kossipo, and Venus field developments.

Asset portfolio and operational highlights

• Côte d'Ivoire: Baobab field back online after FPSO refurbishment, Phase 5 drilling to start Q3 2026, Kossipo FDP submission in 2026, and CI-705 exploration ongoing.

• Gabon: Etame Marin core asset with >95% uptime, Phase 3 drilling campaign underway, and new exploration in Niosi and Guduma blocks.

• Egypt: Consistent free cash flow, active drilling and recompletion programs, and virtually eliminated accounts receivable.

• Equatorial Guinea: Venus field FID expected in 2026, with high-quality oil and significant upside in Block P.

Financial performance and capital allocation

• 2025 Adjusted EBITDAX of $173 million, with strong cash flow generation expected to reach 140–195% of market cap over four years.

• $300 million reserves-based lending facility in place, with peer-leading debt ratios and a strong balance sheet supporting organic and inorganic investments.

• Sustainable dividend program, doubled since 2023, with $120 million returned to shareholders since 2021 and ongoing share buybacks.

• Disciplined capital allocation prioritizes high-return investments and shareholder returns.