Founded in 1985, Vaalco Energy is a leading independent exploration and production energy company. The Company own a diverse portfolio of assets in production, development, and exploration spanning Côte d'Ivoire, Egypt, Equatorial Guinea, Gabon, and Canada. Our operational growth strategy centers on increasing reserves and production through sustainable development and exploitation of international oil and natural gas properties, with a primary focus on Africa.

In October 2022, Vaalco executed a strategic business combination with TransGlobe Energy, transforming the company into a leading African-focused operator with a strong production and reserve base and a diverse portfolio of assets in Gabon, Egypt, Equatorial Guinea and Canada. The transaction more than doubled production and proved reserves.

OVERVIEW OF OPERATIONS

Vaalco Energy own a diverse portfolio of production, development, and exploration assets spanning Côte d'Ivoire Egypt, Equatorial Guinea, Gabon, and Canada. Our recent acquisition of the Svenska oil field in Côte d'Ivoire

Canada

Harmattan is situated roughly 80 kilometers north of Calgary, Alberta. This property extracts oil and associated natural gas from the Cardium zone, along with liquids-rich natural gas from the Lower Mannville and Rock Creek formations.

The 2024 drilling campaign commenced in January 2024 with the drilling of 9-12-30-4W5, which was spud on January 17, 2024. The first well was drilled to a total depth of 22,732 feet. The second well of the program, 10-12-30-4W5, was spud on February 9, 2024, and drilled to a total depth of 21,736 feet. The third well in the program, 11-12-30-4W5 was spud on February 23, 2024, and drilled to a total depth of 21,624 feet. The fourth well on the program 1-18-30-3W5 was spud on March 9, 2024, and drilled to a total depth of 20,669 feet. The drilling rig was released on March 24, 2024. Completion of the wells began in late March and was completed in April. By early May all wells were on production with strong initial rates.

Vaalco Energy Canada
Suite 900 - 444 5th Ave SW, CalgaryAlberta T2P 2T8

Tel: +403 264 9888

Cote d’Ivoire

On April 30, 2024, after receiving regulatory and government approvals, Vaalco completed the acquisition of Svenska. Through the acquisition Vaalco acquired a 27.4% non-operated working interest in Block CI-40, offshore Côte d’Ivoire, containing the deepwater producing Baobab field and the significant Kossipo discovery.

Cote d’Ivoire strategically expands the West African focus area with a sizable producing asset that has significant upside potential and future development opportunities in Cote d’Ivoire, a well-established and investment-friendly country.

Vaalco Energy Cote d’Ivoire SPE AB
Immeuble Rive Droite, Bureau No. 6, 4ème étage, Rue des Brasseurs, Treichville, Zone 3, Abidjan, Côte d’Ivoire

Tel: +44 (0)7903 141490

Egypt

Vaalco's interests in Egypt spans two regions: the Eastern Desert, encompassing the West Gharib, West Bakr, and North West Gharib merged concessions, and the Western Desert, which includes the South Ghazalat concession.

Vaalco focused on enhancing production in the first nine months of 2024 through a series of planned workovers, as well as through interventions using the OGS-10 rig. Vaalco finalized the K-81 recompletion at the start of the first quarter which was a carry-over from its 2023 drilling activity. The EA-55 well, drilled in October 2023, was fracked and put online in January 2024. Three additional workover recompletions were completed in the third quarter of 2024 with one more in progress. With the low cost of workovers, the well economics are strongly positive.

Vaalco Energy Egypt
6 Badr Towers, Ring Road, Maadi, Cairo, Egypt

Tel: +202 2522 9500   l   Email: vaalcoegypt@vaalco.com

Gabon

Vaalco holds a 58.8% working interest in and operates the Etame Marin block, located offshore Gabon.

In October 2022, Vaalco successfully completed its transition to a Floating Storage and Offloading vessel (“FSO”) and related field reconfiguration processes. This project provides a low cost FSO solution that increases the storage capacity for the Etame block and improved operational performance. The Company continues to demonstrate operational excellence, production uptime and enhancement in 2024 to optimize production until the next drilling campaign.

Vaalco Energy Gabon
Nouveau Port, Z.I. de l'OPRAG, BP 1335, Port-Gentil NIF: 737 161K, Republique Gabonaise

Tel: +241 01 56 55 26   l   Email: hrgabon@vaalco.com

Equatorial Guinea

Vaalco holds a 60% working interest in and is the operator of Block P, located offshore Equatorial Guinea. Block P contains the Venus field development opportunity, along with further material contingent and prospective resource.

In 2024, Vaalco finalized the Joint Operating Agreement for the previously approved Venus-Block P plan of development (POD) in offshore Equatorial Guinea.Drilling Down the Details of Our Operations.

Vaalco Energy Mauritius (EG) Ltd
Kosmos Building, Office 2-1, 3rd Floor, Energy Square, Autovía Aeropuerto, Malabo II, Equatorial Guinea

Tel: +240 222 970 456

Reserves and production

VAALCO’s SEC proved reserves at December 31, 2023 increased by 3% to 28.6 MMBOE from 27.9 MMBOE at year-end 2022. Year-end 2023 reserves included 22.5 MMBOE in proved developed reserves and 6.2 MMBOE in proved undeveloped reserves. In 2023, the Company added 5.6 MMBOE due to positive revisions and 1.9 MMBOE of SEC proved reserves through extensions and additions, primarily in Canada with additional PUD locations. These additions were partially offset by 6.8 MMBOE of full year 2023 production. VAALCO had a reserve replacement ratio of 110% compared to the 6.8 MMBOE of production in 2023.

In 2023, working interest production was 23,946 Boepd.

LEADERSHIP

Andrew L. Fawthrop Chairman of the Board
George Maxwell Chief Executive Officer and Director
Thor Pruckl Chief Operating Officer
Ronald Bain Chief Financial Officer
Matthew Powers Executive Vice President and General Counsel
Lisa Ruiz VP Global Human Resources
Ed Cozens VP Commercial & Strategic Planning
Toufic Nassif VP Corporate & Government Affairs

CONTACT

Vaalco Energy, Houston 
2500 Citywest Blvd, Suite 400, HoustonTX 77042, United States

Tel: +1 713 623 0801   l   Email: vaalco@vaalco.com

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