VAALCO Energy : Q1 2026 Supplemental Information

Published: 2026-05-08 08:21:11 ET EGY

Published on 05/08/2026 at 08:21 am EDT

Profitably and Sustainably Growing Value

May 2026

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

Invested $78.1 Million in Capital Expenditures, Primarily in Gabon and Côte d'Ivoire

Successfully placed Etame 14H well on production in April 2026 at an initial rate of 4,850 gross BOPD

Successfully placed Etame 15H well on production in February 2026 at an initial rate of 2,000 gross BOPD

Baobab Ivoirien FPSO fully moored in place and production at Côte d'Ivoire remains on track for Q2 2026

Rationalized Portfolio

Divested all Canadian properties for an adjusted purchase price of $25.5 million in February 2026

Confirmed as operator (60% WI) in the Kossipo field on the CI-40 Block, with a FDP to be completed in late 2026

Increased FY26 Production and Sales, While Maintaining Capital Expenditure Guidance Flat

Raised FY26 production and sales NRI volumes by 8% and 12%, respectively at the midpoint of guidance

2026 Capex guidance remains unchanged even with additional drilling in Egypt included

Q2'26 sales volumes of 16,800 to 18,300 NRI BOPD are 44% than Q1'26 with 2 Gabon partner liftings expected

Reported Strong Operational Results

Q1'26 NRI sales, NRI production and WI production were all above midpoint of guidance

Further reduced trade receivable in Egypt from $31.6 million at YE'25 to $24.2 million in Q1'26

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

Building Scale and Diversification with a Full-cycle, Low-risk, High Return Portfolio

A Growing, Diversified Footprint in Africa

Operated

Non-Operated

Operated

› Full-cycle portfolio with material production and cash flows

› Critical mass of operations with running room for growth

› Highly capable subsurface/technical, operational and business development teams supporting growth

Organic Growth Opportunities

Côte d'Ivoire

FPSO maintenance and upgrade,

coupled with Phase 5 drilling

Gabon

2025/2026 drilling campaign

Egypt

Continued high return workovers and recompletions, with planned 6 well drilling program

Equatorial Guinea

FEED study completion with FID and potential drilling post 2026

19,884 BOEPD

WI Production

96.2% / 1.7% / 2.1%

Oil

NGL

Gas

1,485 MBOE

WI Sales

$78.1 million

Capex (cash)

Global Q1 2026 Metrics

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

Generating Strong Adjusted EBITDAX to Fund Opportunities and Return Cash to Shareholders

Strong Adjusted EBITDAX Generation (US$ millions)

Liquidity (US$ millions)

Returning Cash to Shareholders (US$ millions)

$100.00

$90.00

$80.00

$70.00

$60.00

$50.00

$40.00

No partner liftings in Gabon in Q3'25 and Q1'26

$14.00

$6.7

$6.5

$12.0

$11.7

$12.6

$12.00

$10.00

$8.00

$6.00

$30.00

$4.00

$20.00

$10.00

$0.00

$48

Cash at 3/31/26

$148

Availability Under Credit Facility(1)

Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

$2.00

$0.00

$11.6

$49.9

$57.0

$61.7

$72.5

$76.2

$92.8

$23.7

$42.9

(2)

Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26

FPSO refurbishment at Baobab, no sales in Cote d'Ivoire after February 2025, expected sales in Q3 2026

Facility commitments were increased in January 2026 to $255 million and in April 2026 to $300 million, with $152 million drawn at 3/31/26.

$30 million share buy back program concluded in Q1 2024.

Vaalco Energy 5

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

High-Quality Infrastructure Drives Asset Development

CI40 Baobab Field

› Baobab Ivoirien FPSO moored in place, connecting

risers/umbilicals and expect field restart in Q2 2026

› Phase Five Drilling Campaign will commence after production

restart and target first oil 4Q'26

› Phase Five capital allocation will include a mix of producing (4), injection (2-3), and workover (2) wells

› Well positioned with multiple prospect areas to capitalize on

explosive growth in the basin

CI 40 Kossipo FEED

› Vaalco (60%) confirmed as operator with partner PetroCI (40%)

› Field development plan submission expected before end of 2026

› New OBN seismic data driving and derisking Vaalco's updated

evaluation and development plans

› Gross 2C resources of 102.1 MMBOE, first oil expected 2030(1)

CI-705 License Extension Evaluation

› Block technical evaluation underway; lead/prospect portfolio build currently underway

› 1st Exploration Period ending in 2026

‒ 2nd Exploration Period (one firm well required by November 2028), decision pending

Based on management's assumptions as of 12/31/2025. Please read the information set forth under the header "Oil and Natural Gas

Reserves" in the Safe Harbor Statement at the beginning of this presentation.

Vaalco Energy 6

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

Seismic Results Indicate New Prospect of Growth in Dynamic Côte d'Ivoire Portfolio

Oil-Water

Contact

Kossipo-1X

Kossipo-2A

Key Highlights

› Significant oil discovery ready to develop with nearly 293 MMBOE in Place located 8km SW of Baobab Field

› Field was discovered in 2002 and later appraised in 2019

› Kossipo-1X drilled in 2002; Kossipo-2A appraisal well drilled in 2019

› Subsea development planned with FDP submission in

3Q'26

› Ocean Bottom Node Seismic acquired in 2024

› Waveform Inversion processing completed January 2026 with significant improvement over previous Streamer data

› Oil Water Contact identified in wells visible on OBN seismic confirming accumulation size

› New Field Modeling Underway

› Updated seismic interpretation underway

› Regional reservoir study underway to assess flow behavior expectations

› Static and Dynamic Modeling to inform FDP and well designs

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

Production Optimization

Asset Highlights

› Commenced 2025/2026 drilling campaign in December 2025 and announced successful pilot in January 2026

› Successfully drilled, completed and placed on production Etame 15H development well in late February 2026

› West Etame exploration well determined to be non-commercial, upper portion of the well being utilized and sidetracked to drill ET-14H development well

› Successfully drilled, completed and placed on production Etame 14H development well in late April 2026

› The existing water handling system on the Etame platform can process ~25,000 bwpd and the new upgraded capacity will increase to 40,000 bwpd

› Completed Production Sharing Contracts with the Government of Gabon for the offshore Niosi Marin and Guduma Marin exploration blocks (previously blocks G&H). Combined surface area of 4,918 km2.

› 3D seismic acquisition across the Niosi, Guduma licenses completed and technical evaluation underway

1Q 2026 Asset Stats

7,516 BOEPD

WI Production

100% / 0% / 0%

Oil NGL Gas

Operational Production Uptime

100%

98%

~97%

~95%

~93%

~85%

96%

Percentage Uptime

94%

92%

90%

88%

86%

84%

82%

80%

78%

2022 average 2023 average 2024 average 2025 average

2026 average YTD

› Strong operational production uptime and optimization efforts, offsetting decline

- Achieved ~97% production uptime in 2023 & 2024, ~95%(1) in

2025 and 93% in 2026 YTD

Maintaining Strong Production and

2025 average calculated excluding the July field shutdown. Including the shutdown period, the average uptime is ~91%

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

Drilling and Improving Financial Health

Asset Highlights

› Completed 22 wells as part of continuous drilling program

› Completed successful 2025 Egyptian drilling program in Q4 2025

› Reduction in spud-to-spud cycle time led to

1Q 2026 Asset Stats

11,264 BOEPD

WI Production

100% / 0% / 0%

Oil NGL Gas

Capital Workovers/New Drills Completed in 2024-2026

increased drill opportunities, faster production

uplift and enhanced reserve monetization

› Beginning a new six well drilling program in Q2 2026, that was previously unbudgeted, without adding capex to total company original guidance

› Materially reduced aged Accounts Receivable balance,

and are effectively current on sales with collections

Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

Maximizing the Value in Vaalco's Portfolio

VENUS DISCOVERY

Potential to add:

2P CPR reserves

EUROPA DISCOVERY

Upside potential:

Unrisked 2C resource

SW GRANDE PROSPECT

Upside potential: Unrisked Prospective Resources

Material Development Opportunity with Further Upside

› All wells drilled on Block P have oil shows or oil sands

› PSC license period is for 25 years from first oil production

› Discoveries on Block were made by Devon, a prior operator/owner

Current Status

› In 2021, completed feasibility study of Venus standalone project

› In September 2022 Plan of Development approved by EG government

› On March 22, 2024, 3rd Amendment to the Block P JOA was executed

› FEED study completed and confirms the technical viability of our Plan of Development

› Assessing market for available host redeployment opportunities

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

(As of May 7, 2026)

2026 Full-Year Capital Guidance: $290 - $360 million

Egypt

~6%

~1%

Capitalized

CDI - Finalizing FPSO Refurbishment and Tie-In ($65MM - $70MM), Initial Phase 5 Drilling Program ($80MM - $85MM) and Kossipo ($5MM - $10MM)

Gabon - Phase Three Drilling Program Including Maintenance Upgrades

Egypt - New Six Well Drilling Campaign, Recompletions and Maintenance Capital

EG - Continued Technical Studies

Capitalized Interest - Includes Reserved Based Lending Facility Drawdown Interest

Interest

~6%

Gabon

~34%

CDI

~53%

Diligent Capital Allocation to High-Return Projects

2026 Capex includes $22 - $24 million in capitalized interest

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

(As of May 7, 2026)

Q2 2026 FY 2026

WI Production1,4 (BOEPD)

Gabon

9,900 - 10,900

9,300 - 10,300

Egypt

10,400 - 11,500

Canada

250 - 300

Cote d'Ivoire

1,300 - 1,400

2,100 - 2,400

Total Vaalco WI Production

21,600 - 23,800

22,050 - 24,500

NRI Production1 (BOEPD)

Total Vaalco NRI Production

16,800 - 18,700

17,400 - 19,450

WI Sales (BOEPD)

Gabon

11,400 - 12,100

8,300 - 10,500

Egypt

10,400 - 11,500

Canada

250 - 300

Cote d'Ivoire

2,400 - 2,700

Total Vaalco WI Sales

21,800 - 23,600

21,350 - 25,000

NRI Sales (BOEPD)

Total Vaalco NRI Sales

16,800 - 18,300

16,800 - 19,950

Production Expense2 (millions)

$40.5 - $48.5

$150.5 - $178.0

Production Expense per WI BOE

$19.00 - $24.00

$18.00 - $22.00

Production Expense per NRI BOE

Exploration Expense (millions)

$26.00 - $31.00

$2.00 - $3.00

$22.00 - $29.00

$26.00 - $31.00

Offshore Workovers (millions)

$0 - $0

$0 - $10.0

Cash G&A3 (millions)

$7.0 - $9.0

$31.0 - $37.0

CAPEX (millions)

DD&A ($/BOE)

$110.0 - $130.0

$17.00 - $20.00

$290.0 - $360.0

$16.00 - $20.00

WI is Working interest to VAALCO and NRI is net of royalties

Excludes offshore workover expense and stock-based compensation

Excludes stock-based compensation

Vaalco sold all of its producing properties in Canada to a third party in Feb 2026

Vaalco Energy 12

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

(As of March 31, 2026)

Cash Movement December 31, 2025 to March 31, 2026 (US$ millions)

$250.0

$42.9

$58.8

Cash at December Liftings/Collections 31, 2025

$200.0

$92.0

$93.4

$150.0

$25.7

$100.0

$53.4

$18.1

$50.0

$6.7

$47.8

Sale of Canada

Debt Drawn

Payables

Royalty, Payroll,

JV Cash calls

Dividends

Cash at March 31,

Business

Taxes and Other

2026

Hedging Positions as of March 31, 2026

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

A World-class African-focused E&P Supporting Sustainable Shareholder Returns and Growth

Building a diversified, African-focused E&P with meaningful upside.

Complementary asset base spanning Côte d'Ivoire, Gabon, Egypt, and Equatorial Guinea

Robust balance sheet providing a strong foundation for meaningful shareholder returns.

Significant cash distribution returning over $120 million to shareholders since 2022 with a current dividend yield of ~4%

Step change in production and cash flows support sustainable returns and growth.

Material growth in production potential and reserves over past two years supports significant cash generation for shareholder returns and growth investment

Material reserves and production with a high-quality inventory of multi-year investment options.

Significant 1P and 2P (NRI) reserve base with upside across multiple assets

Enlarged scale enhances investment proposition for the global capital markets.

Increased scale and profile promotes enhanced market visibility and uplift in trading liquidity

Proven team with an established track record of value creation.

Strong record of value creation and returns, coupled with returning value to shareholders, enhances investment thesis

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

Significant Increase in Size and Scale

Production (WI) SEC Proved Reserves(1) (MMBOE)

27,500

25,000

22,500

20,000

17,500

50.0

45.0

40.0

35.0

30.0

25.0

20.0

15.0

10.0

5.0

45.0

27.9

28.6

11.2

43.0

VAALCO YE 2021 VAALCO YE 2022 VAALCO YE 2023 VAALCO YE 2024 VAALCO YE 2025

WI BOEPD

15,000

12,500

10,000

7,500

5,000

2,500

2P WI CPR Reserves(2,3) (MMBOE)

96.1

76.4

77.3

19.5

90.7

100.0

80.0

60.0

40.0

20.0

23,946

24,738

23,275

21,305

12,177

8,734

5,579

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Est.

VAALCO YE 2021 VAALCO YE 2022 VAALCO YE 2023 VAALCO YE 2024 VAALCO YE 2025

SEC reserves are NSAI and GLJ estimates as of December 31, 2023, December 31, 2024, and December 31, 2025

2P WI CPR Reserves are NSAI and GLJ estimates as of December 31, 2023, December 31, 2024, and December 31, 2025 with Vaalco's management assumptions for escalated crude oil price and costs. See "Oil and Natural Gas Reserves" in the Safe Harbor Statements for further information

2P CPR reserves in YE 2022 and YE 2023 for Equatorial Guinea POD approval are NSAI estimates as of September 2022 with Vaalco's management assumptions for escalated crude oil price and costs

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

(As of March 13, 2026)

WI 2P CPR: 90.6 MMBOE NRI 2P CPR: 73.5 MMBOE

100.0

WI 2P CPR Reserves (MMBOE)

13.7

13.8

16.9

22.5

23.7

90.0

80.0

70.0

60.0

50.0

40.0

30.0

20.0

10.0

0.0

80.0

22.0

13.1

12.4

14.2

11.8

NRI 2P CPR Reserves (MMBOE)

70.0

60.0

50.0

40.0

30.0

20.0

10.0

0.0

PV10 of 2P WI Reserves of ~$859 million at Year End 2025

Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026

Please refer to Q1 2026 Earnings Release for additional reconciliations

For More Information

Vaalco.com

Vaalco Energy Corporate Offices

United States

2500 CityWest Blvd., Suite 400

Houston, TX 77042

o. 713.623.0801

f. 713.623.0982

[email protected]

United Kingdom Henry Wood House, 4-5 Langham place, London, W1B 3DG T +44 20 7647 2500

Investor Contacts

United States

Al Petrie

713.543.3422

[email protected] [email protected]

Branch Offices

Vaalco Energy Gabon

B.P. 1335, Port Gentil, Gabon

+241-(0)1-56-55-29

VAALCO Energy Guinea Ecuatorial Office 2-1, 3rd Floor, Energy Square, Autovia Aeropuerto - Ela Nguema Malabo II, Equatorial Guinea

T +240-222-991002

United Kingdom

Barry Archer

44.0.20.7466.5000

[email protected]

Vaalco Energy Egypt 6 Badr Towers

Ring Road, Maadi Cairo, Egypt

T +03 4845237

Vaalco Energy Cote d'Ivoire Succursale de Côte d'Ivoire Abidjan Plateau, Rue A7 Pierre Semard, Villa NA2

01 BP 4053 Abidjan 01

Côte d'Ivoire

T +225 07 78 26 46

Disclaimer

VAALCO Energy Inc. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 12:20 UTC.