Operations and Future Exploration in West Africa

Africa Oil Week

10th Africa Independents Forum Cape Town, South Africa November 26, 2013 Steven Guidry Chief Executive Officer

Safe Harbor Statement

This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included in this presentation that address activities, events or developments that VAALCO expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include expected capital expenditures, future drilling plans, objectives and operations, prospect evaluations, negotiations and relations with governments and third parties, reserve growth, estimated revenues and losses, and projected costs, timing and amount of future production. These statements are based on assumptions made by VAALCO based on its experience perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond VAALCO's control. These risks include, but are not limited to, inflation, general economic conditions, oil and gas price volatility, the VAALCO's success in discovering, developing and producing reserves, lack of availability drilling equipment and services, availability of and capital, environmental risks, drilling risks, foreign operational risks, regulatory changes, the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, and other risks. Additional information on risks and uncertainties that could affect our business prospects and performance are provided in the most recent reports of VAALCO filed with the Securities and Exchange Commission. These forward-looking statements are based on VAALCOs current expectations and assumptions about future events and are based on currently available informati on as to the outcome and timing of future events. VAALCO cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. VAALCO disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The SEC requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. VAALCO uses the terms estimated ultimate recovery, EUR, probable, 3P, possible, and non -proven reserves, reserve potential or upside, unrisked potential or other descriptions of volumes of reserves potentially recoverable through additional drilling or recovery techniques that are not classified as proved reserves, may not have been calculated as defined by SEC regulations and that the SECs guidelines may prohibit us from including in any future filings w ith the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being actually realized by the company. VAALCO believes these estimates are reasonable, but such estimates have not been reviewed by independent engineers. Estimates may change significantly as development provides additional data, and actual quantities that are ultimately recovered may differ substantially from prior estimates. Production forecasts are dependent upon many assumptions, including estimates of production decline rates from existing wells and the outcome of future drilling activity. Although VAALCO believes the forecasts are reasonable, VAALCO can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions and data or by known or unknown risks and uncertainties. Market and industry data and forecasts used in this presentation have been obtained from independent industry sources as well as from research reports prepared for other purposes. Although VAALCO believes these third-party sources to be reliable, VAALCO has not independently verified the data obtained from these sources and VAALCO cannot assure you of the accuracy or completeness of the data. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward looking statements in this presentation.
Inquiries: VAALCO Energy, Inc. Attn: Gregory R. Hullinger 4600 Post Oak Place, Suite 300 Houston, TX 77027 Ph: 713-623-0801

 Strong high margin base business Near term low risk growth opportunities Balanced long term growth strategy

Transformational Transaction

Current West Africa Exploration Program Near field Development

 1985: 1986: 1992:

Founded in Houston by Virgil A WALSTON and Charles ALCORN Acquired operating interests in four fields offshore Palawan, Philippines (as Alcorn International)

Brought on stream West Linapacan Field - first deep water production (1140ft) in ASEAN

1995: Signed Etame Marin Permit PSA, Offshore Gabon 1998: Etame Field discovery (Etame Marin Permit) 2002: First oil from Etame Field 2004: Ebouri, Avouma discoveries (Etame Marin Permit) 2005: Signed PSA in Mutamba Iroru, Onshore Gabon 2006: Signed PSA in Block 5 Offshore Angola 2006: Listed on the NYSE 2007-2009: Avouma and Ebouri Platforms installed and production commenced 2011: South East Etame Field discovery (Etame Marin Permit) 2012: N Gongui Field discovery (Mutamba Iroru Permit) 2012: Signed PSA in Block P Offshore Equatorial Guinea

Block P Working Interest 31.0% 57,000 gross acres 18,000 net acres Offshore Exploration & Development

Bata

EQUATORIAL GUINEA

Mutamba Iroru Permit Working Interest 41.0% 270,000 gross acres 111,000 net acres Onshore Exploration & Development Etame Marin Permit Working Interest 28.1% 760,000 gross acres 213,000 net acres Offshore Production and Exploration

Libreville

GABON
Port Gentil

Luanda

ANGOLA Block 5 Working Interest 40.0% 1,400,000 gross acres 560,000 net acres Offshore Exploration

Key Metrics

Market Capitalization (1)

Cash Balance (Unrestricted) (2) Debt (2) Production (net) (1) Reserves (2P) (3)

$ 330 MM
$ 100 MM $ --- MM

4,400 BOPD 11.2 MMBOE

% Oil (3)
% Operated (3) Employees (1)

98%
100% 100

(1) As of 11/21/2013 (2) As of 9/30/2013 (3) As of 12/31/2012

Cost Metrics (2002-2013)

Development Costs
Exploration Costs DD&A

$ 14 /BBL
$ $ 3 /BBL 9 /BBL

ETAME Marin Gross Production

BOPD
25,000 20,000 15,000 10,000 5,000 0 Etame Original Forecast Etame Base Actual Etame Additional Actual Avouma Ebouri

Gross EUR 1P Reserves

120.0

1P Reserves (MMBO)

100.0 80.0 60.0 40.0

20.0
0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

3P Reserves (MMBO)
Proved Probable Possible

27% 48% 25%

Reserves Breakdown
(As of 12/31/2012) (1)

Proved Probable Possible

7.45 MMBO 3.76 MMBO 4.21 MMBO

Total Reserves

15.42 MMBO
(1) Based on the NSAI Independent Reserve Report

Oil / Gas Production

Total % of Production 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% % Gas % Oil

Realized Oil Price Per BBL Compared to Brent BBL (2012)

$115.00 $110.00

$Rev/Bbl

$105.00 $100.00 $95.00

$90.00 $85.00

Comparison Group: Other Operators in Gabon:

VAALCO is the Operator with a 28.1% net W.I. in partnership

Libreville Port Gentil

GABON

Partner group includes Sinopec group (Addax), Sasol, Tullow, Sojitz and PetroEnergy

Ebouri

Oil production currently averaging approximately 18,000 BOPD gross

Etame Marin Permit Working Interest 28.1%

4,400 BOPD net to VAALCO after royalty

Etame SE Etame

Cumulative production through Q3 2013 was approximately 77.5 million barrels Construction of two new platforms underway Pursuing additional Etame Marin Permit exploration opportunities
Avouma

North Tchibala

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New Etame Platform

$175 MM gross investment

($49 MM net to VAALCO) in the new Etame platform will result in improved drainage efficiency Develop 10 MMBOE incremental reserves Initial 3 well development with additional wells likely, at $25 MM gross per well ($7 million net to VAALCO) 4 pile, 8 slot platform in water depth of 85 meters Installation in 2H 2014

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New SEENT Platform

$150 MM gross investment

($42 MM net to VAALCO) in the new platform will commercialize the previously discovered resource Develop 7 MMBO reserves Initial 3 well development with additional wells likely, at $25 MM gross per well ($7 million net to VAALCO) 4 pile, 8 slot platform in water depth of 85 meters Installation in 2H 2014

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 Construction of Etame and SEENT platforms on schedule for 2H 2014 installation Total investment of Etame and SEENT projects
$544 MM gross

($152 million net)
Facilities - $ 325 MM Wells $ 219 MM

SEENT Jacket

Etame Jacket

Etame Deck

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Expected spud December 2013 Gamba primary target; Melania secondary target 53m water depth 3,000m well depth Dry Hole Cost - $8.5 mm net Gamba 5-35mmbo ~ gross unrisked recoverable Lucina 4-81mmbo ~ gross unrisked recoverable
10 km

N A

A
A

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Rabi Kounga Field

Cum: 840 MMBO EUR 900 MMBO

NGongui discovery well

drilled in Q4 2012

Encountered 49 feet of oil

pay in the Gamba Formation

50% partner TOTAL

operates the Atora Field 6 miles to the North
Atora Field
Cum: 38 MMBO

NGongui Discovery

Plan of Development
underway for submittal to Gabon Government

Negotiations currently in
Bende Field

progress on establishing a production area and renewal of exploration acreage

Gamba-Ivinga Field
Cum: 286 MMBO & 568 BCF EUR 350 MMBO

(From IHS)

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Offshore Angola: Large Pre-salt Structures in the Kwanza Basin

VAALCO Block 5
VAALCO Loengo Prospect

Block 5

VAALCO Ombundi Lead

A
A

VAALCO Prospect Loengo

~15 miles

VAALCO Lead Ombundi

Mobil Discovery Baleia -1A

Cobalt Discovery Lontra-1

Cobalt Cobalt Discovery Prospect Mavinga-1

Cobalt Discovery

Cobalt Prospect

~65 miles

Cameia -1 Cameia-2

Mobil Baleia-1A Cobalt Lontra-1 Cobalt Mavinga-1 Cobalt CAMEIA-1 & CAMEIA-2
Salt

Salt

Maersk AZUL-1

Basement Basement

Atlantic Ocean

Limits of Kwanza Basin

Block 5

Block 20

Block 21

Possible Oil Zone

Confirmed Oil Zone

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Offshore Angola: Block 5 Prospects and Leads

Kindele Prospect
WD=101m Potential=20-28-49 MMbls

Jack Prospect
WD=75m Potential=22-33-55 MMbls

SW

Mubafo Discovery

NE

SW

NE

Block 5

Ombundi Lead
WD=500m+ Potential=100-400-760 MMbls

Atlantic Ocean NE
Post Salt Discovery Post Salt Prospect PreSalt Lead or Prospect

Loengo Prospect
WD=108m Potential=70-104-250 MMbls

SW

SW

NE

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Marathon 1,100 mmboe

Cameroon

Exxon 1,300 mmboe

Block P PDA

Equatorial Guinea

Hess 600 mmboe

VAALCO in November 2012, acquired 31% working interest in 57,000 gross acres (PDA area) Block has 2005 discovery Venus is believed to be commercial as a standalone development project VAALCO is working with GEPetrol (Operator) to develop a joint operatorship model Exploration upside Two exploration wells expected to be drilled in the near future 18

Block P PDA

PDA Boundary 57,000 acres 232 km2 Atlantic Ocean

A
Marte

SW Grande

Exploration Play Types

Marte

Atlantic
SW Grande Venus Field (17 - 21 mmbo)

A 19

Europa Discovery

Discoveries Prospects

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 Strong high margin base business

100% operated 98% oil - leveraged to Brent Stable production profile

High quality low risk near term growth

Projects on time, on budget Near field development opportunities Attractive project economics

Long term growth strategy

In 3 out of top 4 West Africa producing countries Balancing exploration growth with acquisitions

Exposure in excess of 700 MMBOE Net Unrisked Resource Potential

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In Gabon: La Direction Generale des Hydrocarbures and Our partners in Etame Marin Permit Addax, Sasol, Tullow, Sojitz and
Petroenergy

Our partner in Mutamba Iroru Permit TOTAL Gabon

In Angola:
Sonangol EP and

Our Partner in Block 5 - Sonangol P&P (carried interest)

In Equatorial Guinea:
Ministry of Mines, Industry and Energy and

Our partners in Block P - GEPetrol, Atlas, Crown

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Thank You for Your Attention

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