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www.vaalco.com
Transformational Transaction
1995
1998 2002 2004 2005 2006 2011 2012
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Bata
EQUATORIAL GUINEA
Mutamba Iroru Permit Working Interest 41% 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
VAALCOs Profile
Key Metrics
Market Capitalization(1)
Cash Balance (Unrestricted)(2) Debt(2)
$360
$100 $ 11.2 98%
MM
MM MM MMBOE
Production (Net)(1)
Reserves (2P)(3) % Oil(3)
4,400 BOPD
% Operated(3)
Employees(1)
100%
100
1P Reserves (MMBO)
20.0
0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
3P Reserves (MMBO)
Proved Probable Possible
Reserves Breakdown
(As of 12/31/2012) (1)
% Gas % Oil
40.00% 20.00%
$90.00 $85.00
$95.00
0.00%
$Rev/Bbl
$90.00 $85.00
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Cumulative production through Q3 2013 - 77.5 million barrels Construction of two new platforms underway Pursuing Etame Permit exploration opportunities and extension
Etame Marin Permit Working Interest 28.1%
SE Etame
GABON
North Tchibala
Avouma
11
4 pile, 8 slot platform in water depth of 85 meters Initial 3 well development $25 MM gross per well
($7 MM net per well)
12
Installation in 2H 2014
13
Project Delivery
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
Etame Deck
14
3,000m well depth Dry Hole Cost - $19 MM gross ($8.5 MM net) Gamba 5-35 mmbo ~ gross recoverable Lucina 4-81 mmbo ~ gross recoverable A N
15
Bende Field
Gamba-Ivinga Field Cum: 286 MMBO & 568 BCF EUR 350 MMBO
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Cobalt Prospect
Cobalt Prospect
A
VAALCO Ombundi Lead
Cameia-2
Mobil Baleia-1A Cobalt Lontra-1 Cobalt Mavinga-1 Cobalt CAMEIA-1 & CAMEIA-2
Salt
Salt
Basement
Maersk AZUL-1
Basement
Block 5
Block 20
Block 21
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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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Acquired 31% W.I. in 57,000 gross acres (PDA area) in November, 2012 2005 discovery Venus Working with GEPetrol (Operator) to develop a joint operatorship model
Exxon 1,300 mmboe
BLOCK P PDA
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Atlantic Ocean
Atlantic
SW Grande 10-180 mmbo Venus Field (17 - 21 mmbo)
Discoveries Prospects
A 20
20
Europa Discovery
VAALCO Summary
Strong high margin base business
Stable production profile 100% operated 98% oil leveraged to Brent
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