VAALCO ENERGY INC

VAALCO Energy, Inc. (LSE: EGY) is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids. The company maintains a diversified, African-focused portfolio of production, development, and exploration assets strategically positioned to maximize shareholder value through disciplined capital allocation and operational excellence.

The company operates across five reportable segments. Gabon represents the largest production contributor at 42 percent of total output, primarily from the Etame Marin block where VAALCO holds a 58.8 percent working interest and serves as operator. Egypt accounts for 45 percent of production through interests in the Merged Concession and South Ghazalat concession, both governed by production sharing contracts with the Egyptian General Petroleum Corporation. Côte d'Ivoire contributes 2 percent of production from a 27.4 percent non-operated interest in the Baobab field in Block CI-40, which operates via a dedicated floating production, storage, and offloading vessel. Canada represented 11 percent of production prior to the company's complete exit from Canadian operations through an asset divestment completed in February 2026. Equatorial Guinea holds undeveloped properties with a 60 percent working interest in Block P, where the company is pursuing development of the Venus field discovery.

For the year ended December 31, 2025, the company produced approximately 6,043 million barrels of oil equivalent, generating total revenues of $359.3 million. Estimated proved reserves totaled 42.983 billion barrels of oil equivalent, with the standardized measure of discounted future net cash flows valued at $410.0 million as of year-end 2025.

VAALCO's business strategy emphasizes maintaining production while controlling costs to preserve optionality during commodity price fluctuations, managing capital expenditures to align with operational cash generation, and pursuing strategic acquisitions that meet financial and operational objectives. The company operates under production sharing contracts in its international jurisdictions, bearing exploration and development risks in exchange for entitlement to cost oil recovery and profit oil participation. The company's competitive positioning derives from technical expertise specific to African markets, a strong management team, and disciplined financial discipline focused on maintaining conservative leverage ratios and competitive operating cost structures.