VAALCO Energy : Q4 2025 Supplemental Information

Q4 2025 Supplemental Information

Profitably and Sustainably Growing Value

March 2026

Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026

Q4 and FY 2025 Highlights

Reported Strong Operational Results

• 4Q WI Production of 20,729 WI BOEPD and NRI production of

  16,128 within guidance range

• 4Q NRI Sales of 18,566 BOEPD, 10% above the high end of guidance

• FY 2025 WI production of 21,160 BOEPD and NRI 17,452 BOEPD, both above the midpoint of increased guidance

• Drilled in excess of 20 wells across robust African portfolio

Strengthening Asset Development Pipeline

• VAALCO confirmed as operator with a 60% WI in Kossipo Field

  under CI-40 PSC

• Acquired 70% WI and will operate CI-705 block in Côte d'Ivoire

• Divested all Canadian properties in February 2026, further permitting high-return capital allocation

• Completed seismic acquisition in the Niosi and Guduma blocks in offshore Gabon

Generated Solid Financial Results

• 2025 Adjusted EBITDAX of $173.4 million, generated in excess of

  $750 million over the past three years

• 2025 Net Loss of $41.4 million ($0.40 per diluted share) primarily driven by a non-cash impairment charge due to Canada Asset Sale

• Strong collection of Egyptian receivables leading to year end balance dropping by 73% to $31 million

• No additional drawdowns to Reserve Based Lending facility

Diligent Execution of Development Plans

• Initiated 5-well drilling campaign in Gabon in December 2025

• Preparing for Phase 5 drilling campaign in Côte d'Ivoire to begin

  once FPSO in online later in 2026

• Reduction of spud-to-spud cycle time in Egypt leading to increased opportunities and enhanced reserve monetization

• Invested over $100 million in developmental capital expenditures

Reserve Base Performance

• Reported year-end 2025 SEC proved reserves of 43 MMBOE, after adding nearly 4 MMBOE in the year, offset by full-year production

• PV-10 of 1P WI CPR reserves at year-end 2025 increased by 8% to

  $410.0 million, compared to year-end 2024

• PV-10 of 2P WI CPR reserves at year-end 2025 grew by 26% to

$858.8 million, compared to year-end 2024

Returning Cash to Shareholders

• Current dividend yield of ~5%

• Returned over $115 million through dividends and share buybacks

  since 2022

• Continued in delivery of strong dividend distributions

• Emphasized focus on growing production, reserves and value for shareholders through steadfast leadership

Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026

Strategically Expanding Our Diversified African-Focused Portfolio

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

A Growing, Diversified Footprint in Africa

Operated

Non-Operated

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 potential for additional drilling

Equatorial Guinea

FEED study completion with FID and potential drilling post 2026

20,729 BOEPD

WI Production

92.4% / 3.7% / 3.9%

Oil

NGL

Gas

2,164,923 BOE

WI Sales

$100.1 million

Capex (cash)

Global Q4 2025 Metrics

Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026

Solid Financial Foundation

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)

$120.00 $14.00

$100.00

$12.00

$92.8

$76.2

$72.5

$61.7

$95.9

$71.4

$65.3

$23.7

$42.9

$57.0

$49.9

$59

Cash at 12/31/25

$195

Availability Under Credit Facility(1)

$10.00

$80.00

$8.00

$60.00

$6.00

$40.00

$4.00

$20.00

$2.00

$0.00

$12.6

$12.6

$11.7

$12.0

$6.5

$6.5

$6.5

$6.5

$6.5

$6.5

$6.5

$6.5

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

$0.00

(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

1. Facility commitments were increased in January 2026 to $255 million, with $60 million drawn in 2025. Facility Capacity has po tential ability to grow up to $300 million.

2. $30 million share buy back program concluded in Q1 2024.

Vaalco Energy 5

Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026

Vaalco's Material Asset Base in Côte d'Ivoire

High-Quality Infrastructure Drives Asset Development

CI40 Baobab Field

› Baobab Ivoirien FPSO on tow back to field and post reconnect

targeted for restart in Q2 2026

› Phase 5 drilling campaign will commence after production restart

and target first oil 4Q'26

› Phase 5 capital allocation will include a mix of producing, injection, and workover 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

1. 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

Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026

Kossipo Discovery Enhances Asset Development Pipeline

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

Oil-Water

Contact

Kossipo-1X

Kossipo-2A

NE

SW

Key Highlights

› Significant oil discovery ready to develop with nearly 293 MMBOE in Place located 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

Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026

Gabon Update

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-ST development well, confirming expectations from the ET-15P pilot well results

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

› Drilling campaign with 5 firm wells and 5 option wells with a mix of development, exploration and workover wells

› 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

› Strong operational production uptime and optimization efforts, offsetting decline

- Achieved ~97% production uptime in 2023 & 2024 and

~95%(1) in 2025

4Q 2025 Asset Stats

7,743 BOEPD

WI Production

100% / 0% / 0%

Oil NGL Gas

Operational Production Uptime

~97%

~97%

~95%

~85%

100%

98%

96%

Percentage Uptime

94%

92%

90%

88%

86%

84%

82%

80%

1

78%

2022 average 2023 average 2024 average 2025 average

Maintaining Strong Production and

Planning for Next Drilling Campaign

1. 2025 average calculated excluding the July field shutdown. Including the shutdown period, the average uptime is ~91%

Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026

Egypt Update

Drilling and Improving Financial Health

Asset Highlights

› Continuous drilling program in 2025 with 19 wells completed

› Reduction in spud-to-spud cycle time led to increased drill opportunities, faster production uplift and enhanced reserve monetization

4Q 2025 Asset Stats

10,963 BOEPD

WI Production

100% / 0% / 0%

Oil NGL Gas

7

Capital Workovers/New Drills Completed in 2024/2025

› Added 6 wells to the 2025 drilling program

without adding capex to original guidance

› Completed successful 2025 Egyptian drilling program in Q4 2025, which included a successful exploration well in the H-Field, Eastern Desert, that opens the potential for a new development area

› Materially reduced aged Accounts Receivable balance, and are effectively current on sales with collections

Capital Workovers New Drills

6

2

6

4

5

3

4

4

2

6

5

4

3

2

1

0

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

Drilling Program Provided Production Boost in 2025 and Continued Production Optimization with Workovers and Recompletions Planned for 2026

Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026

Equatorial Guinea: Future Growth Potential

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

Strategy to Accelerate Value Creation While Adding Another Core Area, Reduces Risk and Enhances Upside

Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026

2026 Full Year Capital Expenditures Guidance(1)

(As of March 13, 2026)

2025 Full-Year Capital Breakdown: $236 million 2026 Full-Year Capital Guidance: $290 - $360 million

Capitalized Interest

$3MM 1%

Gabon

$62MM 26%

Canada

$2MM 1%

EG

$0.5-1.5MM 2-5%

Egypt

$9-12MM 2-5%

Capitalized Interest

$22-24MM

7%-10%

Egypt

$30MM 12%

CDI

$140MM

59%

Gabon

$106-129MM 35-40%

CDI

$152-193MM

55-60%

1Q'26 represents $90 - $110 million of Capital Expenditures

• CDI - FPSO Refurbishment and Long Lead Items for Phase 5 Drilling

• Gabon - Long Lead Items and Engineering Projects, Beginning of Phase 3 Drilling Program

• Egypt - Continuous Drilling Program with Recompletes

• CDI - Finalizing FPSO Refurbishment and Initial Phase 5 Drilling Program and Kossipo

• Gabon - Phase 3 Drilling Program including maintenance upgrades

• Egypt - Recompletions and Maintenance Capital

• EG - Continued Technical Studies

• Capitalized Interest - Includes reserved based lending facility

drawdown interest

Diligent Capital Allocation to High-Return Projects

1. 2026 Capex includes $22 - $24 million in capitalized interest

   
   
   

   Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026

   Q1 and Full Year 2026 Guidance

   (As of March 13, 2026)

   
   
   

   Q1 2026 FY 2026

   WI Production1,4 (BOEPD)
   Gabon	7,300 - 8,000	8,300 - 9,200
   Egypt	10,300 - 11,400	9500 - 10,500
   Canada	1,100 - 1,200	200 - 300
   Cote d'Ivoire	0	2,100 - 2,400
   Total Vaalco WI Production	18,700 - 20,600	20,100 - 22,400
   NRI Production1 (BOEPD)
   Total Vaalco NRI Production	14,200 - 16,000	16,100 - 17,950
   WI Sales (BOEPD)
   Gabon	3,800 - 4,400	7,200 - 9,800
   Egypt	10,300 - 11,400	9,500 - 10,500
   Canada	1,100 - 1,200	200 - 300
   Cote d'Ivoire	0	1,900 - 2000
   Total Vaalco WI Sales	15,200 - 17,000	18,800 - 22,600
   NRI Sales (BOEPD)
   Total Vaalco NRI Sales	11,200 - 12,900	14,900 - 18,050
   Production Expense2 (millions)	$26.0 - $32.5	$150.5 - $178.0
   Production Expense per WI BOE	$18.00 - $22.00	$19.00 - $24.00
   Production Expense per NRI BOE Exploration Expense (millions)	$24.00 - $29.00 $27.00 - $32.00	$23.50 - $31.00 $30.00 - $35.00
   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)	$90.0 - $110.0 $16.00 - $19.00	$290.0 - $360.0 $15.00 - $19.00

   
   
   

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

   2. Excludes offshore workover expense and stock-based compensation

   3. Excludes stock-based compensation

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

Vaalco Energy 12

Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026

Cash Flow Movement and Hedging

(As of March 13, 2026)

Cash Movement December 31, 2024 to December 31, 2025 (US$ millions) Hedging Positions as of December 31, 2025

$600.0

$380.8

$97.7

$155.5

$185.3

$60.0

$82.7

$26.0

$58.9

$500.0

$400.0

$300.0

$200.0

$100.0

Hedges added subsequent to December 31, 2025

$-

Cash at DecemberLiftings/Collections Debt Drawn Payables Royalty, Payroll,

JV Cash calls Dividends Cash at December

31, 2024

Taxes and Other

31, 2025

Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026

Accelerating Shareholder Returns and Value Growth

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 $115 million to shareholders since 2022 with a current dividend yield of ~5%

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

Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026

Step Change in Total Production and Reserves

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

21,250

21,305

12,177

8,734

5,579

0

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

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

2. 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

3. 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

Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026

Reconciliations of Non-GAAP Measures

Please refer to Q4 2025 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

[e-mail]

United Kingdom Henry Wood House, 4-5 Langham place, London, W1B 3DG T [phone]

Investor Contacts

United States

Branch Offices

Vaalco Energy Gabon

B.P. 1335, Port Gentil, Gabon

[phone]

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

T [phone]

United Kingdom

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 [phone]

Al Petrie

713.543.3422

[e-mail] [e-mail]

Barry Archer, Kelsey Traynor, James Husband

44.0.20.7466.5000

[e-mail]