VAALCO Energy, Inc. has reported African region operational results for the fourth quarter and full year of 2024 and year-end 2024 reserves.

Egypt

Vaalco focused on enhancing production in 2024 through a series of planned workovers, as well as through interventions using the OGS-10 rig. Two additional workover recompletions were completed in the fourth quarter of 2024. With the low cost of workovers, the well economics are strongly positive.

The fourth quarter 2024 drilling campaign started with Arta-92 and Arta-93, in December 2024. The Arta-92 well successfully increased production levels, achieving an initial 30-day average rate of 428 barrels of oil per day (“BOPD”) and the Arta-93 has recently come online with an initial 30-day average rate of 95 BOPD.

Gabon

In October 2022, Vaalco successfully completed its transition to a Floating Storage and Offloading vessel (“FSO”) and related field reconfiguration processes. This project provides a low cost FSO solution that increases the storage capacity for the Etame block and improved operational performance. The Company continues to demonstrate operational excellence, production uptime and enhancement in 2024 to optimize production until the next drilling campaign.

In December 2024, Vaalco secured a rig for the 2025/26 drilling campaign at Etame. Vaalco is currently finalizing locations and planning for the next drilling campaign, which is expected to commence in Q3 2025.

The Company recently completed the documentation with the Government of Gabon for the offshore Niosi Marin and Guduma Marin exploration blocks. This follows the technical provisional award announced in October 2021 granting Vaalco a 37.5% non-operating working interest in the Niosi Marin Block (previously G12-13) and the Guduma Marin Block (previously H12-13) located in shallow waters offshore Gabon, with BW Energy as operator (also holding a 37.5% working interest) and Panoro Energy as a non-operating joint owner with a 25% working interest. The Niosi and Guduma blocks cover areas of 2,974 square kilometers (“km²”) and 1,927 km², respectively.

The Niosi Block is located adjacent to the Etame Marin Permit, where Vaalco operates a successful ongoing exploration and production campaign. To date, the Etame Marin partners have produced and discovered over 150 million barrels of oil, with multiple fields brought online. The area benefits from significant infrastructure investments, including processing facilities and a new FSO vessel installed by Vaalco in 2022 which is located adjacent to the Niosi Marin blocks. The blocks are also adjacent to BW Energy and Panoro Energy’s Dussafu PSC offshore Southern Gabon, which is another area of significant successful exploration and development.

Côte d’Ivoire

During the fourth quarter, three liftings took place. In October 2024, 671,166 gross barrels were lifted or 142,674 net barrels to Vaalco. In November 2024, 514,559 gross barrels were lifted or 154,249 net barrels to Vaalco. In December 2024, 286,904 gross barrels were lifted or 81,569 net barrels to Vaalco.

Work with Modec, the operator of the Baobab FPSO, on the dry docking project for the FPSO, continued in the fourth quarter of 2024. In alignment with the project timeline, the FPSO Baobab Ivoirien MV10, ceased hydrocarbon operations as scheduled on January 31, 2025. The final lifting of crude oil from the vessel took place in early February 2025. The project team has commenced mobilization efforts, deploying the necessary workforce support vessels and equipment to facilitate the safe disconnection of the FPSO. The vessel is planned to be towed to the shipyard in Dubai for refurbishment upon departure from the field in March 2025. Significant development drilling is expected to begin in 2026 after the FPSO returns to service with meaningful additions to production from the main Baobab field in CI-40.

In March 2025, Vaalco announced that it has farmed into the CI-705 block offshore Côte d’Ivoire. Vaalco is the operator of the block with a 70% working interest and a 100% paying interest though a commercial carry arrangement and is partnering with Ivory Coast Exploration Oil & Gas SAS and PETROCI. The CI-705 block is located in the prolific Tano basin and is approximately 70 kilometers (“km”) to the west of Vaalco’s CI-40 Block, where the Baobab and Kossipo oil fields are located, and 60 km west of ENI’s recent Calao discovery. Block CI-705 covers approximately 2,300 km² and is lightly explored with three wells drilled to date on the block. The water depth across the block ranges from zero to 2,500 meters. Vaalco has invested $3 million to acquire its interest in the new block which it believes has significant prospectivity.