VAALCO Energy, Inc. Q1 FY2026 earnings call

• Sold Canadian assets in Feb 2026 and increased Cote d'Ivoire position as operator of Kisapo field.
• Actively evaluating seismic in Gabon and Côte d'Ivoire blocks.
• Itami had successful wells drilled, rig moved to Ibori; Baobab FPSO refurbished and production expected in early June.
• In Egypt, wrapped up 2025 drilling campaign, added 6-well drilling program in 2026.
• Equatorial Guinea completed FEED study for Venus Block P plan of development.

No specific absolute financial figures and revenue contribution% detailed but overview: Côte d'Ivoire - Baobab FPSO refurbishment completed, expecting production restart in June, Kisapo field development ongoing, CI705 block exploration work; Gabon - Itami field drilling campaign with wells coming online, seismic processing in exploration blocks; Egypt - Drilling program and production optimizations; Equatorial Guinea - FEED study for Venus Block P plan of development completed.

• Increased full year 2026 production and sales guidance.
• Q2 2026 production expected to be significantly higher than Q1, with sales volumes expected to increase.
• Exploration expense forecasted to be much lower in Q2 compared to Q1.
• Capital spend projected for Q2 within a range, full year capital guidance unchanged.
• Confident in executing projects and seeing production uplift from major projects into 2027.

• Forward-looking statements not guarantees, actual results may differ materially.
• Macro events like price volatility can impact earnings via derivative losses.
• Uncertainty in exploration well outcomes and field development timelines.

Q: Regarding realization and hedging across portfolio in Gabon, Egypt and Cote d'Ivoire.

A: Ron said saw premium for African oil, Egypt domestically sold but listed price getting closer to dated Brent, hedging on dated Brent allows capturing premiums.

Q: Additional color on lifting schedules in Gabon and Cote d'Ivoire beyond Q2.

A: Ron said two confirmed listings in Gabon in April and May with $4 premium to dated Brent, Cote d'Ivoire lift expected in August; George added on Baobab liftings related to tank storage and flush production not in guidance yet.

Q: Working capital and COSIPO.

A: Ron explained working capital outflow due to various factors, George said KISIPO under single PSE with right to evacuate through existing infrastructure, economics to be worked out.

Q: Production in Q1 and future drilling in Gabon.

A: Dale Desolam asked about Q1 production being strong due to Egypt campaign and Gabon well performance, George said future drilling in Gabon exploration blocks may be late 2027 or early 2028.

Q: Production approach 30,000 bpd and taxes.

A: Ron said guidance exit rate between 25 - 27k bpd, can't give specific free cash flow tax details but cost pools and statelifts impact tax liability.