#1A Diversified African-Focused E&P Business November Investor Update November 2023 Profitably And Sustainably Growing Value W VAALCO ENERGY, INC.#2Safe Harbor Statements This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and "forward-looking information" within the meaning of applicable Canadian securities laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "forecast," "outlook," "aim," "target," "will," "could," "should," "may," "likely," "plan" and "probably" or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements relating to (i) estimates of future drilling, production, sales and costs of acquiring crude oil, natural gas and natural gas liquids; (ii) the amount and timing of stock buybacks, if any, under VAALCO's stock buyback program and VAALCO's ability to enhance stockholder value through such plan; (iii) expectations regarding future exploration and the development, growth and potential of VAALCO's operations, project pipeline and investments, and schedule and anticipated benefits to be derived therefrom; (iv) expectations regarding future acquisitions, investments or divestitures; (v) expectations of future dividends, buybacks and other potential returns to stockholders; (vi) expectations of future balance sheet strength; (vii) expectations of future equity and enterprise value; and (viii) VAALCO's ability to finalize documents and effectively execute the POD for the Venus development in Block P. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of VAALCO or TransGlobe; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; the impact and costs of compliance with laws and regulations governing oil and gas operations; the risks described under the caption "Risk Factors" in VAALCO's 2022 Annual Report on Form 10-K filed with the SEC on April 6, 2023. Dividends beyond the fourth quarter of 2023 have not yet been approved or declared by the Board. The declaration and payment of future dividends and the terms of share buybacks remains at the discretion of the Board and will be determined based on VAALCO's financial results, balance sheet strength, cash and liquidity requirements, future prospects, crude oil and natural gas prices, and other factors deemed relevant by the Board. The Board reserves all powers related to the declaration and payment of dividends and the terms of share buybacks. Consequently, in determining the dividend to be declared and paid on VAALCO common stock or the terms of share buybacks, the Board may revise or terminate the payment level or buyback terms at any time without prior notice. Oil and Gas Reserves Estimates of reserves provided in this presentation are estimates only and there is no guarantee that estimated reserves will be recovered. Actual reserves may be greater than or less than estimates provided in this presentation and differences may be material. There is no assurance that forecast price and cost assumptions applied by NSAI, GL or by VAALCO in evaluating its reserves will be attained and variances could be material. References to thickness of oil pay or of a formation where evidence of hydrocarbons have been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil accumulations are not necessarily indicative of future production or ultimate recovery. Non-GAAP Financial Measures Certain financial information in this presentation is presented on a non-GAAP basis. Please refer to the reconciliations included in this presentation under "Appendix" for the most directly comparable GAAP financial measures. Adjusted EBITDAX is a supplemental non-GAAP financial measure used by VAALCO's management and by external users of the VAALCO's financial statements, such as industry analysts, lenders, rating agencies, investors and others who follow the industry, as an indicator of VAALCO's ability to internally fund exploration and development activities and to service or incur additional debt. Adjusted EBITDAX as used herein represents net income before discontinued operations, interest income net, income tax expense, depletion, depreciation and amortization, exploration expense, impairment of proved crude oil and natural gas properties, non-cash and other items including stock compensation expense, gain on the Sasol Acquisition and unrealized commodity derivative loss. Adjusted EBITDAX have significant limitations, including that they do not reflect the VAALCO's cash requirements for capital expenditures, contractual commitments, working capital or debt service. Adjusted EBITDAX should not be considered as a substitute for net income (loss), operating income (loss), cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDAX exclude some, but not all, items that affect net income (loss) and operating income (loss) and these measures may vary among other companies. Therefore, the VAALCO's Adjusted EBITDAX may not be comparable to similarly titled measures used by other companies. Management uses Free Cash Flow (Available For Equityholders) to evaluate funds that may be available for distribution to stockholders and believes the measure is useful to investors because it eliminates the impact of property and equipment expenditures, finance lease costs and deferred financing costs from period to period. Management also believes this non-GAAP measure is useful to investors to evaluate and compare the Company's financial position across periods. Free Cash Flow (Available For Equityholders) is a non-GAAP financial measure and as used herein represents cashflows from operating activities after discontinued operations, with add-backs for property and equipment expenditures, finance lease costs and deferred financing costs. Free Cash Flow (Available For Equityholders) is a supplemental non-GAAP financial measure used by VAALCO's management and by external users of the Company's financial statements, such as industry analysts, lenders, rating agencies, investors and others who follow the industry, as an indicator of the Company's ability to pursue objectives beyond ordinary course operations and funding capital expenditures. Free Cash Flow (Available For Equityholders) has significant limitations, including that it does not represent residual cash flows available for discretionary purposes and should not be used as a substitute for cash flow measures prepared in accordance with GAAP. Free Cash Flow (Available For Equityholders) should not be considered as a substitute for cashflows from operating activities before discontinued operations or any other liquidity measure presented in accordance with GAAP. Free Cash Flow (Available For Equityholders) may vary among other companies. Therefore, the Company's Free Cash Flow (Available For Equityholders) may not be comparable to similarly titled measures used by other companies.#3A Diversified African-Focused E&P | Complementary businesses coming together to create a stronger, Pan-African entity A Growing, Diversified Footprint in Africa Operated ------ Gabon (offshore) A Etame Marin Permit Q3'23 Prod (NRI)(1)(2): 8.6 mbopd WI 58.8% (Operated) 1P Reserves (NRI)(1): 10.2 mmbbl Acreage (gross): 46,300 Egypt (onshore) Eastern Desert WI 100% (Operated) South Ghazalat WI 100% (Operated) D A Q3'23 Prod (NRI)(1)(2): 8.0 mbopd 1P Reserves (NRI) (1): 8.6 mmbbl Acreage (gross): 52,500 Supported by High-Quality Canadian Acreage Operated > Full-cycle portfolio with material production and cash flows > 100% operated assets > Critical mass of operations with running room for growth > Combination of two highly capable subsurface/technical, operational and business development teams Operated Operated I Equatorial Guinea (offshore) Block P WI 45.9% (3) (Operated) Canada (onshore) Harmattan WI 94.5% (Operated) P Production D Development E Received approval of Venus standalone development plan, negotiating final documents for approval Acreage (gross): 57,300 P Q3'23 Prod (NRI)(1)(2): 2.3 mboepd 1P Reserves (NRI) (1): 9.2 mmboe Acreage (gross): 75,400 A Appraisal E Near-Field Exploration > Majority operated assets > Significant near-term growth potential through large drilling inventory > Highly cash generative in current price environment > High-quality technical team supporting the wider business > North American drilling, completion and unconventionals technologies with applications across broader portfolio ☑ Building Scale and Diversification With an Operated, Full-cycle, Low-risk, High Return Portfolio (1) Net Revenue Interest ("NRI") share of volumes on a working interest basis, after deduction of royalty. (2) Q3'23 NRI production reported in Q3 2023 earnings release (3) In February of 2023, the Company acquired an additional 14.1% participating interest, increasing VAALCO's participating interest in the Block to 60% Slide 3#4Accelerating 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 Gabon, Egypt, Equatorial Guinea and Canada, diversifying production and revenue Robust net cash balance sheet providing a strong foundation for meaningful shareholder returns Significant cash distribution announced for 2023: ~US$0.25/share 2023 dividend and up to $30 mm share buyback program continuing into 2023 TE Step change in production and cash flows support sustainable returns and growth Near doubling of production and recognized material synergies supporting significant cash generation for shareholder returns and growth investment O Material reserves and production with a high-quality inventory of multi-year investment options Significant 1P and 2P (NRI) reserve base with upside associated with Equatorial Guinea Enlarged scale enhances investment proposition for the global capital markets Increased scale and profile promotes enhanced market visibility and uplift in trading liquidity 888 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 Slide 4#5Key Asset Milestones and Catalysts GABON EGYPT 2023 2024 Long lead Items, Planning Expression of interest for rig 3 to 4 well drilling campaign with options Finalize Block G&H documentation 2025+ Successfully completed D&C program Production optimization, Workovers identified for early 2024 Ongoing capital program similar to 2023 with 10-15 Well programs including exploration Successfully completed D&C program CANADA Ongoing capital program drilling 2.5 to 3 mile laterals Land optimization EQUATORIAL GUINEA Finalizing JOA FEED studies, FID Drill 3 wells Creating a Diversified African E&P Business Supporting Sustainable Growth & Shareholder Returns Slide 5#6Adding Future Value Through Synergies | Unlocking additional value through cost reductions and operational optimization through the use of best practices Immediate Cost Synergies Within 6 months post closing Cancel TransGlobe's listings on TSX, Nasdaq, AIM Reduce Board and Executive positions Consolidation of advisors Extract cost savings in service contracts across the business given combined scale Captured US$3-5 Annualized estimated savings million X X CRESS Medium-Term Cost Synergies 18-24 months post closing Focused on automation and digitalization; kicked off Global Cloud Based ERP solution with 9-12 month timeline for completion Supply chain led contracting efficiencies on drilling and capital projects Annualized estimated savings US$2-4 million IN PRO Operational Synergies Combination enhances engineering and reservoir expertise, including onshore and offshore operations and development Expands fracing knowledge and potential operational applications Combined Company Could Capture Cost Synergies of up to US$30 to US$50 Million Through 2030 That Would Otherwise not be Possible on a Standalone Basis Slide 6#7Recent Highlights Captured meaningful synergies on TGA combination Increased FY production guidance, raised guidance in all production areas Significant Reduction in combined G&A YTD 2023 vs. YTD 2022 Lowered FY 2023 Capital Guidance by ~$10 million at midpoint Highly successful 2023 drilling program in Egypt and Canada completed Protecting FCF1 for Shareholders Production exceeding expectations, costs lower than forecasted Distributed 41% of FCF YTD 2023 to Shareholders Operating Efficiently, Increased Production, Lowered Capital and Capturing Synergies Driving Cash Flow Growth 1) Free Cash Flow is a Non-GAAP financial measure and is reconciled to the closest GAAP measure in the attached table under "Reconciliations." Slide 7#8Q3 2023 KEY METRICS Q3 2023 Change¹ Reported Production 24,430 BOEPD -2% (Avg. WI Daily Production Volumes) Adjusted EBITDAX2 $71.4 million 9% Adjusted Net Income per share² 7 cents -36% Diluted Net Income per share 6 cents 0% Cash flow from operations $94.2 million 165% Cash Capital Expenditures $22.5 million -17% Free Cash Flow 2 $57.2 million 1071% Shareholder Return (Dividend and buyback) $12.8 million 9% Strong Sales and Lower Capex Spend in Q3 and Projected for Q4 2023, Driving Meaningful Growth in Cash Flow 1) % Change from Q2 2023 to Q3 2023 2) Adjusted EBITDAX, Adjusted Net Income, Adjusted Net Income per share, Free Cash Flow and Adjusted Net Income Per Diluted Share are Non-GAAP financial measures and are described and reconciled to the closest GAAP measure in the Appendix or in the Q3 2023 earnings release Slide 8#9-1100 660000 670000 50 ETAME MARIN FIELD 680000 W VAALCO Gabon: Etame Offshore License Production from multiple reservoirs, wells and platforms, with upside from identified prospects VAALCO Sinopec (Addax) PetroEnergy 58.8% WI(1) 31.4% WI 2.3% WI Operator Asset Overview > Operator of Etame licences in Gabon with 63.6% (1) participating interest > Located in prolific South Gabon basin in shallow water (~85m) > 46,300 gross acres; 27,200 net acres > Significant production potential: Produced ~135 gross mmbbl to date Production grown from 4,853 NRI bbl/d in FY'20 to ~8,600 NRI bbl/d Q3'23 > 1P reserves (NRI) at YE2022 of 10.2 mmbbl > Numerous undrilled opportunities at moderate drilling depths (1,800m to 2,900m TVD) into known reservoirs 9590000 -1400 1300 -1200 -1400 1300 9590000 1700 Ebouri EBOUR 1900 1600 WEtame -1800 -1500- -1700. Etame MFB -1600- -1900 -1500 -1700 -1800 -1600 -2000 -2100- FSO SSW Etame ° ETAMEH V Block SE Etame 2 2000 9580000 9570000 -2400 -2500 -2600 660000 -2100 -2200 BNM-1H SEENT ETBNM-NSTTchibala 1900 -2100 -1200 -1400- -1500 9580000 -1800 -2000 9570000 ETESM STchibala AVOUMAH EAVO TZ NE Avouma Avouma -22001 -2300 -2300 -2400 -2500 -2400 (-2300 Top Gamba Structure (TVDSS) m 680000 5000 10000m 3500 670000 Producing Fields Prospects (1) Gabon working interest is net of Tullow carried interest, participating interest would be 63.6% and Net Revenue Interest (NRI) includes deductions for the Gabonese national government and Tullow carried interest (51.2%) Pipeline 2018 Etame PSC Slide 9#10Gabon Update Production Optimization Asset Highlights ◉ Production at the high end of Q3 guidance range and only down 2% sequentially, despite no drilling campaign in 2023 ■ Strong operational production uptime and optimization efforts, offsetting decline ☐ - Achieved 97% production uptime YTD 2023 Focus on back pressures post FPSO change out optimizing field process and production capabilities ■ Capital program in 2023 focused on maintenance capex and long lead items for 2024/2025 drilling campaign ■ Increasing 2023 production guidance due to strong base performance Percentage Uptime 3Q 2023 Asset Stats 100% / 0% / 0% 9,901 BOEPD WI Production Oil Operational Production Uptime NGL 98% 96% 94% ~97% 92% 90% 88% 86% 84% ~85% 82% 80% 78% 2022 average YTD 2023 average Gas Maintaining Strong Production and Planning for 2024/2025 Drilling Campaign Slide 10#11Egypt: Eastern Desert Merged Concession Newly merged concession offering attractive fiscal terms to enable further development 100% WI Operator Asset Overview > Located onshore in Egypt's Eastern Desert with 52,500 gross acreage position > Three previous PSCs were combined into one concession, ratified in early 2022 - 20-year (15-year primary + 5-year option) contract period Improved fiscal terms to support future growth - US$50m minimum investment in each five-year period for the 15-year primary term US$66m cost of merged concession (US$36m paid to date, three annual payments of US$10m remaining) as compensation to EGPC for reduced government take US$51m receivable due to effective date adjustment Original receivable of US$67m offset in late 2022 by US$17m 32-500 Western Desert - Outstanding AR down to US$19m at end of Q3 2023, as we continue to work closely and have a strong relationship with EGCP > 100% heavy oil production (~21° API gravity) Legend TransGlobe Fields Merged Concession Development Lease Boundaries - All production sent by pipeline to coastal storage facility where it is stored pending periodic liftings Crude sold to both third parties and Egyptian government with payments received in USD and offsets (EGPC owned services and supply companies) Oil Pipeline Terminals 100km Nile River Delta Cairo 33 Eastern Desert Gulf of Sues коле 0 25 5 7.5 10 Kilometers MY ME Slide 11#12Egypt Update Production & Drilling Optimization Asset Highlights ■ Production up 1% sequentially and at the high end of Q3 guidance range ■Continued drilling success with 2023 capital program reaching drilling efficiency milestones - Successfully drilled 18 vertical wells YTD 2023 and completed 1 horizontal well -Improved drilling and completion performance with average drilling days decreasing by more than 50% from 2022 average of 38 days to under 15 days in 1H 2023 - Reduced the rig-release to artificial lift production period to less than 6 days Days 3Q 2023 Asset Stats 0 11,691 BOEPD 100% 0% 0% Oil NGL Gas WI Production Improved Drilling Efficiency 40 35 ~38 30 25 12 20 15 Step change in drilling efficiency, decreases costs and improves economics ■ Capital program, strong production performance and operational efficiencies supporting increased total Company and Egyptian production guidance for FY 2023 <15 10 5 0 2022 average 1H 2023 average Outstanding 2023 Capital Program Results Driving Production Growth Slide 12#13R3 R2 . Canada: Harmattan Cardium Assets | A core play in the Western Canadian Sedimentary Basin (WCSB) with substantial potential remaining Asset Overview > Cardium assets in the WCSB covering about 75,400 gross acres > Profitable operations with low costs, contributing to total Company free cash flow generation > 2023 Q3 production (NRI) of 2.3 mboepd > Low decline, oil weighted production with ~70% liquids Substantial Future Development Opportunities > Continued focus on production maintenance and free cash flow growth across Harmattan sites > Potential to drill in excess of 65 locations over the next 4 - 6 years with longer laterals that will cover more horizontal length than the 80 previous locations > Low operating costs driven by owned and operated infrastructure, as well as strong oil and gas marketing agreements T32 T31 T30 R4 • 10 → t " 223 T29 4 T28 . R1W5 A f . % . . 6 . 10 . . . * . 4 اپور -* 6 Legend VAALCO WELLS 2021 to 2023 Drill Licenced Active Well VAALCO LANDS VAALCO • مہ 99 . $ + 4 Identified Potential . . . R4 74 . R3 23 10 Future Locations 222 R2 R1W5 Slide 13#14Canada Update | Optimizing Lateral Lengths, Frac Intensity and Facilities Asset Highlights Successfully and safely drilled 2 wells in Q1 2023 - Drilled a 1.5 mile lateral well - Drilled a 2.75 mile lateral well, the longest to date 3Q 2023 Asset Stats 2,835 BOEPD WI Production 45% / 28% / 27% NGL Oil Gas Enhancing Returns By Extending Lateral Length 2023+ Expected Well Performance (Oil Rate, bopd) 2023 Budget 1.5-Mile TC 2023 Budget 1-Mile Typecurve 2023 Budget 2-Mile Typecurve -2023 New Budget 3-Mile Typecurve ---2023 Budget 2.75-Mile Typecurve ■ The wells retained acreage and achieved average cycle time of <90 days ◉ Both wells exceeded initial production estimates ☐ - Wells brought online in Q2 and free flowing through May, then switched to pumping rods in June One well was a top 15 new oil well producer in Alberta in May 2023 Monitoring wells for long-term performance versus type curve ■ Moving to longer laterals exclusively in the future Extending laterals to 2.5 and 3 miles should improve the overall economics of future drilling programs Working to further optimize frac intensity and shorten cycle times Evaluating facility and pad optimization to further enhance economics Oil Rate (bbl/d) 400 350 300 250 200 150 100 50 50 0 0 Outstanding 2023 Capital Program Results Driving Production Growth 12 112 24 36 Months on Production Slide 14#15Equatorial Guinea¹: Future Growth Potential | Maximizing the value in VAALCO's portfolio Block H EG-10 Southwest Grande Marte North Marte South א VAALCO ENERGY, INC. Block P PDA VENUS Discovery EG-21 Urano Saturno EUROPA Discovery Block P 0 2000 4000 6000 8000 10000m 1:175559 EG 19 Gulf of Guinea Դ EQUATORIAL GUINEA Block P PDA CAMEROON EQUATORIAL GUINEA 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 date of approval of a development and production plan › 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 GABON > POD in place, finalizing agreements, with first oil forecasted for 2026 ☑ Strategy to Accelerate Value Creation While Adding Second Core Area, Reduces Risk and Enhances Upside Slide 15#16STRONG FINANCIAL FOUNDATION WITH NO BANK DEBT Fully Funding Shareholder Returns and Capital Programs Strong Liquidity at Sept. 30, 2023 (US$m) ■Cash and Cash Equivalents ■RBL Availability Liquidity US$153m Initiated Sustainable Dividend Program (US$/share) $0.07 Share Buyback Program (US$m) To be Paid in Dec 2023 $7.00 US$50m $0.06 $0.05 $0.04 $0.06 $0.06 $0.06 $0.06 $6.00 $5.00 $5.0 $4.5 $4.00 $0.03 $0.03 $0.03 $0.03 $0.03 $3.00 $3.0 US$103m $0.02 $0.01 $2.00 $1.00 $6.0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2023 ~US$50m undrawn RBL at Sept 30, 2023 Fully funding capex, dividends and share buybacks while growing liquidity ■ Initiated $0.0325/share quarterly dividend in Q1 2022 Increased dividend in 2023 by 92% to $0.0625/share quarterly www. Slide 16#17Sept YTD 2023 NETBACKS, Delivering strong results Liquids $/BBL Netback by Area $40.00 $34.89 $35.00 $31.02 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Total Company Blended Netback on Working Interest Basis Gabon Canada ■Egypt Sept YTD 2023 Margins at ~$81.75 Average Brent Oil $23.73 $0 $16.16 $14.73 $13.55 $7.53 $2.20 $27.58 $80 Original Forecast of FY2023 Margins at $80 Realized Oil and Midpoint of Guidance 81.75 Average Brent ■ Netbacks in line with original forecasts, with Egypt slightly higher and Canada slightly lower $0 $17.78 $17.40 $9.28 $9.09 $2.11 $23.48 $80 ■ Total Company blended netback improvement has been driven primarily by lower opex per BOE; as combined royalty, price differential and tax is nearly flat compared to forecast with changes between categories attributable to production mix OPEX1 Royalty Price Differential Tax G&A Other Expected Cash Flow (before CAPEX and prior to working capital changes) ☑ Delivering Better than Forecasted Margins in YTD 2023 Through Operational Excellence and Cost Control 1) OPEX excludes one-time costs for removing and disposal of Normally Occurring Radioactive Materials ("NORMS") related to finalizing the demobilization of the FPSO Slide 17#18Environmental, Social, Governance Cultural alignment and shared track record for environmental stewardship enhances Combined Company's ability to deliver an effective ESG agenda Track Record and Commitment of Combined Group Environmental > Zero significant reportable environmental incidents past 5/10 years > Broadening sustainability approach to align with new required reporting > Sharpening emphasis on sustainability risk mitigation across Supply Chain, EHS and HR > Greater scale enhances ability to develop and implement additional ESG controls VAALCO Select ESG Performance > Zero significant reportable hydrocarbon (oil) spills over c.20 year operating history > Undertook a comprehensive baseline study to manage and reduce carbon footprint > Contributed towards the installation of water wells, solar lights, and supply of medical equipment and rebuilding of schools in Gabon Social Governance > Exceptional operational and process safety performance > Track record of significant socio-economic contributions to host countries: - Tax and royalty payments Spend with national suppliers Advanced workforce nationalization programs, in step with local content objectives > Social license to operate underpinned by proactive community and NGO engagement > Further strengthening Governance foundation to build even greater consistency > Focused on multiple reporting frameworks including SASB, GRI and TCFD > Globalizing the process, protocols and systems to improve more consistent reporting and performance TransGlobe Select ESG Performance > Currently assessing venting elimination and pump/heater power options > Established HSES (2) & integrity management system > Supported the purchase of 50 new houses for families affected by floods and the purchase and delivery of Covid relief packages in Egypt (1) TRCF: Total Recordable Case Frequency (2) HSES: Health Safety and Environmental Services Slide 18#19APPENDIX Creating a Diversified African E&P Business Supporting Sustainable Growth & Shareholder Returns#202023 Full Year Guidance (As of November 7, 2023) Q4 2023 FY 2023 WI Production¹ (BOEPD) Gabon Egypt 9,400 - 10,100 11,100 - 11,800 Canada 2,400 - 2,700 Total VAALCO WI Production 22,900 24,600 9,950 - 10,200 10,900 11,400 2,600 - 2,800 23,450 - 24,400 NRI Production¹ (BOEPD) Total VAALCO NRI Production 17,600 19,400 18,300 18,900 WI Sales (BOEPD) Gabon Egypt Canada Total VAALCO WI Sales NRI Sales (BOEPD) Total VAALCO NRI Sales 11,800 13,100 11,100 11,800 - 2,400 - 2,700 25,300 - 27,600 9,550 - 9,800 10,900 11,400 2,600 - 2,800 23,050 - 24,000 19,800 - 22,000 17,900 - 18,500 Production Expense² (millions) Production Expense per WI BOE $42.2 - $47.6 $16.00 $21.00 Production Expense per NRI BOE $21.00 - $26.50 Offshore Workovers (millions) $0 - $0 $154.0 $160.0 $17.00 $19.50 $22.00 - $25.00 $0 - $0 Cash G&A³ (millions) CAPEX (millions) DD&A ($/BO) FY Commentary Increased range due to production optimization and improved uptime Increased range due to better than expected 2023 drilling results Increased range due to better than expected 2023 drilling results Increased range slightly due to Gabon SEENT pipeline repairs and cost inflation Higher sales almost completely offset higher costs on a per BOE basis Higher sales almost completely offset higher costs on a per BOE basis $4.0-$6.0 $9.5 - $12.0 $20.00 - $22.00 $18.0 - $21.0 $71.0 - $75.0 $20.00 - $22.00 Reducing capex range driven by capital efficiency in Egypt and Canada 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 Slide 20#21Etame: PSC Terms Attractive PSC with 80% Cost Recovery Until 2028 Gross Production Barrels Oil Etame: Key Terms Royalty 13% Net Production 87% of gross production 80% to Sep 2028 70% thereafter (subject to a maximum of recoverable cost pool) 20% to Sep 2028 30% thereafter Cost Oil 100% X VAALCO ENERGY, INC. Profit Oil Allocation per Table Government of Gabon VAALCO ENERGY, INC. Key Terms Government back-in - Tullow Abandonment Production and Development Term 7.5% carried through June 2026, 10% thereafter Abandonment fund fully funded through operations 10 yrs through 2028 plus two 5 yr options Etame: Profit Oil Split Profit Oil Split (Gross BOPD) Contractor State 0 - 10,000 50% 50% 10,000 - 25,000 45% 55% 25,000 + 40% 60% Profit oil is split based on a weighted average of production across the different levels shown above Slide 21#22ETAME: Accounting for in-kind taxes Foreign Income Taxes are Settled by the Government Through In-kind Oil Payments ◉ In 2023, the Gabonese government has not had a lifting of in-kind oil to settle VAALCO's tax payment ■ At the end of each quarter, the amount of in-kind oil increases until a lifting occurs, and we have to mark-to-market the in-kind oil ■ The price of Brent effects the accrued tax calculation which impacts earnings and earnings per share ■ We continue to guide that 60-65% effective tax rate is correct over the long-term excluding these discrete items ■ Commodity price movements quarter to quarter will change the effective tax rate for that quarter ■This process will continue until the government takes a lifting and the amount is settled Falling Oil Prices Quarter over Quarter Rising Oil Prices Quarter over Quarter Q2 2023 ~$75/BO Q3 2023 ~$95/BO ■ Oil price increased, impacting the accrued taxes ■ The mark to market impact flows through earnings with a ~$5.3 mm reduction to earnings Q3 2023 ~$95/BO Q4 2023 ~$85/BO ■ Oil price decreases, impacting the accrued taxes ■ The mark to market impact flows through earnings with a potential ~$4 - 5 mm increase to earnings Slide 22#23Egypt: Eastern Desert PSC Terms Improved PSC terms enhance sustainable future investment Gross Production Barrels Oil Production (quarterly average) 40% 60% Brent Price US$/bbl ≤ 5,000 Bopd > 5,000 Bopd and ≤ 10,000 Bopd > 10,000 Bopd > 15,000 Bopd > 25,000 and ≤ 15,000 and ≤ 25,000 Bopd Bopd Bopd EGPC TG EGPC TG EGPC TG EGPC TG EGPC TG % % % % % % % % % % Cost Oil Profit Oil ≤ 40 US$ 67 33 68 32 31 70 30 71 29 100% > 40 and ≤ 60 US$ 68 32 69 31 70 30 71 29 72 28 Cost oil actual recoverable costs > 60 and ≤ 80 US$ 70 30 0 30 > 80 and ≤ 100 US$ 72.5 27.5 > 100 US$ 75 25 25 236 71 73 76 222 29 72 28 74 26 76 24 27 74 26 76 24 78 22 24 77 23 78 22 80 20 22 Excess Cost Oil 85% 15% Allocation per Table > > > Cost Oil - Company PSC expenditures are recovered out of 40% of all petroleum produced Profit Oil - Of the remaining 60% of all petroleum produced (after cost recovery) the production is shared between the Company and EGPC based on the above table Excess Cost Oil - If Cost Oil above exceeds the actual allowable recoverable costs, this is Excess Cost Oil and is shared between the Company and EGPC (TransGlobe 15%) > Taxes - Captured in the net government entitlement oil share due to EGPC (no additional TransGlobe burden) TransGlobe Energy EGPC CORPORATION EGPC > TransGlobe Oil Entitlement is the sum of Cost Oil, Profit Oil and Excess Cost Oil (if any) Slide 23#24Reconciliations of Non-GAAP Measures Three Months Ended Reconciliation of Net Income to Adjusted EBITDAX Net income Add back: September September 30, 2023 30, 2022 June 30, 2023 30, 2023 $ 6,141 $ 6,868 $ 6,752 $ 16,363 $ Nine Months Ended September September 30, 2022 34,136 Three Months Ended Reconciliation of Net Income to Adjusted Net Income September September June 30, September 30, 2023 30, 2022 2023 30, 2023 Net income $ 6,141 $ 6,868 $ 6,752 $ 16,363 $ Nine Months Ended September 30, 2022 34,136 Adjustment for discrete items: Impact of discontinued operations 26 2 15 58 Discontinued operations, net of tax 26 2 15 58 Interest expense (income), net 1,426 234 1,703 5,375 355 Income tax expense (benefit) 25,844 22,843 11,588 Unrealized derivative instruments loss (gain) 2,321 52,203 (12,902) (35) 2,206 (5,161) 64,467 Depreciation, depletion and amortization 32,538 8,963 38,003 94,958 21,827 Arrangement Costs 6,424 7,624 Exploration expense 1,194 56 57 1,259 250 FPSO demobilization 8,867 5,647 5,647 8,867 FPSO demobilization 8,867 5,647 5,647 8,867 Deferred income tax expense (benefit) (985) 24,008 (813) 673 39,539 Non-cash or unusual items: Other operating (income) expense, net (5) 303 298 5 Stock-based compensation 1,078 36 605 2,332 2,300 Adjusted Net Income $ 7,472 $ 33,291 $ 11,856 $ 25,202 $ 85,068 Unrealized derivative instruments loss (gain) 2,321 (12,902) (35) 2,206 (5,161) Arrangement Costs 6,424 7,624 Other operating (income) expense, net (5) 303 298 Credit losses and other 822 1,020 680 2,437 Adjusted EBITDAX 71,359 $ 42,435 $ 65,305 $ 5 2,083 183,093 $ 136,811 Diluted Adjusted Net Income per Share 0.07 $ 0.56 $ 0.11 $ 0.24 $ 1.43 Diluted weighted average shares outstanding (1) 106,433 59,450 107,613 107,072 59,335 Reconciliation of Free Cash Flow Net cash provided by Operating activities Net cash used in Investing activities Net cash used in Financing activities Effects of exchange rate changes on cash Total net cash change Add back shareholder cash out: Dividends paid Stock buyback Total cash returned to shareholders Free Cash Flow Percent of Free Cash Flow returned to shareholders Nine Months Ended September 30, 2023 171,811 (77,365) (42,382) (321) 51,743 20,153 15,566 35,719 87,462 41% Please refer to CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS in our filed 10Q Slide 24#25CONTACT www.vaalco.com CORPORATE OFFICE 9800 Richmond Avenue, Suite 700, Houston, Texas 77042 T 713.623.0801 F 713.623.0982 E [email protected] BRANCH OFFICES VAALCO Gabon SA B.P. 1335, Port Gentil, Gabon T +241-(0)1-56-55-29 VAALCO London 17 Hanover Square, London W1S 1BNT VAALCO Equatorial Guinea Office 2-1, 3rd Floor, Autovia Aeropuerto, Kosmos Building, Energy Square, Malabo II, Equatorial Guinea VAALCO Canada 900, 444 - 5th Avenue S.W. Calgary, Alberta, Canada T2P 2T8 T +1.403.264.9888 VAALCO Egypt 6 Badr Towers Ring Road, Maadi Cairo, Egypt T +03 4845237 INVESTOR CONTACTS U.S. Al Petrie / Chris Delange T 713.543.3422 E [email protected] U.K. - Ben Romney / Barry Archer T 44.0.20.7466.5000 E [email protected] VAALCO ENERGY, INC.