Investor Presentaiton

ETAME: 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

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