REG - Vaalco Energy Inc - Operational Update

VAALCO EnergyAnnouncement

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RNS Number : 2099B  Vaalco Energy Inc  21 April 2026

 

THIS RELEASE CONTAINS INSIDE INFORMATION

VAALCO ENERGY, INC. ANNOUNCES POSITIVE OPERATIONAL UPDATE

 

HOUSTON - April 21, 2026 - VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) ("Vaalco"
or the "Company") announced positive operational updates in Gabon regarding
the ongoing drilling program, including encouraging initial well results on
the Etame 14H well and mobilized the rig to the Ebouri platform. Additionally,
the Company provided updates on the timing of bringing the Baobab field in
CI-40 block, offshore Côte d'Ivoire back online.

 

Operational Highlights:

 

·      Successfully drilled, completed and placed on production the
Etame 14H development well in an attic position within the Main Fault Block of
the Etame field, with a lateral of 325 meters of net pay in high-quality Gamba
sands;

o  Achieved excellent initial flow rate of approximately 4,850 gross barrels
of oil per day ("BOPD"), 2,850 BOPD net to Vaalco;

o  Encountered 325 meters of net pay in high-quality Gamba reservoir sands
with better-than-expected porosity and permeability;

 

·      Continued the drilling campaign in offshore Gabon, with the rig
mobilization to the Ebouri platform and drilling has commenced on the EEBOM-5H
development well;

o  Targeting an updip/attic position for the EEBOM-5H well by sidetracking
from the previously abandoned EEBOM-5P well; and

 

·      Baobab Ivorien Floating Production Storage and Offloading Vessel
("FPSO") has completed its 47-day tow from the Dry Dock World shipyard in
Dubai, where it underwent a complete refurbishment, and arrived back in Côte
d'Ivoire on April 2. The FPSO is now fully moored back on its original
location and is beginning the process of reconnecting the risers and
umbilicals. Restart of production remains on track for Q2 2026.

 

George Maxwell, Vaalco's Chief Executive Officer, commented, "We continue to
see positive results from our Gabon drilling campaign. The Etame 14H
development well encountered 325 meters of net pay in high-quality Gamba sands
in an attic position within the Main Fault Block at Etame. We are very pleased
with the initial well rates of around 4,850 gross BOPD, or 2,850 net BOPD and
are excited to add this new production. We have mobilized the rig to the
Ebouri platform where we are drilling a development well and plan to workover
two other wells. Our goal is to continue to successfully add production and
reserves with the remainder of our Gabon drilling campaign. At Côte d'Ivoire,
we have the Baobab FPSO on location and is in the process of reinstallation
and forecast that restarting production from the Baobab field is on track for
the end of Q2 2026. We are at a critical junction, with successes in the Gabon
drilling campaign and the Baobab field returning to production, and we believe
that the remainder of 2026 will be very profitable. We remain focused on
execution and driving meaningful growth through our organic capital programs
that we believe will translate into value for our shareholders in 2026 and
beyond."

About Vaalco

Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a
Houston, Texas, USA based, independent energy company with a diverse portfolio
of production, development and exploration assets across Gabon, Egypt, Côte
d'Ivoire, Equatorial Guinea, and Nigeria.

Vaalco's Legal Entity Identifier (LEI) is 549300CFHFVIWB8M6T24.

For Further Information

 Vaalco Energy, Inc. (General and Investor Enquiries)  +00 1 713 543 3422
 Website:                                              www.vaalco.com

 Al Petrie Advisors (US Investor Relations)            +00 1 713 543 3422
 Al Petrie / Chris Delange

 Burson Buchanan (UK Financial PR)                     +44 (0) 207 466 5000
 Barry Archer                                          VAALCO@buchanan.uk.com

Forward Looking Statements

Information in this press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended 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 (collectively, "forward-looking
statements"). 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 may 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) 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;
(iii) expectations regarding future acquisitions, investments or divestitures;
(iv) expectations of future dividends; (v) expectations of future balance
sheet strength; and (vi) expectations of future equity and enterprise value.

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; the ability to generate cash flows
that, along with cash on hand, will be sufficient to support operations and
cash requirements; risks relating to the timing and costs of completion for
scheduled maintenance of the FPSO servicing the Baobab field; and the risks
described under the caption "Risk Factors" in Vaalco's most recent Annual
Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with
the SEC.

Any forward-looking statement made by Vaalco, in this press release, is based
only on information currently available to Vaalco and speaks only as of the
date on which it is made. Except as may be required by applicable securities
laws, Vaalco undertakes no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or otherwise.

Inside Information

This announcement contains inside information as defined in Regulation (EU)
No. 596/2014 on market abuse which is part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR") and is made in accordance with
the Company's obligations under article 17 of MAR. The person responsible for
arranging the release of this announcement on behalf of Vaalco is Matthew
Powers, Corporate Secretary of Vaalco.

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