AI Earnings Predictions for VAALCO Energy Inc. (EGY)

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EX-99.1

2 ex-991q12026earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

VAALCO ENERGY, INC. ANNOUNCES FIRST QUARTER 2026 RESULTS

HOUSTON – May 7, 2026 - VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) (“Vaalco” or the “Company”) today reported operational and financial results for the first quarter 2026. Additionally, the Company provided operational and financial guidance for the second quarter and full year of 2026.

First Quarter 2026 Highlights and Recent Key Items:

•Invested $78.1 million in capital expenditures, which included the successful start to the Gabon Phase Three Drilling Program, continued Côte d’Ivoire Floating Production Storage and Offloading vessel (“FPSO”) Dry

Dock refurbishment and key long leads for the upcoming 2026 drilling campaign in Côte d’Ivoire;

◦Successfully drilled, completed and placed on production the Etame 14H development well in April 2026 at an initial rate of 4,850 gross barrels of oil per day (“BOPD”), encountering 325 meters of net pay in high-quality Gamba sands;

◦Successfully drilled, completed and placed on production the Etame 15H development well in February 2026 at an initial rate of 2,000 gross BOPD, confirming expectations from the ET-15P pilot well results;

◦Baobab Ivoirien FPSO is now fully moored back on its original location and resumption of production at Côte d’Ivoire remains on track for Q2 2026;

•Confirmed as operator with a 60% WI in the Kossipo field on the CI-40 Block, located southwest of the Baobab field, with a field development plan (“FDP”) expected to be completed in the second half of 2026;

◦Further information on the Kossipo field can be found in the Q1 2026 supplemental deck posted on Vaalco’s website;

•Divested all Canadian properties for an adjusted purchase price of $25.5 million with a closing date of February 19, 2026;

•Sold 12,157 net revenue interest (“NRI”)(1) barrels of oil equivalent per day (“BOEPD”) and produced 15,110 NRI(1) BOEPD or 19,884 working interest (“WI”)(2) BOEPD, all of which were slightly above the midpoint of guidance;

•Expecting Q2 2026 sales volumes to range between 16,800 and 18,300 NRI BOPD, a 44% increase compared to Q1 2026 (at the midpoint of guidance);

•Increasing full year 2026 production and sales NRI volumes by 8% and 12%, respectively at the midpoint, while maintaining 2026 capital budget guidance unchanged even with additional drilling in Egypt included;

•Reported a net loss of $93.8 million ($0.90 per diluted share), which includes $94.2 million in expenses primarily due to a loss on derivative instruments and exploration expense;

◦Excluding primarily the $55.9 million unrealized portion of the derivative loss, Adjusted Net Loss(3) totaled $47.2 million ($0.45 per diluted share);

•Generated Adjusted EBITDAX(3) of $11.6 million which included no partner liftings in Gabon and no sales in Côte d’Ivoire, Q2 2026 is expected to have two partner liftings in Gabon and Q3 2026 sales are expected to include Côte d’Ivoire;

•Reduced trade receivable in Egypt even further from $31.6 million at December 31, 2025 to $24.2 million at March 31, 2026; and

•Declared quarterly cash dividend of $0.0625 per share of common stock to be paid on June 26, 2026.

(1)All NRI sales and production rates are Vaalco's working interest volumes less royalty volumes, where applicable.

(2)All WI production rates and volumes are Vaalco's working interest volumes, where applicable.

1

(3)Adjusted EBITDAX, Adjusted Net Income (Loss), Adjusted Working Capital, Free Cash Flow and Net Debt are Non-GAAP financial measures and are described and reconciled to the closest GAAP measure in the attached table under “Non-GAAP Financial Measures.”

George Maxwell, Vaalco’s Chief Executive Officer, commented, “We began 2026 by divesting all of our Canadian assets, and increased our future growth potential in Côte d’Ivoire by being confirmed as operator with a 60% WI in the Kossipo field. The Kossipo field is a discovery with material oil in place, located 8 kilometers from our highly productive Baobab field on the CI-40 Block. We also have had a positive start to our Gabon drilling campaign with the ET-15H well coming online in February 2026 and the Etame 14H well coming online in April 2026. These wells helped production in Gabon increase slightly in Q1 2026 and the larger impact can be seen in our guidance for Q2 2026 compared to Q4 2025. Despite the increase in production, as we mentioned on our year-end call, sales were lower due to a government lifting in Gabon in the first quarter 2026 to settle our foreign tax expense. We expect this to be the only government lifting in 2026 and, as you can see from our second quarter guidance, we expect two optimized liftings in Gabon driving strong sales in a higher priced environment. The FPSO for Baobab is moored in place at the Baobab field in offshore Côte d’Ivoire and the field is expected to restart in Q2 2026. These factors have given us t

EX-99.1

2 exhibit991vaalcoprovidespo.htm

EX-99.1

Document

Exhibit 99.1

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;

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

◦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;

◦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