VAALCO Energy Announces Positive Updates On Svenska Acquisition, Increasing Proved Reserves To 16.9 MMBOE

Key highlights:

• Updated SEC net proved reserves as of December 31, 2023 of 16.9 million barrels of oil equivalent ("MMBOE") (93% oil), significantly higher than previous 1P working interest ("WI") CPR reserves of 13.0 MMBOE (99% oil) as of October 1, 2023;
• Increased 2P WI CPR reserves as of December 31, 2023 to 22.5 MMBOE (93% oil) from 21.7 MMBOE (97% oil) estimate; and
• Significant further upside identified from contingent resources at the Baobab field with Best Estimate Working Interest Contingent Resources ("2C") of 20.4 MMBOE.
   

George Maxwell, VAALCO's Chief Executive Officer commented, "We are very pleased with the results of our third-party reserve engineer's calculation of proved reserves as of December 31, 2023 for Svenska that shows even greater reserves than we initially disclosed. This strategic and highly cost-effective acquisition strategically expands our West African focus area with a sizeable producing asset that has significant upside potential and considerable future development opportunities in Côte d'Ivoire, a well-established and investment-friendly country. This transaction was highly accretive on key metrics to our shareholder base and provides another strong asset to support future growth."