The Company is engaged in the acquisition, exploration, development and production of crude oil and natural gas.

VAALCO employs over one hundred people in total on two continents. About half of this number is located in Gabon supporting our exploration and production activities. In Angola, VAALCO employs approximately ten people taking care of the exploration and administrative matters in that country. The Houston headquarters employs approximately forty people of whom nearly thirty are highly experienced technical staff with disciplines in production engineering, reservoir engineering, facilities engineering, civil and electrical engineering, geology, geophysics, and drilling.

The Management team is comprised of four officers with a combined service of more than 60 years of VAALCO service, plus three vice-presidents heading up the exploration, production and legal areas. All seven members of the Management team had significant major industry experience prior to joining VAALCO.

Vaalco Energy was founded in 1985 and is headquartered in Houston, US

Vaalco Energy has offices in Houston, Luanda and Port-Gentil

Houston, US (HQ)

700 9800 Richmond Ave

USD

## Net income (Q1, 2017) | 4.3 m |

## EBIT (Q1, 2017) | 8.1 m |

## Market capitalization (17-Aug-2017) | 44.6 m |

## Cash (31-Mar-2017) | 24.2 m |

Vaalco Energy's current market capitalization is $44.6 m.

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cost of goods sold | 23.9 m | 15.4 m | 46.5 m | 5 k |

## Operating expense total | 92.1 m | 182.1 m | 221.1 m | 63.9 m |

## EBIT | 77.2 m | (54.4 m) | (143.6 m) | (4.4 m) |

## Interest expense | (1.3 m) | (2.6 m) | ||

## Interest income | 73 k | 75 k | 12 k | 3 k |

## Pre tax profit | 77.2 m | (55.1 m) | (144.1 m) | (9 m) |

## Income tax expense | 34.1 m | 22.5 m | 14.6 m | 9.2 m |

## Net Income | 43.1 m | (77.6 m) | (158.7 m) | (26.6 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cost of goods sold | 1.1 m | 9 m | 1 k | 2 k | 2 k | ||||

## EBIT | (1 m) | (32.1 m) | (6.6 m) | 4.6 m | 2.9 m | 8.1 m | |||

## Interest income | 5 k | 3 k | 3.2 m | 5 k | 1 k | (403 k) | |||

## Pre tax profit | (931 k) | (31 m) | (3.4 m) | 2.7 m | 2.4 m | 7.6 m | |||

## Net Income | 17.7 m | 20.8 m | (39 m) | (5.2 m) | (33.7 m) | (8.1 m) | (261 k) | (15.6 m) | 4.3 m |

USD | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|

## Cash | 69.1 m | 25.4 m | 20.5 m |

## Accounts Receivable | 8.3 m | 10.6 m | 1.7 m |

## Inventories | 286 k | 194 k | 84 k |

## Current Assets | 113.1 m | 63.7 m | 38.5 m |

## Total Assets | 248.8 m | 124 m | 81 m |

## Accounts Payable | 4.2 m | 46.8 m | 19.1 m |

## Current Liabilities | 38.5 m | 66.7 m | 55.6 m |

## Total Liabilities | 81.4 m | ||

## Additional Paid-in Capital | 64.4 m | 69.1 m | 70.3 m |

## Retained Earnings | 146.9 m | (11.8 m) | (39.3 m) |

## Total Equity | 180.5 m | 26.1 m | (358 k) |

## Financial Leverage | 1.4 x | 4.8 x | -226.3 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 46.6 m | 61 m | 40.7 m | 24.2 m | 13.7 m | 26.9 m | 24.2 m | ||

## Accounts Receivable | 100 k | ||||||||

## Inventories | 503 k | 1.7 m | 233 k | 254 k | 232 k | 174 k | 161 k | 145 k | 102 k |

## Current Assets | 162.8 m | 169.2 m | 111.1 m | 101.5 m | 73.7 m | 58.3 m | 38.6 m | 41.6 m | 38.5 m |

## Total Assets | 334.3 m | 362.9 m | 240.6 m | 234.3 m | 195.1 m | 116.7 m | 91.7 m | 78.2 m | 80 m |

## Accounts Payable | 21.6 m | 6 m | 19.2 m | 8.2 m | 7 m | 5.4 m | 23.6 m | 5.9 m | 6.5 m |

## Current Liabilities | 51.4 m | 56.1 m | 66.8 m | 64.3 m | 57.8 m | 66.4 m | 46.4 m | 50 m | 50.2 m |

## Additional Paid-in Capital | 57.8 m | 63.7 m | 67 m | 67.7 m | 68.4 m | 70 m | 70.7 m | 70.2 m | 70.4 m |

## Retained Earnings | 242.1 m | 245.2 m | 107.9 m | 102.7 m | 69 m | (19.8 m) | (20.1 m) | (35.7 m) | (35 m) |

## Total Equity | 271.2 m | 278.1 m | 143.6 m | 139.1 m | 106.1 m | 18.8 m | 19.3 m | 3.2 m | 4.1 m |

## Financial Leverage | 1.2 x | 1.3 x | 1.7 x | 1.7 x | 1.8 x | 6.2 x | 4.7 x | 24.4 x | 19.6 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | 43.1 m | (77.6 m) | (158.7 m) | (26.6 m) |

## Depreciation and Amortization | 16.9 m | 20.1 m | 33 m | 6.9 m |

## Accounts Receivable | (1.3 m) | 700 k | (18 k) | |

## Inventories | (122 k) | (51.5 m) | 125 k | |

## Accounts Payable | (9.5 m) | 30.2 m | (15.5 m) | |

## Cash From Operating Activities | 23.4 m | (3.5 m) | ||

## Purchases of PP&E | (5.7 m) | |||

## Cash From Investing Activities | (101.4 m) | (1.3 m) | ||

## Cash From Financing Activities | 16.5 m | (144 k) | ||

## Income Taxes Paid | 23 m | 9.2 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 17.7 m | 20.8 m | (39 m) | (5.2 m) | (33.7 m) | (8.1 m) | (261 k) | (15.6 m) | 4.3 m |

## Depreciation and Amortization | 9.3 m | 8.3 m | 2.2 m | 1.9 m | 1.6 m | 1.9 m | |||

## Inventories | 503 k | 1.7 m | 233 k | 254 k | 232 k | 145 k | 102 k | ||

## Accounts Payable | 49.7 m | 50.7 m | 11.6 m | 9.7 m |

Y, 2017 | |
---|---|

## Financial Leverage | 19.6 x |