What changed in VAALCO ENERGY INC /DE/'s 2024 10-K compared to 2023?

Across the narrative sections we track, VAALCO ENERGY INC /DE/ (EGY) added 211 paragraphs, removed 230, and edited 152 between the 2023 and 2024 10-K filings. The biggest movers are Item 1A. Risk Factors (+177/−198), Item 7. Management's Discussion & Analysis (+22/−24), Item 5. Market for Registrant's Common Equity (+7/−6).

Did VAALCO ENERGY INC /DE/ add new Risk Factors in the 2024 10-K?

Yes — Item 1A Risk Factors shows 177 new/edited paragraphs and 198 removed paragraphs versus the 2023 10-K.

What changed in VAALCO ENERGY INC /DE/'s MD&A (Item 7) in 2024?

Item 7 Management's Discussion & Analysis shows 22 new/edited paragraphs and 24 removed paragraphs year-over-year. Read the side-by-side diff to see exactly which revenue, margin, and outlook commentary was rewritten.

Did VAALCO ENERGY INC /DE/'s Legal Proceedings (Item 3) change in 2024?

Item 3 shows 2 added/edited paragraphs and 1 removed paragraphs — usually indicating new litigation disclosed or settled cases removed.

Where does this EGY 10-K diff come from?

The source filings are VAALCO ENERGY INC /DE/'s official 2023 and 2024 Form 10-K annual reports from SEC EDGAR. 10q10k.net parses each filing, aligns paragraphs by section (Item 1, 1A, 1C, 2, 3, 7, 7A), and highlights every added, removed and edited sentence side-by-side.

's 10-K — 2023 vs 2024

Paragraph-level year-over-year comparison of VAALCO ENERGY INC /DE/'s 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+211 added−230 removedSource: 10-K (2025-03-17) vs 10-K (2024-03-15)

Top changes in VAALCO ENERGY INC /DE/'s 2024 10-K

211 paragraphs added · 230 removed · 152 edited across 5 sections

Item 1A. Risk Factors+177 / −198 · 128 edited
Item 7. Management's Discussion & Analysis+22 / −24 · 18 edited
Item 5. Market for Registrant's Common Equity+7 / −6 · 4 edited
Item 2. Properties+3 / −1 · 1 edited
Item 3. Legal Proceedings+2 / −1 · 1 edited

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

128 edited+49 added−70 removed168 unchanged

2023 filing

2024 filing

Biggest changeThe Facility Agreement governing our Facility with Glencore contains certain affirmative and negative covenants, including, among other things, as to compliance with laws (including environmental laws and anti-corruption laws), delivery of quarterly and annual financial statements and borrowing base certificates, conduct of business, maintenance of property, maintenance of insurance, entry into certain derivatives contracts, restrictions on the incurrence of liens, indebtedness, asset dispositions, restricted payments.

Biggest changeThe 2025 Facility Agreement governing our 2025 Facility with The Standard Bank of South Africa Limited, Isle of Man Branch, The Standard Bank of South Africa Limited, and the other financial institutions contains certain affirmative and negative covenants, including, among other things, as to compliance with laws (including environmental laws and anti-corruption laws), delivery of quarterly and annual financial statements and compliance certificates, no change of business, no merger and maintenance of corporate existence, field preservations and related contracts relating to the Borrowing Base Assets (as defined in the 2025 Facility Agreement), maintenance of insurance, entry into certain derivatives contracts which are regulated by the 2025 Facility Agreement and the Hedging Policy (as defined in the 2025 Facility Agreement), restrictions on the incurrence of liens, indebtedness, asset dispositions, acquisitions, restricted payments, entry into offtake agreements with Qualifying Offtakers (as defined in the 2025 Facility Agreement) and other customary covenants.

With respect to Block P, the EG MMH approved our appointment as technical operator in August 2020 and, since we were appointed, we will rely on the timely payment of cash calls by our joint venture owners to pay for 46.3% of the Equatorial Guinea budget, except during any development phases where we have agreed or will agree to carry their interests.

With respect to Block P, the EG MMH approved our appointment as technical operator in August 2020 and, since we were appointed, we rely on the timely payment of cash calls by our joint venture owners to pay for 46.3% of the Equatorial Guinea budget, except during any development phases where we have agreed or will agree to carry their interests.

The success and timing of development and exploitation activities on such properties, depends upon a number of factors, including: • the timing and amount of capital expenditures; • the availability of suitable offshore drilling rigs, drilling equipment, support vessels, production and transportation infrastructure and qualified operating personnel; • the operator’s expertise, financial resources and willingness to initiate exploration or development projects; • approval of other participants in drilling wells; • risk of other a non-operator’s failure to pay its share of costs, which may require us to pay our proportionate share of the defaulting party’s share of costs; • selection of technology; • delays in the pace of exploratory drilling or development; • the rate of production of the reserves; and/or • the operator’s desire to drill more wells or build more facilities on a project inconsistent with our capital budget, whether on a cash basis or through financing, which may limit our participation in those projects or limit the percentage of our revenues from those projects.

The success and timing of development and exploitation activities on such properties, depends upon a number of factors, including: • the timing and amount of capital expenditures; • the availability of suitable offshore drilling rigs, drilling equipment, support vessels, production and transportation infrastructure and qualified operating personnel; • the operator’s expertise, financial resources and willingness to initiate exploration or development projects; • approval of other participants in drilling wells; • risk of a non-operator’s failure to pay its share of costs, which may require us to pay our proportionate share of the defaulting party’s share of costs; • selection of technology; • delays in the pace of exploratory drilling or development; • the rate of production of the reserves; and/or • the operator’s desire to drill more wells or build more facilities on a project inconsistent with our capital budget, whether on a cash basis or through financing, which may limit our participation in those projects or limit the percentage of our revenues from those projects.

The quantity of crude oil, and natural gas and NGLs that we will ultimately receive under these arrangements will differ based on numerous factors, including the price of crude oil, and natural gas and NGLs, production rates, production costs, cost recovery provisions and local tax and royalty regimes.

The quantity of crude oil, natural gas and NGLs that we will ultimately receive under these arrangements will differ based on numerous factors, including the price of crude oil, natural gas and NGLs, production rates, production costs, cost recovery provisions and local tax and royalty regimes.

We may be unable to maintain a level of cash flow sufficient to permit us to satisfy the payment obligations under the Merged Concession Agreement. If we are unable to satisfy our obligations, it is possible that the EGPC could seek to terminate the Merged Concession Agreement, which would negatively affect our operating results and financial condition.

We may be unable to maintain a level of cash flow sufficient to permit us to satisfy the payment obligations under the Merged Concession Agreement. If we are unable to satisfy our obligations, it is possible that EGPC could seek to terminate the Merged Concession Agreement, which would negatively affect our operating results and financial condition.

Our exploration, development and production activities are subject to various political, economic and other uncertainties, including but not limited to changes, sometimes frequent or marked, in energy policies or the personnel administering them, expropriation of property, cancellation or modification of contract rights, changes in laws and policies governing operations of foreign-based companies, unilateral renegotiation of contracts by governmental entities, uncertainties as to whether the laws and regulations will be applicable in any particular circumstance, uncertainty as to whether we will be able to demonstrate to the satisfaction of the applicable governing authorities compliance with governmental or contractual requirements, redefinition of international boundaries or boundary disputes, foreign exchange restrictions, currency fluctuations, foreign currency availability, royalty and tax increases, changes to tax legislation or the imposition of new taxes, the imposition of production bonuses or other charges and other risks arising out of governmental sovereignty over the areas in which our operations are conducted.

Our exploration, development and production activities are subject to various political, economic and other uncertainties, including but not limited to changes, sometimes frequent or marked, in energy policies or the personnel administering them, expropriation of property, cancellation or modification of contract rights, changes in laws and policies governing operations of foreign-based companies, unilateral renegotiation of contracts by governmental entities, uncertainties as to whether laws and regulations will be applicable in any particular circumstance, uncertainty as to whether we will be able to demonstrate to the satisfaction of the applicable governing authorities compliance with governmental or contractual requirements, redefinition of international boundaries or boundary disputes, foreign exchange restrictions, currency fluctuations, foreign currency availability, royalty and tax increases, changes to tax legislation or the imposition of new taxes, the imposition of production bonuses or other charges and other risks arising out of governmental sovereignty over the areas in which our operations are conducted.

These measures are imposed by governments or central banks, in some cases during times of economic instability, to prevent the removal of capital or the sudden devaluation of local currencies or to maintain in-country foreign currency reserves.

In addition, many emerging markets countries require consents or reporting processes before local currency earnings can be converted into U.S. dollars or other currencies and/or such earnings can be repatriated or otherwise transferred outside of the operating jurisdiction.

These measures may have a number of negative effects on us, including the reduction of the immediately available capital that we could otherwise deploy for investment opportunities or the payment of expenses. In addition, measures that restrict the availability of the local currency or impose a requirement to operate in the local currency may create other practical difficulties for us.

As a result, we may be unable to obtain adequate funding under the Facility. If funding is not available when needed, or is available only on unfavorable terms, it could adversely affect our development plans as currently anticipated, which could have a material adverse effect on our production, revenues and results of operations.

As a result, we may be unable to obtain adequate funding under the 2025 Facility. If funding is not available when needed, or is available only on unfavorable terms, it could adversely affect our development plans as currently anticipated, which could have a material adverse effect on our production, revenues and results of operations.

In the future, we may not be able to access adequate funding under the Facility as a result of (i) a decrease in our borrowing base due to the outcome of a subsequent borrowing base redetermination, or (ii) an unwillingness or inability on the part of the Lenders to meet their funding obligations.

In the future, we may not be able to access adequate funding under the 2025 Facility as a result of (i) a decrease in our borrowing base due to the outcome of a subsequent borrowing base redetermination, or (ii) an unwillingness or inability on the part of the lenders to meet their funding obligations.

Derivative arrangements also expose us to the risk of financial loss in some circumstances, including when production is less than the volume covered by the derivative instruments or when there is an increase in the differential between the underlying price and actual prices received in the derivative instrument.

Even if we accurately predict sudden changes, our ability to negate the risk may be limited depending upon market conditions. If the creditworthiness of our counterparties deteriorates and results in their non-performance, we could incur a significant loss.

Even if we accurately predict sudden changes, our ability to negate the related risk may be limited depending upon market conditions. If the creditworthiness of our counterparties deteriorates and results in their non-performance, we could incur a significant loss.

If the EGPC’s financial position becomes impaired or it disputes or if the EGPC refuses to pay some or all of the said amount, our ability to fully collect such receivable from the EGPC could be impaired, which could negatively affect our operating results and financial condition.

If EGPC’s financial position becomes impaired or if EGPC disputes or refuses to pay some or all of the said amount, our ability to fully collect such receivable from EGPC could be impaired, which could negatively affect our operating results and financial condition.

In December 2021 and during 2022, the Bank of Central African States (“BEAC”), which is the central bank for the Central African Economic and Monetary Community (CEMAC), passed new regulations and instructions for the CEMAC FX regulations, which were introduced in 2018, that only apply to the extractive industry.

In December 2021 and during 2022, the Bank of Central African States (“BEAC”), which is the central bank for the Central African Economic and Monetary Community (“CEMAC”), passed new regulations and instructions for the CEMAC FX regulations, which were introduced in 2018, that only apply to the extractive industry.

Volatile oil, natural gas and NGLs prices make it difficult to estimate the value of producing properties for acquisitions and often cause disruption in the market for oil, natural gas and NGLs producing properties, as buyers and sellers have difficulty agreeing on such value.

We have not received any mandate to reduce current oil production from the Etame Marin block as a result of the OPEC+ initiative and currently, our production is not impacted by OPEC+ curtailments.

We have not received any mandate to reduce current oil production from the Etame Marin block as a result of an OPEC+ initiative and currently, our production is not impacted by OPEC+ curtailments.

We cannot predict what effect, if any, future sales of our common stock, or the availability of our common stock for future sale, or the offer of additional our common stock in the future, will have on the market price of our common stock.

We cannot predict what effect, if any, future sales of our common stock, or the availability of our common stock for future sale, or the offer of additional shares of our common stock in the future, will have on the market price of our common stock.

Litigation can be very costly, and the costs associated with defending litigation could also have a material adverse effect on our results of operation, net cash flows and financial condition. Adverse litigation decisions or rulings may also damage our business reputation. Often, our operations are conducted through joint ventures over which it may have limited influence and control.

In addition, we may be exposed to third-party credit risk from operators of properties in which we have a Working Interest or Royalty Interest. In the event such entities fail to meet their contractual obligations to us, such failures may have a material adverse effect on our business, financial condition, results of operations and prospects.

In addition, we are exposed to third-party credit risk from operators of properties in which we have a Working Interest or Royalty Interest. In the event such entities fail to meet their contractual obligations to us, such failures may have a material adverse effect on our business, financial condition, results of operations and prospects.

Our technologies systems and networks, and those of our business associates may become the target of cybersecurity attacks, including without limitation malicious software, attempts to gain unauthorized access to data and systems, and other electronic security breaches that could lead to disruptions in critical systems and materially and adversely affect us in a variety of ways, including the following: • unauthorized access to and release of seismic data, reserves information, strategic information or other sensitive or proprietary information, which could have a material adverse effect on our ability to compete for crude oil, natural gas and NGLs resources; • data corruption, communication interruption, or other operational disruption during drilling activities could result in failure to reach the intended target or a drilling incident; • unauthorized access to and release of personal identifying information of employees and vendors, which could expose us to allegations that we did not sufficiently protect that information; • a cybersecurity attack on a vendor or service provider, which could result in supply chain disruptions and could delay or halt operations; • a cybersecurity attack on third-party gathering, transportation, processing, fractionation, refining or export facilities, which could delay or prevent us from transporting and marketing our production, resulting in a loss of revenues; • a cybersecurity attack involving commodities exchanges or financial institutions could slow or halt commodities trading, thus preventing us from engaging in hedging activities, resulting in a loss of revenues; and • business interruptions, including use of social engineering schemes and/or ransomware, could result in expensive remediation efforts, distraction of management, damage to our reputation, or a negative impact on the price of our common stock.

Our technologies systems and networks, and those of our business associates may become the target of cybersecurity attacks, including without limitation malicious software, attempts to gain unauthorized access to data and systems, and other electronic security breaches that could lead to disruptions in critical systems and materially and adversely affect our business in a variety of ways, including the following: • unauthorized access to and release of seismic data, reserves information, strategic information or other sensitive or proprietary information, which could have a material adverse effect on our ability to compete for crude oil, natural gas and NGLs resources; • data corruption, communication interruption, or other operational disruption during drilling activities could result in failure to reach the intended target or a drilling incident; • unauthorized access to and release of personal identifying information of employees and vendors, which could expose us to allegations that we did not sufficiently protect that information and potential liabilities under domestic and international data and privacy laws; • a cybersecurity attack on a vendor or service provider, which could result in supply chain disruptions that could delay or halt operations; • a cybersecurity attack on third-party gathering, transportation, processing, fractionation, refining or export facilities, which could delay or prevent us from transporting and marketing our production, resulting in a loss of revenues; • a cybersecurity attack involving commodities exchanges or financial institutions could slow or halt commodities trading, thus preventing us from engaging in hedging activities, resulting in a loss of revenues; and • business interruptions, including use of social engineering schemes and/or ransomware, could result in expensive remediation efforts, distraction of management, damage to our reputation, or a negative impact on the price of our common stock.

Under the Merged Concession Agreement, TransGlobe will be required to pay an additional $10 million on February 1st for each of the next two years. In accordance with the Merged Concession Agreement, we agreed to substitute the 2023 and 2024 payments and issue two $10.0 million credits against receivables owed from EGPC.

Under the Merged Concession Agreement, the Company will be required to pay an additional $10 million on February 1st for each of the next two years. In accordance with the Merged Concession Agreement, we agreed to substitute the 2023 and 2024 payments and issue two $10.0 million credits against receivables owed from EGPC.

Adding further uncertainty, on June 29, 2021, the British Columbia Supreme Court issued a judgement in Yahey v British Columbia (the “Blueberry Decision”), in which it determined that the cumulative impacts of industrial development on the traditional territory of the Blueberry River First Nation (“BRFN”) in northeast British Columbia had breached BRFN’s treaty rights.

Adding further uncertainty, on June 29, 2021, the British Columbia Supreme Court issued a judgment in Yahey v British Columbia (the “Blueberry Decision”), in which it determined that the cumulative impacts of industrial development on the traditional territory of the Blueberry River First Nation (“BRFN”) in northeast British Columbia had breached BRFN’s treaty rights.

Some of these risks may be higher in the developing countries in which we conduct our activities, namely, Gabon, Equatorial Guinea and Egypt. For example, in September 2023, Gabon experienced a largely non-violent, military coup d’état and the country’s leadership changed hands.

Some of these risks may be higher in the developing countries in which we conduct our activities, namely, Gabon, Cote d'Ivoire, Equatorial Guinea and Egypt. For example, in September 2023, Gabon experienced a largely non-violent, military coup d’état and the country’s leadership changed hands.

Our results of operations, financial condition and cash flows could be adversely affected by changes in currency exchange rates. We are exposed to foreign currency risk from our foreign operations. While crude oil sales are denominated in U.S. dollars, portions of our costs in Gabon are denominated in the local currency.

Future reductions in prices, below the average calculated for 2023, would result in the estimated quantities and present values of our reserves being reduced. The forecast prices and costs assumptions assume changes in wellhead selling prices and take into account inflation with respect to future operating and capital costs.

Future reductions in prices, below the average calculated for 2024, would result in the estimated quantities and present values of our reserves being reduced. The forecast prices and costs assumptions assume changes in wellhead selling prices and take into account inflation with respect to future operating and capital costs.

Sales or an additional offering of substantial numbers of our common stock in the public market, or the perception or any announcement that such sales or an additional offering could occur, could adversely affect the market price of our common stock and may make it more difficult for stockholders to sell their common stock at a time and price that they deem appropriate and could also impede our ability to raise capital through the issuance of equity securities.

Sales or an additional offering of substantial number of shares of our common stock in the public market, or the perception or any announcement that such sales or an additional offering could occur, could adversely affect the market price of our common stock and may make it more difficult for stockholders to sell their common stock at a time and price that they deem appropriate and could also impede our ability to raise capital through the issuance of equity securities.

The group leading the coup created a Committee for the Transition and Restauration of Institutions and a new president was sworn in on the basis of a transition charter adopted by the group leading the coup. The new president has indicated that a new constitution for Gabon will be adopted and that elections will be held after a transition period.

The group leading the coup created a Committee for the Transition and Restoration of Institutions and a new president was sworn in on the basis of a transition charter adopted by the group leading the coup. The new president has indicated that a new constitution for Gabon will be adopted and that elections will be held after a transition period.

Inspections may not always be performed on every well, and potential problems, such as ground water contamination and other environmental conditions and deficiencies in the mechanical integrity of equipment are not necessarily observable even when an inspection is undertaken. Any unidentified problems could result in material liabilities and costs that negatively impact our financial condition.

Inspections may not always be performed on every well, and potential problems, such as ground 30 Table of Contents water contamination and other environmental conditions and deficiencies in the mechanical integrity of equipment are not necessarily observable even when an inspection is undertaken. Any unidentified problems could result in material liabilities and costs that negatively impact our financial condition.

On February 28, 2019, in accordance with certain foreign currency regulatory requirements, the Gabonese branch of the international commercial bank holding the abandonment funds in a U.S. dollar-denominated account transferred the funds to the Central Bank for CEMAC and later converted, at the request of BEAC, the funds in U.S. dollars to franc CFA, the currency of the CEMAC, of which Gabon is one of the six member states.

On February 28, 2019, in accordance with certain foreign currency regulatory requirements, the Gabonese branch of the international commercial bank holding the abandonment funds in a U.S. dollar-denominated account transferred the funds to the Central Bank for CEMAC and later converted, at the request of BEAC, the funds in U.S. dollars to franc CFA, the 41 Table of Contents currency of the CEMAC, of which Gabon is one of the six member states.

The fulfilment of the duty to consult Indigenous people and any associated duties of accommodation may adversely affect our ability, or increase the time required to obtain or renew, permits, leases, licenses and other approvals, or to meet the terms and conditions of those approvals.

The fulfillment of the duty to consult Indigenous people and any associated duties of accommodation may adversely affect our ability, or increase the time required to obtain or renew, permits, leases, licenses and other approvals, or to meet the terms and conditions of those approvals.

While we believe that we are currently in compliance with environmental laws and regulations applicable to our operations, no assurances can be given that we will be able to continue to comply with such environmental laws and regulations without incurring substantial costs.

While we believe that we are currently in compliance with environmental laws and other government regulations applicable to our operations, no assurances can be given that we will be able to continue to comply with such environmental laws and regulations without incurring substantial costs.

Although we are not able to enumerate all potential risks to our business resulting from these and other similar events, we believe that such risks include, but are not limited to, the following: • disruption to our supply chain for materials essential to our business, including restrictions on importing and exporting products; • customers, suppliers and other third parties arguing that their non-performance under our contracts with them is permitted as a result of force majeure or other reasons; • cybersecurity attacks, particularly as digital technologies may become more vulnerable and experience a higher rate of cyberattacks in the current environment of remote connectivity; • any reductions of our workforce to adjust to market conditions, including severance payments, retention issues, and possible inability to hire employees when market conditions improve; • logistical challenges, including those resulting from border closures and travel restrictions, as well as the possibility that our ability to continue production may be interrupted, limited or curtailed if workers and/or materials are unable to reach our offshore platforms and FSO charter vessel or our counterparties are unable to lift crude oil from our FSO charter vessel; • we may be materially adversely affected by the effects of sanctions and other penalties imposed on Russia by the U.S., the European Union and other countries; and • we may experience a structural shift in the global economy and our demand for crude oil, natural gas and NGLs as a result of changes in the way people work, travel and interact, or in connection with a global recession or depression.

Although we are not able to enumerate all potential risks to our business resulting from these and other similar events, we believe that such risks include, but are not limited to, the following: • disruption to our supply chain for materials essential to our business, including restrictions on importing and exporting products; • customers, suppliers and other third parties arguing that their non-performance under our contracts with them is permitted as a result of force majeure or other reasons; • cybersecurity attacks, particularly as digital technologies may become more vulnerable and experience a higher rate of cyberattacks in the current environment of remote connectivity; • any reductions of our workforce to adjust to market conditions, including severance payments, retention issues, and possible inability to hire employees when market conditions improve; • logistical challenges, including those resulting from border closures and travel restrictions, as well as the possibility that our ability to continue production may be interrupted, limited or curtailed if workers and/or materials are unable to reach our offshore platforms and FSO charter vessel or our counterparties are unable to lift crude oil from our FSO charter vessel; • economic, political and regulatory conditions domestically and internationally, including imposition of tariffs or other tax incentives or disincentives; • we may be materially adversely affected by the effects of sanctions and other penalties imposed on Russia by the U.S., the European Union and other countries; and • we may experience a structural shift in the global economy and our demand for crude oil, natural gas and NGLs as a result of changes in the way people work, travel and interact, or in connection with a global recession or depression.

Host governments may seek to participate in oil, natural gas or NGLs projects in a manner that could be diluted to our interests. Host governments may also require us to hire a specified percentage of local citizens in our operations.

Host governments may seek to participate in oil, natural gas or NGLs projects in a manner that could be dilutive to our interests. Host governments may also require us to hire a specified percentage of local citizens in our operations.

Moreover, while we have and may continue to create and publish voluntary disclosures regarding ESG matters from time to time, many of the statements in those voluntary disclosures are based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or forecasts of expected risks or events, including the costs associated therewith.

Moreover, while we have and may continue to create and publish voluntary disclosures regarding ESG matters from time to time, many of the statements in those voluntary disclosures are based on hypothetical expectations and assumptions that 44 Table of Contents may or may not be representative of current or actual risks or events or forecasts of expected risks or events, including the costs associated therewith.

Our competitors include major integrated oil companies and substantial independent energy companies, many of which possess greater financial, technological, personnel and other resources than we do. We may be outbid by our competitors in our attempts to acquire exploration and production rights in crude oil, natural gas and NGLs properties.

Our competitors include major integrated oil companies and substantial independent energy companies, many of which possess greater financial, technological, personnel and other resources than we do. 43 Table of Contents We may be outbid by our competitors in our attempts to acquire exploration and production rights in crude oil, natural gas and NGLs properties.

However, hedging agreements expose us to risk of financial loss if the counterparty to a hedging contract defaults on our contract obligations. Disruptions in the market could also lead to sudden changes in the liquidity of the counterparties to our hedge transactions which in turn limit our ability to perform under their hedging contracts with us.

However, hedging agreements expose us to risk of financial loss if the counterparty to a hedging contract defaults on its contract obligations. Disruptions in the market could also lead to sudden changes in the liquidity of the counterparties to our hedge transactions, which in turn limits our ability to perform under their hedging contracts with us.

The respective applicable laws governing the exploration and production of hydrocarbons in Gabon and Equatorial Guinea (Law No. 002/2019 in Gabon and Law No. 8/2006 in Equatorial Guinea) each provide their respective government officials with significantly broad regulatory, inspective and auditing powers with respect to the performance of petroleum operations, which include the powers to negotiate, sign, amend and perform all contracts entered into between the respective governments and independent contractors.

The respective applicable laws governing the exploration and production of hydrocarbons in Gabon, Cote d'Ivoire and Equatorial Guinea (Law No. 002/2019 in Gabon, Law No. 96-669 in Cote d'Ivoire, and Law No. 8/2006 in Equatorial Guinea) each provide their respective government officials with significantly broad regulatory, inspective and auditing powers with respect to the performance of petroleum operations, which include the powers to negotiate, sign, amend and perform all contracts entered into between the respective governments and independent contractors.

Recent macroeconomic conditions have caused turmoil in the banking sector in the United States and elsewhere. If any of the banks in which we keep our deposits is affected by such turmoil, we could be materially and adversely affected. 32 Table of Contents Our business could be materially and adversely affected by security threats, including cybersecurity threats, and other disruptions.

Recent macroeconomic conditions have caused turmoil in the banking sector in the United States and elsewhere. If any of the banks in which we keep our deposits is affected by such turmoil, we could be materially and adversely affected. Our business could be materially and adversely affected by security threats, including cybersecurity threats, and other disruptions.

In addition, VAALCO has also committed to spending a minimum of $50 million over each five-year period for the 15 years of the primary term (total $150 million).

In addition, the Company has also committed to spending a minimum of $50 million over each five-year period for the 15 years of the primary term (total $150 million).

We are subject to relinquishment obligations under our title documents which oblige us to relinquish certain proportions of our concession lease and license areas and thereby reduce our acreage.

We are subject to relinquishment obligations under certain of our title documents that oblige us to relinquish certain proportions of our concession lease and license areas and thereby reduce our acreage.

Payment of future dividends and effectuation of share buybacks, if any, and the establishment of future record and payment dates will be at the discretion of our board of directors after taking into account various factors, including current financial condition, the tax impact of repatriating cash, operating results and current and anticipated cash needs.

Payment of future dividends, if any, and the establishment of future record and payment dates will be at the discretion of our Board of Directors after taking into account various factors, including current financial condition, the tax impact of repatriating cash, operating results and current and anticipated cash needs.

Our failure to comply with anti-bribery and anti-corruption legislation could result in severe criminal or civil sanctions and may subject us to other liabilities, including fines, prosecution, potential debarment from public procurement and reputational damage, all of which could have a material adverse effect on our business, results of operations and financial condition.

Our failure to comply with anti-bribery and anti-corruption legislation, or investigations by governmental authorities, could result in severe criminal or civil sanctions and may subject us to other liabilities, including fines, prosecution, potential debarment from public procurement and reputational damage, all of which could have a material adverse effect on our business, results of operations and financial condition.

To the extent inflation remains elevated, we may experience further cost increases for our operations, including oilfield services and equipment as increasing prices of oil, natural gas and NGLs, increased drilling activity in our areas of operations, as well as increased labor costs.

To the extent inflation remains elevated, we may experience further cost increases for our operations, including oilfield services and equipment as a result of increasing prices of oil, natural gas and NGLs, increased drilling activity in our areas of operations, and increased labor costs.

We may be exposed to third-party credit risk through our contractual arrangements with government entities party to our PSCs, our current or future joint venture owners, marketers of our petroleum and natural gas production, purchasers of our oil, natural gas and NGLs products and other parties.

We are exposed to third-party credit risk through our contractual arrangements with government entities party to our PSCs, our current or future joint venture owners, marketers of our petroleum and natural gas production, purchasers of our oil, natural gas and NGLs products and other parties.

These and other factors may hinder the transferability of our common stock between the two exchanges. 43 Table of Contents Investors could seek to sell or buy our common stock to take advantage of any price differences between the two markets through a practice referred to as arbitrage.

These and other factors may hinder the transferability of our common stock between the two exchanges. Investors could seek to sell or buy our common stock to take advantage of any price differences between the two markets through a practice referred to as arbitrage.

While the laws of each of Gabon and Equatorial Guinea recognize private and public property and the right to own property is protected by law, the laws of each country reserve, at the respective government’s discretion, the right to expropriate property and terminate contracts (including the Etame PSC and the Block P PSC) for reasons of public interest, subject to reasonable compensation, determinable by the respective government in our discretion.

While the laws of each of Gabon, Cote d'Ivoire and Equatorial Guinea recognize private and public property and the right to own property is protected by law, the laws of each country reserve, at the respective government’s discretion, the right to expropriate property and terminate contracts (including the Etame PSC, the Block CI-40 PSC, and the Block P PSC) for reasons of public interest, subject to reasonable compensation, determinable by the respective government in our discretion.

The occurrence of certain geopolitical events, including those arising from terrorist activity, international hostility, public health crisis, and the economic impact of global trade tension and the imposition of tariffs, could significantly disrupt our business and operational plans and adversely affect our results of operations, cash flows, financial condition and liquidity.

The occurrence of certain geopolitical events, including those arising from terrorist activity, international hostility, public health crises, and the economic impact of global trade tensions and the imposition of tariffs, could significantly disrupt our business and operational plans and adversely affect our results of operations, cash flows, financial condition and liquidity.

There can be no assurance that our internal control policies and procedures, compliance mechanisms or monitoring programs will protect us from recklessness, fraudulent behavior, dishonesty or other inappropriate acts or adequately prevent or detect possible violations under applicable anti-bribery and anti-corruption legislation.

There can be 39 Table of Contents no assurance that our internal control policies and procedures, compliance mechanisms or monitoring programs will protect us from recklessness, fraudulent behavior, dishonesty or other inappropriate acts or adequately prevent or detect possible violations under applicable anti-bribery and anti-corruption legislation.

In order to reduce the impact of commodity price uncertainty and increase cash flow predictability relating to the marketing of our crude oil, natural gas and NGLs we have entered into and may continue to enter into derivative arrangements with respect to a portion of our expected production.

We are also exposed to foreign currency exchange risk related to certain cash, accounts receivable, long-term debt, lease obligations and accounts payable and accrued liabilities denominated in Canadian dollars, and on cash balances denominated in Egyptian pounds.

We are also exposed to foreign currency exchange risk related to certain cash, accounts receivable, lease obligations and accounts payable and accrued liabilities denominated in Canadian dollars, and on cash balances denominated in Egyptian pounds.

We are subject to a wide variety of laws relating to the environment, health and safety, taxes, employment, labor standards, money laundering, terrorist financing, and other matters in the jurisdictions in which they operate.

We are also subject to a wide variety of laws relating to health and safety, taxes, employment, labor standards, money laundering, terrorist financing, and other matters in the jurisdictions in which we operate.

At December 31, 2023, approximately 22% of our total estimated proved reserves were undeveloped reserves. Recovery of undeveloped reserves requires significant capital expenditures and successful drilling. Our reserves data assumes that we can and will make these expenditures and conduct these operations successfully. These assumptions, however, may not prove correct.

At December 31, 2024, approximately 54% of our total estimated proved reserves were undeveloped reserves. Recovery of undeveloped reserves requires significant capital expenditures and successful drilling. Our reserves data assumes that we can and will make these expenditures and conduct these operations successfully. These assumptions, however, may not prove correct.

The estimates included in this document are based on various assumptions required by the SEC, including non-escalated prices and costs and capital expenditures subsequent to December 31, 2023, and, therefore, are inherently imprecise indications of future net revenues.

The estimates included in 31 Table of Contents this document are based on various assumptions required by the SEC, including non-escalated prices and costs and capital expenditures subsequent to December 31, 2024, and, therefore, are inherently imprecise indications of future net revenues.

Such shortages have resulted in inflationary cost increases for labor, materials and services and could continue to cause costs to increase, as well as a scarcity of certain products and raw materials.

Such shortages have resulted in inflationary cost increases for labor, materials and services and could continue to cause costs to increase, or cause a scarcity of certain products and raw materials.

In addition, poor credit conditions in the industry generally and among our joint venture owners may affect a joint venture owner’s willingness to participate in our ongoing capital program, potentially delaying the program and the results of such program until it finds a suitable alternative partner.

Cybersecurity attacks in particular are becoming more sophisticated, and geopolitical tensions or conflicts, such as Russia’s invasion of Ukraine, may further heighten the risk of such attacks.

Cybersecurity attacks in particular are becoming more sophisticated, and geopolitical tensions or conflicts, such as Russia’s invasion of Ukraine or the ongoing conflicts in the Middle East, may further heighten the risk of such attacks.

However, any future reduction in our crude oil production or export activities for a substantial period could materially and adversely affect our revenues, cash flows and results of operations. Gabon remains a member of OPEC+. There were no required curtailments in 2023. We have less control over our investments in foreign properties than we would have over our domestic investments.

However, any future reduction in our crude oil production or export activities for a substantial period could materially and adversely affect our revenues, cash flows and results of operations. Gabon remains a member of OPEC+. We have less control over our investments in foreign properties than we would have over our domestic investments.

As a result, no assurance can be given that we will be able to continue to pay dividends to our stockholders or the terms on which we will effectuate share buybacks in the future or that the level of any future dividends will achieve a market yield or increase or even be maintained over time, any of which could materially and adversely affect the market price of our common stock.

As a result, no assurance can be given that we will be able to continue to pay dividends to our stockholders or that the level of any future dividends will achieve a market yield or increase or even be maintained over time, any of which could materially and adversely affect the market price of our common stock.

We could lose our interest in Block P in Equatorial Guinea if we do not meet our commitments under the production sharing contract. Our Block P production sharing contract provides for a development and production period of 25 years from the date of approval of a development and production plan.

If we raise additional capital through debt financing, the financing may involve covenants that restrict our business activities or our ability to make future acquisitions.

If we raise additional capital through debt financing, the financing may involve covenants that restrict our business activities or our ability to 28 Table of Contents make future acquisitions.

A weakening U.S. dollar will have the effect of increasing costs, while a strengthening U.S. dollar will have the effect of reducing operating costs. The Gabon local currency is tied to the Euro.

A weakening U.S. dollar will have the effect of increasing costs, while a strengthening U.S. dollar will have the effect of reducing operating costs. The Gabonese and Ivorian local currency is tied to the Euro.

Significant changes in the crude oil industry, including fluctuations in commodity prices and economic conditions, environmental regulations, government policy, royalty rates and other geopolitical factors, could adversely affect our ability to realize the full value of our accounts receivable from government entities in Gabon or the EGPC.

Historically and from time to time, members of OPEC have entered into agreements to reduce worldwide production of crude oil, including the agreement reached in April 2020 among OPEC member countries and other leading allied producing countries (collectively, “OPEC+”) to reduce the gap between excess supply and demand in an effort to stabilize the international oil market.

Historically and from time to time, members of OPEC and other leading allied producing countries (collectively, “OPEC+”) have entered into agreements to reduce worldwide production of crude oil to reduce the gap between excess supply and demand in an effort to stabilize the international oil market.

These laws and regulations may require that we obtain permits for our development activities, limit or prohibit drilling activities in certain protected or sensitive areas or restrict the substances that can be released in connection with our operations.

The laws and regulations of countries where we have activities control our current business. These laws and regulations may require that we obtain permits for our development activities, limit or prohibit drilling activities in certain protected or sensitive areas or restrict the substances that can be released in connection with our operations.

In the event the Governments of Gabon or Egypt fails to meet their respective obligations or we are forced to accept payment in foreign currencies, such failures could materially adversely affect our financial and operational results. We are also exposed to third-party credit risk through our banking relationships in the jurisdictions in which we operate.

In the event the governments of the countries where we operate fail to meet their respective obligations or we are forced to accept payment in foreign currencies, such failures could materially adversely affect our financial and operational results. 34 Table of Contents We are also exposed to third-party credit risk through our banking relationships in the jurisdictions in which we operate.

In a period of depressed or declining crude oil, natural gas and NGLs prices, we are subject to numerous risks, including but not limited to the following: • our revenues, cash flows and profitability may decline substantially, which could also indirectly impact expected production by reducing the amount of funds available to engage in exploration, drilling and production; • third party confidence in our commercial or financial ability to explore and produce crude oil, natural gas and NGLs could erode, which could impact our ability to execute on our business strategy; • our suppliers, hedge counterparties (if any), vendors and service providers could renegotiate the terms of our arrangements, terminate their relationship with us or require financial assurances from us; • we may take measures to preserve liquidity, such us our decision to cease or defer discretionary capital expenditures during such periods of depressed or declining oil prices; and • it may become more difficult to retain, attract or replace key employees.

In addition, various factors including the effect of federal, state and foreign regulation of production and transportation, general economic conditions, changes in supply due to drilling by other producers and changes in demand may adversely affect our ability to market our crude oil, natural gas and NGLs production. 42 Table of Contents In a period of depressed or declining crude oil, natural gas and NGLs prices, we are subject to numerous risks, including but not limited to the following: • our revenues, cash flows and profitability may decline substantially, which could also indirectly impact expected production by reducing the amount of funds available to engage in exploration, drilling and production; • third-party confidence in our commercial or financial ability to explore and produce crude oil, natural gas and NGLs could erode, which could impact our ability to execute on our business strategy; • our suppliers, hedge counterparties (if any), vendors and service providers could renegotiate the terms of our arrangements, terminate their relationship with us or require financial assurances from us; • we may take measures to preserve liquidity, such us our decision to cease or defer discretionary capital expenditures during such periods of depressed or declining oil prices; and • it may become more difficult to retain, attract or replace key employees.

Historically, we have had significant account receivables outstanding from governmental entities in Gabon and the EGPC. While the EGPC has made regular payments of these amounts owing, the timing of these payments has historically been longer than the normal industry standard.

Historically, we have had significant account receivables outstanding from governmental entities in countries where we operate. For example, while EGPC has made regular payments of these amounts owing, the timing of these payments has historically been longer than the normal industry standard.

We actively seek to expand our business through complementary or strategic acquisitions and may issue additional shares of common stock in connection with those acquisitions. We also issue shares of our common stock to our executive officers, employees and independent directors as part of their compensation. This may have the effect of diluting the interests of existing stockholders.

Such public opposition could expose us to higher costs, delays or even project cancellations, due to increased pressure on governments and regulators by special interest groups, including Indigenous groups, landowners, environmental interest groups (including those opposed to oil and natural gas production operations) and other non-governmental organizations, blockades, legal or regulatory actions or challenges, increased regulatory oversight, reduced support from the federal, provincial or municipal governments, reputational damage, delays in, challenges to or the revocation of regulatory approvals, permits and/or licenses, and direct legal challenges, including the possibility of climate-related litigation.

Anti-development activists are working to, among other things, delay or cancel certain operations such as offshore drilling and development. 45 Table of Contents Such public opposition could expose us to higher costs, delays or even project cancellations, due to increased pressure on governments and regulators by special interest groups, including Indigenous groups, landowners, environmental interest groups (including those opposed to oil and natural gas production operations) and other non-governmental organizations, blockades, legal or regulatory actions or challenges, increased regulatory oversight, reduced support from the federal, provincial or municipal governments, reputational damage, delays in, challenges to or the revocation of regulatory approvals, permits and/or licenses, and direct legal challenges, including the possibility of climate-related litigation.

Opposition by Indigenous groups to the conduct of our operations, development or exploratory activities in any of the jurisdictions in which we conduct business may negatively impact us in terms of public perception, diversion of management’s time and resources, legal and other advisory expenses, and could adversely impact our progress and ability to explore and develop properties. 40 Table of Contents Some Indigenous groups have established or asserted Indigenous treaty and title rights to portions of Canada.

In Canada, opposition by Indigenous groups to the conduct of our operations, development or exploratory activities in any of the jurisdictions in which we conduct business may negatively impact us in terms of public perception, diversion of management’s time and resources, legal and other advisory expenses, and could adversely impact our progress and ability to explore and develop properties.

In addition, we are and may in the future be exposed to third-party credit risk through our contractual arrangements with governmental entities in Gabon or the EGPC.

In addition, we are and may in the future be exposed to third-party credit risk through our contractual arrangements with governmental entities in countries where we operate.

We may not be able to obtain debt or equity financing on terms favorable to us, or at all. Even if we succeed in selling additional equity securities to raise funds, at such time the ownership percentage of our existing stockholders would be diluted, and new investors may demand rights, preferences or privileges senior to those of existing stockholders.

Even if we succeed in selling additional equity securities to raise funds, at such time the ownership percentage of our existing stockholders would be diluted, and new investors may demand rights, preferences or privileges senior to those of existing stockholders.

Risks Relating to Ownership of Our Common Stock The price of our Common Stock may fluctuate significantly. Our common stock currently trades on the NYSE and the LSE, but an active trading market for our common stock may not be sustained.

Risks Relating to Ownership of Our Common Stock The price of our Common Stock may fluctuate significantly. Our common stock currently trades on the New York Stock Exchange (“NYSE”) and the London Stock Exchange (“LSE”), but an active trading market for our common stock may not be sustained.

If any violent action causes us to become involved in a dispute, we may be subject to the exclusive jurisdiction of courts outside the U.S. or may not be successful in subjecting non-U.S. persons to the jurisdiction of courts in the U.S. or international arbitration, which could adversely affect the outcome of such dispute. 35 Table of Contents Inflation could adversely impact our ability to control costs, including operating expenses and capital costs.

If any violent action causes us to 38 Table of Contents become involved in a dispute, we may be subject to the exclusive jurisdiction of courts outside the U.S. or may not be successful in subjecting non-U.S. persons to the jurisdiction of courts in the U.S. or international arbitration, which could adversely affect the outcome of such dispute.

We were in compliance with covenants under the Facility Agreement as of December 31, 2023. Restrictions contained in the Facility governing any future indebtedness may reduce our ability to incur additional indebtedness, engage in certain transactions or capitalize on acquisition or other business opportunities. Any future indebtedness under the Facility and other financial obligations and restrictions could have financial consequences.

Restrictions contained in the 2025 Facility Agreement governing any future indebtedness may reduce our ability to incur additional indebtedness, engage in certain transactions or capitalize on proposed acquisition or other business opportunities. Any future indebtedness under the 2025 Facility and other financial obligations and restrictions could have financial consequences.

On February 14, 2023, we announced that our board of directors adopted a quarterly cash dividend policy of an expected $0.0625 per share of common stock commencing in the first quarter of 2023. On November 1, 2022, the Company announced that the Company’s board of directors formally ratified and approved a share buyback program.

On February 14, 2023, we announced that our Board of Directors adopted a quarterly cash dividend policy of an expected $0.0625 per share of common stock commencing in the first quarter of 2023.

The terms of the Etame PSC include provisions for, among other things, payments to the government of Gabon for a 13% Royalty Interest based on crude oil production at published prices and payments for a shared portion of “profit oil,” based on daily production rates, which such “profit oil” has been and can continue to be taken in-kind through taking crude oil barrels rather than making cash payments. 34 Table of Contents We have operated in Gabon since 1995 and believe we have good relations with the current Gabonese government.

The terms of the Etame PSC include provisions for, among other things, payments to the government of Gabon for a 13% Royalty Interest based on crude oil production at published prices and payments for a shared portion of Profit Oil, based on daily production rates, which such Profit Oil has been and can continue to be taken in-kind through taking crude oil barrels rather than making cash payments.

For example, they could: ● impair our ability to obtain additional financing in the future for capital expenditures, potential acquisitions, general business activities or other purposes; ● increase our vulnerability to general adverse economic and industry conditions; ● require us to dedicate a substantial portion of future cash flow to payments of our indebtedness and other financial obligations, thereby reducing the availability of our cash flow to fund working capital, capital expenditures and other general corporate requirements; ● limit our flexibility in planning for, or reacting to, changes in our business and industry; and ● place us at a competitive disadvantage to those who have proportionately less debt.

For example, they could: • impair our ability to obtain additional financing in the future for capital expenditures, potential acquisitions, general business activities or other purposes; • increase our vulnerability to general adverse economic and industry conditions; • require us to dedicate a substantial portion of future cash flows to payments of our indebtedness and other financial obligations, thereby reducing the availability of our cash flows to fund working capital, capital expenditures and other general corporate requirements; • limit our flexibility in planning for, or reacting to, changes in our business and industry; and • place us at a competitive disadvantage to those who have proportionately less debt. 47 Table of Contents In addition, our ability to comply with the 2025 Facility Agreement's covenants could be affected by events beyond our control and we cannot assure you that we will satisfy those requirements.

Our results of operations, financial condition and cash flows could be adversely affected by changes to interest rates. Our Facility Agreement is for $43.8 million, none of which had been drawn as of December 31, 2023.

Our results of operations, financial condition and cash flows could be adversely affected by changes to interest rates. As of December 31, 2024, the amount available to be drawn under our Facility Agreement was $31.3 million, none of which had been drawn.

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Item 2. Properties

Properties — owned and leased real estate

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2023 filing

2024 filing

Biggest changeItem 2. Properties The location and general character of our principal crude oil, natural gas and NGLs assets, production facilities, and other important physical properties have been described by segment under Item 1. “ Business .” Information about crude oil, natural gas and NGLs reserves, including the basis for their estimation, is discussed in Item 1.

Biggest changeItem 2. Properties The location and general character of our principal crude oil, natural gas and NGLs assets, production facilities, and other important physical properties have been described by segment under Item 1. “ Business .” Information about crude oil, 51 Table of Contents natural gas and NGLs reserves, including the basis for their estimation, is discussed in Item 1.

Added

“ Business .” Our principal executive office is located at 2500 CityWest Boulevard, Houston, Texas 77042. As of December 31, 2024, we maintained offices in Houston, Texas; London, United Kingdom; Port-Gentil, Gabon; Calgary, Alberta; Cairo, Egypt; Abidjan, Cote d’Ivoire; and Malabo, Equatorial Guinea. All of our office space is leased.

Added

While we may in the future require additional office space as our business expands, we believe that our existing facilities are adequate to meet our needs for the immediate future and that additional facilities will be available on commercially reasonable terms as needed. For information regarding the Company’s obligations under its office leases, see Part IV, Item 15., Note 14.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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2024 filing

Biggest changeItem 3. Legal Proceedings We are subject to litigation claims and governmental and regulatory proceedings arising in the ordinary course of business. It is management’s opinion that all claims and litigation we are currently involved in are not likely to have a material adverse effect on our consolidated financial position, cash flows or results of operations.

Biggest changeWhile we cannot predict the occurrence or outcome of these proceedings with certainty, it is management’s opinion that all claims and litigation we are currently involved in are not likely to have a material adverse effect on our consolidated financial position, cash flows or results of operations. Item 4. Mine Safety Disclosures Not applicable. PART II

Added

Item 3. Legal Proceedings We are subject to litigation claims and governmental and regulatory proceedings arising in the ordinary course of business.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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2023 filing

2024 filing

Biggest changeThe following table is a schedule of our dividends paid during 2023: Dividend Payment Date Amount per common share Record Date March 31, 2023 $ 0.0625 March 24, 2023 June 23, 2023 $ 0.0625 May 24, 2023 September 22, 2023 $ 0.0625 August 25, 2023 December 21, 2023 $ 0.0625 November 24, 2023 Aggregate per share amount paid in 2023 $ 0.2500 In connection with the RBL facility, we are required to provide a cash flow projection prior to any distribution, share buyback, or stock repurchase.

Biggest changeThe following table is a schedule of our dividends paid during 2024: Dividend Payment Date Amount per common share Record Date March 28, 2024 $ 0.0625 March 8, 2024 June 21, 2024 $ 0.0625 May 17, 2024 September 20, 2024 $ 0.0625 August 23, 2024 December 20, 2024 $ 0.0625 November 22, 2024 Aggregate per share amount paid in 2024 $ 0.2500 In connection with the 2025 RBL Facility, we are required to provide a group liquidity forecast prior to any distribution, share buyback, or stock repurchase (each, a “Distribution”).

Dividends On February 14, 2023, we announced that our board of directors adopted a quarterly cash dividend policy of an expected $0.0625 per common share per quarter commencing in the first quarter of 2023 and continued throughout the year.

As of February 29, 2024, based upon information received from our transfer agent and brokers and nominees, there were approximately 78 holders of record of VAALCO common stock. This number does not include beneficial or other owners for whom common stock may be held in “street” names.

As of February 28, 2025, based upon information received from our transfer agent and brokers and nominees, there were approximately 93 holders of record of VAALCO common stock. This number does not include beneficial or other owners for whom common stock may be held in “street” names.

To the extent we have adequate cash on hand and cash flows from operations, we will consider paying additional cash dividends on a quarterly basis; however, any future dividend payments, if any, will be at the discretion of the Board of Directors after taking into account various factors, including current financial condition, the tax impact of repatriating cash, operating results and current and anticipated cash needs.

For the year ended December 31, 2024, no specific approval or waivers were required to make Distributions. 52 Table of Contents To the extent we have adequate cash on hand and cash flows from operations, we will consider paying additional cash dividends on a quarterly basis; however, any future dividend payments, if any, will be at the discretion of the Board of Directors after taking into account various factors, including current financial condition, the tax impact of repatriating cash, operating results and current and anticipated cash needs.

Removed

As long as a group liquidity test is above the required ratio outlined in the RBL facility agreement, and no event of default exists, we may make distributions, buyback shares, or repurchase stock without further approval.

Added

The forecast must include the amount of Distribution expected in the forecast period.

Removed

In the event the liquidity test is not met, an approval or waiver would need to be obtained from Glencore in order to make distributions, buyback shares, or repurchase stock. For the year ended December 31, 2023, no specific approval or waivers were required to make distributions or repurchase stock.

Added

Provided there is no borrowing base deficiency, and no event of default results or exists, we may make Distributions without further approval as long as (1) the current forecast is above the required ratio and the proposed Distribution, aggregated with the amount declared or paid in any three months within the forecast period, does not exceed 110% of the estimated amount for that period, or (2) we provide an updated forecast that is above the required threshold taking into account the proposed Distribution and the expected Distribution in any three-month period within the relevant forecast period.

Added

In the event the liquidity test is not met, an approval or waiver would need to be obtained from the Lenders to make a Distribution. Cash dividends during the expected period of the refurbishment of the FPSO in Cote d’Ivoire, if any are declared, shall not be more than $0.26 per share.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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2023 filing

2024 filing

Biggest changeOil Gabon Egypt Canada Total Proved reserves: (MBbls) (MBbls) (MBbls) (MBbls) Balance at January 1, 2021 3,216 — — 3,216 Production (2,599 ) — — (2,599 ) Purchase of reserves 2,633 — — 2,633 Extensions and discoveries — — — - Revisions of previous estimates 7,968 — — 7,968 Balance at December 31, 2021 11,218 — — 11,218 Production (2,971 ) (547 ) (72 ) (3,718 ) Purchase of reserves — 9,124 3,679 12,931 Extensions and discoveries — — — — Revisions of previous estimates 1,972 — — 1,972 Balance at December 31, 2022 10,219 8,577 3,607 22,403 Production (3,197 ) (2,771 ) (334 ) (6,302 ) Purchase of reserves — — — - Extensions and discoveries — 93 810 903 Revisions of previous estimates 2,042 4,693 (652 ) 6,083 Balance at December 31, 2023 9,064 10,592 3,431 23,087 Oil Gabon Egypt Canada Total (MBbls) (MBbls) (MBbls) (MBbls) Year-end proved developed reserves: 2023 8,053 10,141 1,309 19,503 2022 10,219 8,001 1,722 19,942 2021 7,227 — — 7,227 2020 3,216 — — 3,216 Year-end proved undeveloped reserves: 2023 1,011 451 2,122 3,584 2022 — 576 1,885 2,461 2021 3,991 — — 3,991 2020 — — — — Natural Gas Gabon Egypt Canada Total Proved reserves: (MMcf) (MMcf) (MMcf) (MMcf) Balance at December 31, 2021 — — — — Production — — (396 ) (396 ) Purchase of reserves — — 16,935 16,935 Extensions and discoveries — — — — Revisions of previous estimates — — — — Balance at December 31, 2022 — — 16,539 16,539 Production — — (1,528 ) (1,528 ) Purchase of reserves — — — — Extensions and discoveries — — 3,219 3,219 Revisions of previous estimates — — (1,298 ) (1,298 ) Balance at December 31, 2023 — — 16,932 16,932 Natural Gas Gabon Egypt Canada Total (MMcf) (MMcf) (MMcf) (MMcf) Year-end proved developed reserves: 2023 — — 9,011 9,011 2022 — — 11,023 11,023 Year-end proved undeveloped reserves: 2023 — — 7,921 7,921 2022 — — 5,516 5,516 F-40 Table of Contents NGLs Gabon Egypt Canada Total Proved reserves: (MBbls) (MBbls) (MBbls) (MBbls) Balance at December 31, 2021 — — — — Production — — (73 ) (73 ) Purchase of reserves — — 2,870 2,870 Extensions and discoveries — — — — Revisions of previous estimates — — — — Balance at December 31, 2022 — — 2,797 2,797 Production — — (270 ) (270 ) Purchase of reserves — — — — Extensions and discoveries — — 505 505 Revisions of previous estimates — — (295 ) (295 ) Balance at December 31, 2023 — — 2,737 2,737 NGLs Gabon Egypt Canada Total (MBbls) (MBbls) (MBbls) (MBbls) Year-end proved developed reserves: 2023 — — 1,449 1,449 2022 — — 1,855 1,855 Year-end proved undeveloped reserves: 2023 — — 1,289 1,289 2022 — — 942 942 Total Reserves (1) Gabon Egypt Canada Total Proved reserves: (MBoe) (MBoe) (MBoe) (MBoe) Balance at January 1, 2021 3,216 — — 3,216 Production (2,599 ) — — (2,599 ) Extensions and discoveries — — — — Purchase of reserves 2,633 — — 2,633 Revisions of previous estimates 7,968 — — 7,968 Balance at December 31, 2021 11,218 — — 11,218 Production (2,971 ) (547 ) (211 ) (3,729 ) Extensions and discoveries — — — — Purchase of reserves — 9,124 9,372 18,496 Revisions of previous estimates 1,972 — — 1,972 Balance at December 31, 2022 10,219 8,577 9,161 27,957 Production (3,197 ) (2,771 ) (859 ) (6,827 ) Purchase of reserves — — — — Extensions and discoveries — 93 1,852 1,945 Revisions of previous estimates 2,042 4,693 (1,163 ) 5,572 Balance at December 31, 2023 9,064 10,592 8,991 28,647 (1) - To convert Natural Gas to MBoe, MMcf is divided by 6.

Biggest changeBusiness – Reserve Information .” Oil Proved reserves: Gabon (MBbls) Egypt (MBbls) Canada (MBbls) Cote d'Ivoire (MBbls) Total (MBbls) Balance at January 1, 2022 11,218 — — — 11,218 Production (2,971) (547) (72) — (3,590) Purchase of reserves — 9,124 3,679 — 12,803 Extensions and discoveries — — — — — Revisions of previous estimates 1,972 — — — 1,972 Balance at December 31, 2022 10,219 8,577 3,607 — 22,403 Production (3,197) (2,771) (334) — (6,302) Purchase of reserves — — — — — Extensions and discoveries — 93 810 — 903 Revisions of previous estimates 2,042 4,693 (652) — 6,083 Balance at December 31, 2023 9,064 10,592 3,431 — 23,087 Production (2,783) (2,585) (348) (1,054) (6,770) Purchase of reserves — — — 15,288 15,288 Extensions and discoveries — — (93) — (93) Revisions of previous estimates 4,782 1,441 (225) 1,018 7,016 Balance at December 31, 2024 11,063 9,448 2,765 15,252 38,528 Oil Gabon (MBbls) Egypt (MBbls) Canada (MBbls) Cote d'Ivoire (MBbls) Total (MBbls) Year-end proved developed reserves: 2024 6,830 8,962 1,480 118 17,390 2023 8,053 10,141 1,309 — 19,503 2022 10,219 8,001 1,722 — 19,942 2021 7,227 — — — 7,227 Year-end proved undeveloped reserves: 2024 4,233 486 1,286 15,134 21,139 2023 1,011 451 2,122 — 3,584 2022 — 576 1,885 — 2,461 2021 3,991 — — — 3,991 F-49 Natural Gas Proved reserves: Gabon (MMcf) Egypt (MMcf) Canada (MMcf) Cote d'Ivoire (MMcf) Total (MMcf) Balance at December 31, 2022 — — 16,539 — 16,539 Production — — (1,528) — (1,528) Purchase of reserves — — — — — Extensions and discoveries — — 3,219 — 3,219 Revisions of previous estimates — — (1,298) — (1,298) Balance at December 31, 2023 — — 16,932 — 16,932 Production — — (1,532) (26) (1,558) Purchase of reserves — — — 6,830 6,830 Extensions and discoveries — — 234 — 234 Revisions of previous estimates — — 446 (253) 193 Balance at December 31, 2024 — — 16,080 6,551 22,631 Natural Gas Gabon (MMcf) Egypt (MMcf) Canada (MMcf) Cote d'Ivoire (MMcf) Total (MMcf) Year-end proved developed reserves: 2024 — — 10,490 47 10,537 2023 — — 9,011 — 9,011 2022 — — 11,023 — 11,023 Year-end proved undeveloped reserves: 2024 — — 5,590 6,504 12,094 2023 — — 7,921 — 7,921 2022 — — 5,516 — 5,516 NGLs Proved reserves: Gabon (MBbls) Egypt (MBbls) Canada (MBbls) Cote d'Ivoire (MBbls) Total (MBbls) Balance at December 31, 2022 — — 2,797 — 2,797 Production — — (270) — (270) Purchase of reserves — — — — — Extensions and discoveries — — 505 — 505 Revisions of previous estimates — — (295) — (295) Balance at December 31, 2023 — — 2,737 — 2,737 Production — — (267) — (267) Purchase of reserves — — — — — Extensions and discoveries — — 40 — 40 Revisions of previous estimates — — 170 — 170 Balance at December 31, 2024 — — 2,680 — 2,680 F-50 NGLs Gabon (MBbls) Egypt (MBbls) Canada (MBbls) Cote d'Ivoire (MBbls) Total (MBbls) Year-end proved developed reserves: 2024 — — 1,744 — 1,744 2023 — — 1,449 — 1,449 2022 — — 1,855 — 1,855 Year-end proved undeveloped reserves: 2024 — — 936 — 936 2023 — — 1,289 — 1,289 2022 — — 942 — 942 Total Reserves (1) Proved reserves: Gabon (MBoe) Egypt (MBoe) Canada (MBoe) Cote d'Ivoire (MBoe) Total (MBoe) Balance at January 1, 2022 11,218 — — — 11,218 Production (2,971) (547) (211) — (3,729) Extensions and discoveries — — — — — Purchase of reserves — 9,124 9,372 — 18,496 Revisions of previous estimates 1,972 — — — 1,972 Balance at December 31, 2022 10,219 8577 9161 — 27,957 Production (3,197) (2,771) (859) — (6,827) Extensions and discoveries — — — — — Purchase of reserves — 93 1,852 — 1,945 Revisions of previous estimates 2,042 4,693 (1,163) — 5,572 Balance at December 31, 2023 9,064 10,592 8,991 — 28,647 Production (2,783) (2,585) (870) (1,058) (7,296) Purchase of reserves — — — 16,465 16,465 Extensions and discoveries — — (14) — (14) Revisions of previous estimates 4,782 1,441 19 974 7,216 Balance at December 31, 2024 11,063 9,448 8,126 16,381 45,018 (1) To convert Natural Gas to MBoe, MMcf is divided by 6 for Canada reserves, and MMcf is divided by 5.8 for Cote d'Ivoire reserves.

If the eligible cost recovery is less than the maximum defined cost recovery, the difference is defined as "excess". In Egypt, depending on the PSCs, the Contractor's share of excess ranges between 5% and 15%. If the eligible cost recovery exceeds the maximum allowed percentage, the unclaimed cost recovery is carried forward to the next quarter.

If the eligible cost recovery is less than the maximum defined cost recovery, the difference is defined as “excess”. In Egypt, depending on the PSCs, the Contractor's share of excess ranges between 5% and 15%. If the eligible cost recovery exceeds the maximum allowed percentage, the unclaimed cost recovery is carried forward to the next quarter.

In accordance with the guidelines of the SEC, the estimates of future net cash flow from the properties and the present value thereof are made using crude oil, natural gas and NGLs contract prices using a twelve month average of beginning of month prices and are held constant throughout the life of the properties except where such guidelines permit alternate treatment, including the use of fixed and determinable contractual price escalations.

F-52 In accordance with the guidelines of the SEC, the estimates of future net cash flow from the properties and the present value thereof are made using crude oil, natural gas and NGLs contract prices using a twelve month average of beginning of month prices and are held constant throughout the life of the properties except where such guidelines permit alternate treatment, including the use of fixed and determinable contractual price escalations.

However, all future costs related to future property abandonment when the wells become uneconomic to produce are included in future development costs for purposes of calculating the standardized measure of discounted net cash flows. There were no discounted future net cash flows attributable to U.S. properties as of December 31, 2023, 2022 and 2021.

The PSCs provide for cost recovery per quarter up to a maximum percentage of total production. Timing differences often exist between the Company's recognition of costs and their recovery as the Company accounts for costs on an accrual basis, whereas cost recovery is determined on a cash basis.

The PSCs provide for cost recovery per quarter up to a maximum percentage of total production. Timing differences often exist between the Company's recognition of costs and their recovery as the F-55 Company accounts for costs on an accrual basis, whereas cost recovery is determined on a cash basis.

For Egypt at December , 31, 2023, 4.7 MMBoes of reserves were added through positive revisions of previous estimates. 5.3 MMBoes of the positive revisions were due to performance offset by 0.6 MMBoes of negative revisions through price.

For Egypt at December 31, 2023, 4.7 MMBoe of reserves were added through positive revisions of previous estimates. 5.3 MMBoe of the positive revisions were due to performance offset by 0.6 MMBoe of negative revisions through price.

In 2022, operations in Gabon had 2.0 MMBoes of positive revision of reserves due to the 2021/2022 drilling campaign. 0.7 MMBoes of the positive revision was due to performance and the remaining 1.3 MMBoes of positive revisions was due to price.

In 2022, operations in Gabon had 2.0 MMBoe of positive revision of reserves due to the 2021/2022 drilling campaign. 0.7 MMBoe of the positive revision was due to performance and the remaining 1.3 MMBoe of positive revisions was due to price.

In addition, Equatorial Guinea imposes a 25% income tax on net profits. The Block P PSC provides for a discovery to be reclassified into a development area with a term of 25 years. At December 31, 2023, the Company has no proved reserves related to Block P in Equatorial Guinea.

In addition, Equatorial Guinea imposes a 25% income tax on net profits. The Block P PSC provides for a discovery to be reclassified into a development area with a term of 25 years. At December 31, 2024, the Company has no SEC proved reserves related to Block P in Equatorial Guinea.

The Etame Consortium pays the government an allocation of the remaining “profit oil” production from the contract area ranging from 10% to 60% of the crude oil remaining after deducting the royalty and Cost Recovery. The percentage of “profit oil” paid to the government as tax is a function of cumulative production.

The Etame Consortium pays the government an allocation of the remaining Profit Oil production from the contract area ranging from 10% to 60% of the crude oil remaining after deducting the royalty and Cost Recovery. The percentage of Profit Oil paid to the government as tax is a function of cumulative production.

This compares to the economic end date of reserves under the current reserve report prepared by the independent reserve engineering firm of Netherland, Sewell & Associates, Inc.

This compares to the economic end date of reserves under the current reserve report evaluated by the independent reserve engineering firm of Netherland, Sewell & Associates, Inc.

F-43 Table of Contents The PSC for Block P in Equatorial Guinea entitles the Company to receive up to 70% of any future production after royalty deduction so long as there are amounts remaining in the Cost Account. Royalty rates are 10-16% depending on production rates.

The PSC for Block P in Equatorial Guinea entitles the Company to receive up to 70% of any future production after royalty deduction so long as there are amounts remaining in the Cost Account. Royalty rates are 10-16% depending on production rates.

F-42 Table of Contents Changes in Standardized Measure of Discounted Future Net Cash Flows The following table sets forth the changes in standardized measure of discounted future net cash flows as follows: Year Ended December 31, 2023 2022 2021 (in thousands) Balance at beginning of period $ 624,465 $ 99,258 $ 14,733 Sales of crude oil and natural gas, net of production costs (296,209 ) (233,421 ) (118,358 ) Net changes in prices and production costs (210,703 ) 264,804 126,668 Extensions and discoveries 28,849 — — Revisions of previous quantity estimates 139,856 95,623 158,213 Purchases — 415,385 9,285 Changes in estimated future development costs (92,641 ) (23,243 ) (39,969 ) Development costs incurred during the period — 101,495 2,629 Accretion of discount 62,447 9,926 2,752 Net change of income taxes 77,757 (121,490 ) (60,218 ) Change in production rates (timing) and other 8,113 16,128 3,523 Balance at end of period $ 341,934 $ 624,465 $ 99,258 There are numerous uncertainties inherent in estimating quantities of proved reserves and in projecting future rates of production and timing of development expenditures, including many factors beyond the Company’s control.

F-53 Changes in Standardized Measure of Discounted Future Net Cash Flows The following table sets forth the changes in standardized measure of discounted future net cash flows as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Balance at beginning of period $ 341,934 $ 624,465 $ 99,258 Sales of crude oil and natural gas, net of production costs (316,667) (296,209) (233,421) Net changes in prices and production costs 19,018 (210,703) 264,804 Extensions and discoveries 8,318 28,849 — Revisions of previous quantity estimates 144,956 139,856 95,623 Purchases 175,849 — 415,385 Changes in estimated future development costs (94,004) (92,641) (23,243) Development costs incurred during the period 28,676 — 101,495 Accretion of discount 45,917 62,447 9,926 Net change of income taxes 21,053 77,757 (121,490) Change in production rates (timing) and other 4,350 8,113 16,128 Balance at end of period $ 379,400 $ 341,934 $ 624,465 There are numerous uncertainties inherent in estimating quantities of proved reserves and in projecting future rates of production and timing of development expenditures, including many factors beyond the Company’s control.

Total Reserves (1) Gabon Egypt Canada Total (MBoe) (MBoe) (MBoe) (MBoe) Year-end proved developed reserves: 2023 8,053 10,141 4,260 22,454 2022 10,219 8,001 5,414 23,634 2021 7,227 — — 7,227 2020 3,216 — — 3,216 Year-end proved undeveloped reserves: 2023 1,011 451 4,731 6,193 2022 — 576 3,746 4,322 2021 3,991 — — 3,991 2020 — — — — (1) To convert Natural Gas to MBoe, MMcf is divided by 6.

Total Reserves (1) Gabon (MBoe) Egypt (MBoe) Canada (MBoe) Cote d'Ivoire (MBoe) Total (MBoe) Year-end proved developed reserves: 2024 6,830 8,962 4,972 126 20,890 2023 8,053 10,141 4,260 — 22,454 2022 10,219 8,001 5,414 — 23,634 2021 7,227 — — — 7,227 Year-end proved undeveloped reserves: 2024 4,233 486 3,154 16,255 24,128 2023 1,011 451 4,731 — 6,193 2022 — 576 3,746 — 4,322 2021 3,991 — — — 3,991 (1) To convert Natural Gas to MBoe, MMcf is divided by 6 for Canada reserves, and MMcf is divided by 5.8 for Cote d'Ivoire reserves.

International (In thousands) Gabon Egypt Canada Total Year Ended December 31, 2023 Future cash inflows $ 761,919 $ 828,418 $ 352,666 $ 1,943,003 Future production costs (410,425 ) (383,957 ) (129,317 ) (923,699 ) Future development costs (1) (88,868 ) (84,132 ) (80,129 ) (253,129 ) Future income tax expense (148,750 ) (144,269 ) — (293,019 ) Future net cash flows 113,876 216,060 143,220 473,156 Discount to present value at 10% annual rate (6,052 ) (54,313 ) (70,857 ) (131,222 ) Standardized measure of discounted future net cash flows $ 107,824 $ 161,747 $ 72,363 $ 341,934 Year Ended December 31, 2022 Future cash inflows $ 1,035,667 $ 729,236 $ 506,247 $ 2,271,150 Future production costs (450,639 ) (273,260 ) (135,082 ) (858,981 ) Future development costs (1) (58,057 ) (12,079 ) (69,346 ) (139,482 ) Future income tax expense (248,024 ) (146,835 ) — (394,859 ) Future net cash flows 278,947 297,062 301,819 877,828 Discount to present value at 10% annual rate (34,520 ) (70,174 ) (148,669 ) (253,363 ) Standardized measure of discounted future net cash flows $ 244,427 $ 226,888 $ 153,150 $ 624,465 Year Ended December 31, 2021 Future cash inflows $ 782,006 $ — $ — $ 782,006 Future production costs (416,819 ) — — (416,819 ) Future development costs (1) (128,984 ) — — (128,984 ) Future income tax expense (116,637 ) — — (116,637 ) Future net cash flows 119,566 — — 119,566 Discount to present value at 10% annual rate (20,308 ) — — (20,308 ) Standardized measure of discounted future net cash flows $ 99,258 $ — $ — $ 99,258 (1) Includes costs expected to be incurred to abandon the properties, where applicable.

International (In thousands) Gabon Egypt Canada Cote d'Ivoire Total Year Ended December 31, 2024 Future cash inflows $ 912,914 $ 782,814 $ 269,195 $ 1,423,441 $ 3,388,364 Future production costs (470,775) (370,085) (123,367) (446,645) (1,410,872) Future development costs (1) (221,743) (93,426) (62,629) (466,407) (844,205) Future income tax expense (134,216) (144,883) — (205,167) (484,266) Future net cash flows 86,180 174,420 83,199 305,222 649,021 Discount to present value at 10% annual rate (13,169) (39,281) (36,092) (181,079) (269,621) Standardized measure of discounted future net cash flows $ 73,011 $ 135,139 $ 47,107 $ 124,143 $ 379,400 Year Ended December 31, 2023 Future cash inflows $ 761,919 $ 828,418 $ 352,666 $ — $ 1,943,003 Future production costs (410,425) (383,957) (129,317) — (923,699) Future development costs (1) (88,868) (84,132) (80,129) — (253,129) Future income tax expense (148,750) (144,269) — — (293,019) Future net cash flows 113,876 216,060 143,220 — 473,156 Discount to present value at 10% annual rate (6,052) (54,313) (70,857) — (131,222) Standardized measure of discounted future net cash flows $ 107,824 $ 161,747 $ 72,363 $ — $ 341,934 Year Ended December 31, 2022 Future cash inflows $ 1,035,667 $ 729,236 $ 506,247 $ — $ 2,271,150 Future production costs (450,639) (273,260) (135,082) — (858,981) Future development costs (1) (58,057) (12,079) (69,346) — (139,482) Future income tax expense (248,024) (146,835) — — (394,859) Future net cash flows 278,947 297,062 301,819 — 877,828 Discount to present value at 10% annual rate (34,520) (70,174) (148,669) — (253,363) Standardized measure of discounted future net cash flows $ 244,427 $ 226,888 $ 153,150 $ — $ 624,465 (1) Includes costs expected to be incurred to abandon the properties, where applicable.

F-41 Table of Contents In 2023, operations in Gabon had 2.0 MMBoes of reserves added through positive revisions of previous estimates. 2.8 MMBoes of the positive revisions were due to performance offset by 0.8 MMBoes of negative revisions through price.

In 2024, we also added 16.5 MMBoe of reserves from our Svenska Acquisition. In 2023, operations in Gabon had 2.0 MMBoe of reserves added through positive revisions of previous estimates. 2.8 MMBoes of the positive revisions were due to performance offset by 0.8 MMBoe of negative revisions through price.

Such prices are held constant throughout the life of the properties except where such guidelines permit alternate treatment, including the use of fixed and determinable contractual price escalations. For 2023, the average of such prices used for our reserve estimate was $83.22 per Bbl for crude oil for Gabon.

Such prices are held constant throughout the life of the properties except where such guidelines permit alternate treatment, including the use of fixed and determinable contractual price escalations.

On average, the tax levied in Alberta is 4% of revenues reported from freehold mineral title properties and is payable by the registered owner of the mineral rights. F-44

On average, the tax levied in Alberta is 4% of revenues reported from freehold mineral title properties and is payable by the registered owner of the mineral rights. The Company owns a 27.39% non-operated working interest in the deepwater producing Baobab field in Block CI-40, offshore Cote d’Ivoire in West Africa.

For 2022, the adjusted average price for our reserves associated with natural gas was $4.13 per MCF, $12.77 per Bbl for Ethane, $40.27 per Bbl for propane, $43.85 per Bbl for butane and $91.57 per Bbl for condensates. Under the Etame PSC in Gabon, the Gabonese government is the owner of all crude oil, natural gas and NGLs mineral rights.

For 2024 and 2023, the average of such prices for crude oil used for our reserve estimate were as follows: Year Ended December 31, 2024 2023 Crude Oil ($/Bbl) Gabon $ 81.08 $ 83.22 Egypt $ 65.48 $ 64.59 Cote d'Ivoire $ 79.70 $ — Canada $ 69.12 $ 71.67 F-54 For 2024 and 2023, the adjusted average prices for our reserves associated with natural gas and NGLs were as follows: Year Ended December 31, 2024 2023 Cote d'Ivoire Natural Gas ($/Mcf) $ 2.77 $ — Canada Natural Gas ($/Mcf) $ 0.95 $ 1.91 Canada Ethane ($/Bbl) $ 3.52 $ 5.20 Propane ($/Bbl) $ 19.46 $ 20.18 Butane ($/Bbl) $ 30.68 $ 36.69 Condensates ($/Bbl) $ 69.59 $ 74.76 Production Sharing Contracts Under the Etame PSC in Gabon, the Gabonese government is the owner of all crude oil, natural gas and NGLs mineral rights.

Removed

Business – Reserve Information .” F-39 Table of Contents For Egypt and Canada, all activity pertains to the year ended December 31, 2023 and the period of October 14, 2022 - December 31, 2022, after the acquisition of TransGlobe.

Added

In 2024, operations in Gabon had 4.8 MMBoe of reserves added through positive revisions of previous estimates mainly due to performance and development activities. For Egypt, we had 1.4 MMBoe of reserves added through positive F-51 revisions of previous estimates primarily as a result of our workover programs.

Removed

For Canada at December , 31, 2023, 1.2 MMBoes of reserves were removed through negative revisions of previous estimates. 0.9 MMBoes of the negative revisions were due to performance and 0.3 MMBoes of negative revisions were through price.

Added

Production generated from the Baobab field is shared under a PSC (the “Cote d'Ivoire PSC”). Under the Cote d'Ivoire PSC, the Company is entitled to a Cost Oil recovery percentage of up to 80% of total production. Profit Oil percentage ranges from 30% to 53% based on the range of daily total production.

Removed

In 2021, the Company added 2.6 MMBoes of reserves due the acquisition of Sasol’s interest in the Etame Marin block. In addition, the Company added 8.0 MMBoes due to positive revisions. The positive revision of 8.0 MMBoes was due to positive revision of 3.0 MMBoes due to price and positive revisions of 5.0 MMBoes due to performance.

Added

Cost Oil allows the Company to recover its capital and production costs and the costs carried by the Company on behalf of the government state oil company. Profit oil is allocated to the joint venture partners in accordance with their respective equity interests, after a portion has been allocated to the government of Cote d'Ivoire.

Removed

Prices were between $64.59 per Bbl for crude oil from Egypt and $71.67 per Bbl for crude oil from Canada. For 2022, the average of such prices used for our reserve estimates was $100.35 per Bbl for crude oil from Gabon.

Added

In addition, under the terms of the Cote d'Ivoire PSC, the tax payments to the Ivorian Government are deemed satisfied by its share of the Profit Oil. F-56

Removed

Prices were between $84.76 and $85.65 per Bbl for crude oil from Egypt and $89.61 per Bbl for crude oil from Canada. For Gabon, this compares to the average of such price used for 2021 of $69.10 per Bbl.

Removed

For 2023, the adjusted average price for our reserves associated with natural gas was $1.91 per MCF, $5.20 per Bbl for Ethane, $20.18 per Bbl for propane, $36.69 per Bbl for butane and $74.76 per Bbl for condensates.

Top changes in VAALCO ENERGY INC /DE/'s 2024 10-K

Item 1A. Risk Factors

Item 2. Properties

Item 3. Legal Proceedings

Item 5. Market for Registrant's Common Equity

Item 7. Management's Discussion & Analysis

Other EGY 10-K year-over-year comparisons