Picture 5

Exhibit 99.1



VAALCO ANNOUNCES OPERATIONAL UPDATE



VAALCO ANNOUNCES SUCCESSFUL WORKOVER AT SOUTH EAST ETAME 2H WELL AND FIRST QUARTER 2020 PRODUCTION OF 4,944 NRI BARRELS OF OIL PER DAY

HOUSTON – April 13, 2020

– VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Company”) today provided an operational update including the successful completion of the South East Etame 2H workover and the release of the drilling rig used in its highly successful 2019/2020 drilling program.



Highlights



·

Successfully completed a planned workover on the South East Etame 2H well and restored 2,400 gross barrels of oil per day (“BOPD”), 650 BOPD net revenue interest (“NRI”)(1) to VAALCO;

·

Increased total Company production to approximately 5,400 BOPD NRI or 6,200 working interest (“WI”)(2) BOPD following the successful workover;

·

Released the Vantage Drilling International Topaz jackup drilling rig on April 9, 2020;

·

Produced 4,944 BOPD NRI, or 5,683 BOPD WI in the first quarter of 2020, near the high end of first quarter guidance (4,700 - 5,000 NRI);

·

Reported sales volumes of 294,000 barrels of oil, net to VAALCO for the first quarter of 2020 as compared to 318,000 barrels for the fourth quarter of 2019;

·

Reaffirmed full year 2020 production guidance at 4,400 to 5,000 BOPD NRI (being 5,100 to 5,750 BOPD WI), and

·

Experienced no material disruptions in operations to date due to current worldwide COVID-19 crisis.



(1)

All NRI production rates and volumes are VAALCO’s 31.1% WI less 13% royalty volumes.

(2)

All WI production rates and volumes are VAALCO’s 31.1% WI.





Cary Bounds, Chief Executive Officer, commented, “We continue to execute operationally and have restored 2,400 gross BOPD of production with the successful workover of the South East Etame 2H well.  We have now released the Vantage drilling rig after completing the successful 2019/2020 drilling campaign and executing two workovers that restored production from wells that were shut in due to electronic submersible pump (“ESP”) failures.  We have elected not to pursue any additional preemptive workovers at this time.  We are proud of the highly successful and transformational drilling program that has added meaningful production and significantly reduced our operating costs per barrel.  For the first quarter 2020, production was 4,944 BOPD NRI, which is 35% greater than our Q4 2019 average

1

 


The following information was filed by Vaalco Energy Inc (EGY) on Tuesday, April 14, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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