Picture 5

Exhibit 99.1



VAALCO ENERGY, INC. ANNOUNCES FOURTH QUARTER
AND FULL YEAR 2020 RESULTS AND RESERVES UPDATE



HOUSTON – March 9, 2021 –

VAALCO Energy, Inc. (NYSE/LSE: EGY) (“VAALCO or the “Company”) today reported operational and financial results for the fourth quarter and full year of 2020.



Highlights and Recent Key Items:

·

Closed the transformational acquisition of Sasol’s working interest in the Etame field;

o

Nearly doubles VAALCO’s total net production and reserves;

o

Estimated acquisition cost per NRI barrel(6) of $14.41 for SEC proved reserves and $4.91 for 2P CPR reserves;

·

Produced 4,662 net revenue interest (“NRI”)(1) barrels of crude oil per day (“BOPD”), or 5,359 working interest (“WI”)(2) BOPD in Q4 2020;

·

Reported net loss of $3.6 million ($0.06 per diluted share), Adjusted Net Loss(3) of $5.6 million ($0.10 per diluted share) and generated Adjusted EBITDAX(3) of $3.5 million for Q4 2020;

o

Q4 2020 revenues were reduced by approximately $7.8 million due to a delay in the December lifting to January 2021;

o

Q4 2020 operating loss reflected $3.6 million of seismic related exploration expense;

o

Completed the 2019/2020 drilling campaign with a 100% success rate, on time and within budget, with no safety or environmental incidents on April 9, 2020;

·

Completed the acquisition of new three dimensional (“3-D”) seismic over the Etame field:

o

Utilized to optimize and de-risk future drilling locations;

·

Added 1.6 MMBO NRI proved SEC(4) reserves in 2020 from positive well performance and the SE Etame 4P discovery which were offset by 1.6 MMBO NRI due to negative pricing related revisions;

·

Reported year-end 2020 independent 2P CPR(5) reserves of 10.4 MMBO WI;

·

Maintained a strong balance sheet with no debt, a cash balance of $47.9 million, including $1.4 million in net joint venture owner advances as of December 31, 2020; and

·

Improving outlook for oil pricing coupled with enhanced cash flow generation supports next Etame drilling campaign currently anticipated to start in late 2021/early 2022.



(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.

(3)

Adjusted EBITDAX, Adjusted Net Income and Adjusted Working Capital are Non-GAAP financial measures and are described and reconciled to the closest GAAP measure in the attached table under “Non-GAAP Financial Measures.”

(4)

“SEC reserves” are Netherland, Sewell & Associates estimates prepared in accordance with the definitions and regulations of the U.S. Securities and Exchange Commission as of December 31, 2020.

(5)

“2P CPR Reserves” are Netherland, Sewell & Associates proved plus probable estimates prepared in accordance with the definitions and guidelines set forth in the 2018 Petroleum Resources Management Systems approved by the Society of Petroleum Engineers as of December 31, 2020 using VAALCO’s management assumptions for escalated crude oil price and costs.

1


The following information was filed by Vaalco Energy Inc (EGY) on Thursday, March 11, 2021 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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