Vaalco Energy delivered full-year 2025 sales volumes of approximately 22,100 working interest barrels of oil equivalent per day (WI BOEPD), reaching the top end of its guidance range of 20,800 to 22,200 WI BOEPD. Production averaged 21,150 WI BOEPD, squarely at the midpoint of its forecasted 20,800 to 21,500 WI BOEPD. This performance reflects the successful execution of offshore drilling programs in Gabon and Egypt, where two pilot wells in the Etame field and an exploration well in the Eastern Desert demonstrated high-quality reservoir intervals and initial flow rates of 450 BOEPD in the H-Field.

By December 31, 2025, Vaalco increased its cash at bank by nearly $35 million to $58.8 million, funding all capital expenditures and paying its quarterly dividend without drawing on its reserve-based lending facility in Q4. Net debt fell to just over $1 million, down from $113 million of aged receivables at the start of the year. Strong collections in Egypt saw receivables decrease to $31 million year-end after invoicing $129 million of revenue and collecting over $210 million, including a $40 million industry payment in December.

The Phase Three Drilling Program offshore Gabon began with two pilot holes in Q4 2025. The ET-15P well reached 2,397 meters, encountering 2.4 to 3.2 million barrels of oil in place in the Gamba formation and confirming connectivity to adjacent producing wells. The ET-15P-ST1 pilot hole intersected nine meters of net reservoir and four meters of net pay. Detailed volumetric assessments are underway. In Côte d’Ivoire, the Baobab FPSO remains on schedule to depart Dubai in early February for redeployment, supporting a planned restart of production in Q2 2026.