Block P — Venus Development (Equatorial Guinea)

Undeveloped offshore block in Equatorial Guinea where VAALCO is the designated operator with a 60% working interest. The company completed a feasibility study for a standalone development of the Venus field discovery and submitted a Plan of Development, which the EG Ministry of Mines and Hydrocarbons approved in September 2022. The PSC provides for a 25-year development and production period from first oil; a one-time US$6.8 million payment to the national oil company is due upon commercial production. No proved reserves are booked.