VAALCO Energy Worldwide Upstream

Consolidated upstream portfolio of VAALCO Energy, Inc., an African-focused independent E&P headquartered in Houston, Texas, with producing, development and exploration assets across Gabon, Egypt, Cote d'Ivoire, Equatorial Guinea and Nigeria (and Canada prior to the February 2026 divestment). Total net proved reserves at year-end 2025 were 42,983 MBOE (37,968 MBbl oil, 19,163 MMcf gas, 1,781 MBbl NGL), of which 41% proved developed. 2025 net production was 6,043 MBOE (5,590 MBbl oil, 1,449 MMcf gas, 212 MBbl NGL), ~92% crude oil. Reserves were evaluated by Netherland, Sewell & Associates. The consolidated standardized measure of discounted future net cash flows was US$410.0 million at year-end 2025. The portfolio is operated under production sharing contracts in Africa where the company recovers Cost Oil and a share of Profit Oil.