Vaalco Energy Inc 10-Q for FY2024 Q3

Vaalco Energy Inc (EGY)

10-Q 2024-11-12 For: 2024-09-30

Added on April 11, 2026

About this 10-Q

Vaalco Energy Inc filed this 10-Q on November 12, 2024, covering the quarter ended September 30, 2024 (FY2024 Q3).

Headline figures

Quarter ended September 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $140.33M; up 20.7% from $116.27M a year earlier
Net income: $10.99M; up 79.0% from net income of $6.14M a year earlier
Diluted EPS: $0.10; up 66.7% from $0.06 a year earlier

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Delaware			76-0274813
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

2500 CityWest Blvd. Suite 400 Houston, Texas			77042
(Address of principal executive offices)			(Zip code)


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	EGY	New York Stock Exchange
Common Stock	EGY	London Stock Exchange


PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
Condensed Consolidated Balance Sheets September 30, 2024 and December 31, 2023			2
Condensed Consolidated Statements of Operations and Comprehensive Income Three and Nine Months Ended September 30, 2024 and 2023			3
Condensed Consolidated Statements of Shareholders’ Equity Three and Nine Months Ended September 30 , 2024 and 2023			4
Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30 , 2024 and 2023			5
Notes to Condensed Consolidated Financial Statements (unaudited)			7
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			21
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			37
ITEM 4. CONTROLS AND PROCEDURES			39
PART II. OTHER INFORMATION			39
ITEM 1. LEGAL PROCEEDINGS			39
ITEM 1A. RISK FACTORS			39
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			40
ITEM 5. OTHER INFORMATION			40
ITEM 6. EXHIBITS			41


	As of September 30, 2024		As of December 31, 2023
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	89,101	$	121,001
Restricted cash	146		114
Receivables:
Trade, net of allowances for credit loss and other of $0.7 million and $0.5 million, respectively	84,344		44,888
Accounts with joint venture owners, net of allowance for credit losses of $1.2 million and $0.8 million, respectively	1,131		1,814
Egypt receivables and other, net of allowances for credit loss and other of $0.0 million and $4.6 million	42,163		45,942
Crude oil inventory	4,776		1,948
Prepayments and other	15,138		12,434
Total current assets	236,799		228,141
Crude oil, natural gas and NGLs properties and equipment, net	531,589		459,786
Other noncurrent assets:
Restricted cash	9,462		1,795
Value added tax and other receivables, net of allowances for credit loss and other of $0.0 million	10,228		4,214
Right of use operating lease assets	2,320		2,378
Right of use finance lease assets	83,093		89,962
Deferred tax assets	57,035		29,242
Abandonment funding	6,268		6,268
Other long-term assets	1,109		1,430
Total assets	$	937,903	$	823,216
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	15,047	$	22,152
Accounts with joint venture owners	984		5,990
Accrued liabilities and other	103,848		67,597
Operating lease liabilities - current portion	335		2,396
Finance lease liabilities - current portion	12,560		10,079
Foreign income taxes payable	43,473		19,261
Total current liabilities	176,247		127,475
Asset retirement obligations	65,868		47,343
Operating lease liabilities - net of current portion	2,006		33
Finance lease liabilities - net of current portion	70,912		78,293
Deferred tax liabilities	103,356		73,581
Other long-term liabilities	18,482		17,709
Total liabilities	436,871		344,434
Commitments and contingencies (Note 10)
Shareholders’ equity:
Preferred stock, $25 par value; 500,000 shares authorized, none issued	—		—
Common stock, $0.10 par value; 160,000,000 shares authorized, 122,304,124 and 121,397,553 shares issued, 103,743,163 and 104,346,233 shares outstanding, respectively	12,230		12,140
Additional paid-in capital	361,147		357,498
Accumulated other comprehensive income	1,013		2,880
Less treasury stock, 18,560,961 and 17,051,320 shares, respectively, at cost	(78,024)		(71,222)
Retained earnings	204,666		177,486
Total shareholders' equity	501,032		478,782
Total liabilities and shareholders' equity	$	937,903	$	823,216


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands, except per share amounts)
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	140,334	$	116,269	$	357,267	$	305,912
Operating costs and expenses:
Production expense	42,324		39,956		126,859		106,760
FPSO demobilization and other costs	—		—		—		5,647
Exploration expense	—		1,194		48		1,259
Depreciation, depletion and amortization	47,031		32,538		105,987		94,958
General and administrative expense	6,929		6,216		21,230		16,835
Credit losses and other	69		822		5,222		2,437
Total operating costs and expenses	96,353		80,726		259,346		227,896
Other operating income (expense), net	102		5		68		(298)
Operating income	44,083		35,548		97,989		77,718
Other income (expense):
Derivative instruments gain (loss), net	210		(2,320)		(380)		(2,268)
Interest expense, net	(588)		(1,426)		(2,640)		(5,375)
Bargain purchase gain	—		—		19,898		(1,412)
Other income (expense), net	(141)		183		(3,925)		(97)
Total other income (expense), net	(519)		(3,563)		12,953		(9,152)
Income before income taxes	43,564		31,985		110,942		68,566
Income tax expense	32,574		25,844		64,115		52,203
Net income	$	10,990	$	6,141	$	46,827	$	16,363
Other comprehensive income (loss)
Currency translation adjustments	1,655		(2,216)		(1,867)		(335)
Comprehensive income	$	12,645	$	3,925	$	44,960	$	16,028

Basic net income per share:
Net income per share	$	0.10	$	0.06	$	0.45	$	0.15
Basic weighted average shares outstanding	103,743		106,289		103,644		106,876
Diluted net income per share:
Net income per share	$	0.10	$	0.06	$	0.45	$	0.15
Diluted weighted average shares outstanding	103,842		106,433		103,728		107,072


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Common Shares Issued	Treasury Shares	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Treasury Stock		Retained Earnings		Total
	(in thousands)
Balance at January 1, 2024	121,398	(17,051)	$	12,140	$	357,498	$	2,880	$	(71,222)	$	177,486	$	478,782
Shares issued - stock-based compensation	543	—	54		393		—		—		—		447
Stock-based compensation expense	—	—	—		936		—		—		—		936
Treasury stock	—	(1,434)	—		—		—		(6,344)		—		(6,344)
Dividend distributions	—	—	—		—		—		—		(6,463)		(6,463)
Other comprehensive loss	—	—	—		—		(2,454)		—		—		(2,454)
Net income	—	—	—		—		—		—		7,686		7,686
Balance at March 31, 2024	121,941	(18,485)	12,194		358,827		426		(77,566)		178,709		472,590
Shares issued - stock-based compensation	364	—	36		(36)		—		—		—		—
Stock-based compensation expense	—	—	—		1,012		—		—		—		1,012
Treasury stock	—	(76)	—		—		—		(458)		—		(458)
Dividend distributions	—	—	—		—		—		—		(6,579)		(6,579)
Other comprehensive loss	—	—	—		—		(1,068)		—		—		(1,068)
Net income	—	—	—		—		—		—		28,151		28,151
Balance at June 30, 2024	122,305	(18,561)	12,230		359,803		(642)		(78,024)		200,281		493,648
Shares issued - stock-based compensation	—	—	—		—		—		—		—		—
Stock-based compensation expense	—	—	—		1,344		—		—		—		1,344
Treasury stock	—	—	—		—		—		—		—		—
Dividend distributions	—	—	—		—		—		—		(6,605)		(6,605)
Other comprehensive loss	—	—	—		—		1,655		—		—		1,655
Net income	—	—	—		—		—		—		10,990		10,990
Balance at September 30, 2024	122,305	(18,561)	$	12,230	$	361,147	$	1,013	$	(78,024)	$	204,666	$	501,032


	Nine Months Ended September 30,
	2024		2023
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	46,827	$	16,363
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	105,987		94,958
Bargain purchase gain	(19,898)		1,412
Exploration expense	48		1,194
Deferred taxes	(7,762)		(2,305)
Unrealized foreign exchange loss	(613)		932
Stock-based compensation	3,362		2,332
Cash settlements paid on exercised stock appreciation rights	(154)		(282)
Derivative instruments (gain) loss, net	209		2,268
Cash settlements paid on matured derivative contracts, net	(15)		(62)
Cash settlements paid on asset retirement obligations	(315)		(4,796)
Credit losses and other	5,222		2,437
Other operating loss, net	34		317
Equipment and other expensed in operations	1,589		2,560
Change in operating assets and liabilities:
Trade, net	(39,456)		29,364
Accounts with joint venture owners, net	(4,739)		15,090
Egypt receivables and other, net	(394)		694
Crude oil inventory	12,153		(5,952)
Prepayments and other	(1,847)		1,198
Value added tax and other receivables	(5,713)		(3,719)
Other long-term assets	1,808		2,942
Accounts payable	(9,034)		(10,083)
Foreign income taxes receivable/(payable)	24,327		36,025

Accrued liabilities and other	(42,441)		(11,076)
Net cash provided by (used in) operating activities	69,185		171,811
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures	(61,530)		(77,365)
Cash paid in business combination, net of cash acquired	412		—
Net cash provided by (used in) investing activities	(61,118)		(77,365)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuances of common stock	447		593
Dividend distribution	(19,647)		(20,153)
Treasury shares	(6,803)		(17,493)
Deferred financing costs	—		(83)
Payments of finance lease	(6,261)		(5,246)
Net cash provided by (used in) in financing activities	(32,264)		(42,382)
Effects of exchange rate changes on cash	(4)		(321)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(24,201)		51,743
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	129,178		59,776
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	104,977	$	111,519


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Allowance for credit losses and other
Balance at beginning of period	$	(12,604)	$	(13,519)	$	(6,029)	$	(8,704)
Credit loss charges and other, net of receipts	(69)		(822)		(5,222)		(2,437)
Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023	—		—		—		(3,120)
Reversal of allowance resulting from the settlement of the related receivable	11,200		—		11,200		—
Foreign currency gain (loss)	(425)		238		(1,847)		158
Balance at end of period	$	(1,898)	$	(14,103)	$	(1,898)	$	(14,103)


		As of September 30, 2024
	Balance Sheet Line	Level 1		Level 2		Level 3		Total
		(in thousands)
Assets
Derivative asset	Prepayments and other	$	—	$	244	$	—	$	244
		$	—	$	244	$	—	$	244
Liabilities
Derivative liability	Accrued liabilities and other	$	—	$	35	$	—	$	35
		$	—	$	35	$	—	$	35




	April 30, 2024
	(in thousands)
Purchase Consideration
Cash	$	40,166
Total purchase consideration	$	40,166

	April 30, 2024
	(in thousands)
Assets acquired:
Cash and cash equivalents	$	31,789
Other receivables, net	830
Crude oil inventory	14,981
Prepayments and other	409
Crude oil, natural gas and NGLs properties and equipment, net	100,188
Restricted cash	8,788
Other LT receivables	33
Deferred tax asset	28,153
Total assets acquired	185,171
Liabilities assumed:
Accounts payable	(2,506)
State oil liability	(19,447)
Accrued tax settlement	(8,788)
Accrued accounts payable invoices	(21,692)
Accrued liabilities and other	(19,083)
Asset retirement obligations	(15,694)
Deferred tax liability	(37,897)
Total liabilities acquired	(125,107)
Bargain purchase gain	(19,898)
Total purchase price	$	40,166


	April 30, 2024 through September 30, 2024
	(in thousands)
Crude oil, natural gas and natural gas liquids sales	$	67,035

Net income	$	5,589


	Three Months Ended September 30, 2024
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Cote d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	47,608	$	34,544	$	8,387	$	—	$	49,795	$	—	$	140,334
Operating costs and expenses:
Production expense	13,932		12,477		3,015		195		12,701		4		42,324
Exploration expense	—		—		—		—		—		—		—
Depreciation, depletion and amortization	12,796		8,729		6,106		—		19,184		216		47,031
General and administrative expense	241		(79)		(4)		62		1,061		5,648		6,929
Credit losses and other	—		—		—		69		—		—		69
Total operating costs and expenses	26,969		21,127		9,117		326		32,946		5,868		96,353
Other operating income (expense), net	—		—		102		—		—		—		102
Operating income (loss)	20,639		13,417		(628)		(326)		16,849		(5,868)		44,083
Other income (expense):
Derivative instruments gain(loss), net	—		—		—		—		(169)		379		210
Interest (expense) income, net	(964)		(360)		—		—		2,029		(1,293)		(588)
Bargain purchase gain	—		—		—		—		—		—		—
Other (expense) income, net	(72)		(101)		669		(4)		(37)		(597)		(141)
Total other expense, net	(1,036)		(461)		670		(4)		1,823		(1,511)		(519)
Income (loss) before income taxes	19,603		12,956		42		(330)		18,672		(7,379)		43,564
Income tax (benefit) expense	12,932		3,613		—		—		8,454		7,575		32,574
Net income (loss)	$	6,671	$	9,343	$	42	$	(330)	$	10,218	$	(14,953)	$	10,990
Consolidated capital expenditures	$	8,859	$	1,698	$	3,014	$	38	$	11,158	$	1,839	$	26,606


	Nine Months Ended September 30, 2024
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Cote d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	158,786	$	106,986	$	24,460	$	—	$	67,035	$	—	$	357,267
Operating costs and expenses:
Production expense	49,131		38,652		8,753		712		29,606		5		126,859
Exploration expense	—		48		—		—		—		—		48
Depreciation, depletion and amortization	39,591		25,481		15,297		—		25,233		385		105,987
General and administrative expense	1,194		297		(119)		233		1,185		18,440		21,230
Credit losses and other	20		4,812		—		390		—		—		5,222
Total operating costs and expenses	89,936		69,290		23,931		1,335		56,024		18,830		259,346
Other operating income (expense), net	(34)		—		102		—		—		—		68
Operating income (loss)	68,816		37,696		631		(1,335)		11,011		(18,830)		97,989
Other income (expense):
Derivative instruments gain, net	—		—		—		—		(169)		(211)		(380)
Interest (expense) income, net	(3,439)		(1,120)		38		—		489		1,392		(2,640)
Bargain purchase gain	—		—		—		—		—		19,898		19,898
Other income (expense), net	(303)		(101)		674		(2)		(338)		(3,856)		(3,925)
Total other expense, net	(3,742)		(1,221)		713		(2)		(18)		17,223		12,953
Income (loss) before income taxes	65,074		36,475		1,344		(1,337)		10,993		(1,608)		110,942
Income tax expense (benefit)	38,956		19,395		—		—		5,404		360		64,115
Net income (loss)	$	26,118	$	17,080	$	1,344	$	(1,337)	$	5,589	$	(1,967)	$	46,827
Consolidated capital expenditures	$	20,248	$	7,894	$	22,728	$	38	$	18,310	$	3,840	$	73,058


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues from customer contracts:	(in thousands)
Sales under the COSPA or COSMA	$	54,933	$	64,100	$	182,048	$	194,179
Other items reported in revenue not associated with customer contracts:
Carried interest recoupment	652		1,378		1,826		3,590
Royalties	(7,977)		(8,203)		(25,088)		(25,833)
Net revenues	$	47,608	$	57,275	$	158,786	$	171,936


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024	2023
Revenues from customer contracts:	(in thousands)
Oil revenue	$	8,039	$	7,832	21,739	$	22,811
Gas revenue	224		988		1,429	2,649
NGL revenue	2,008		2,073		5,905	6,421
Royalties	(1,533)		(2,206)		(3,801)	(4,304)
Selling costs	(351)		—		(812)	—
Net revenues	$	8,387	$	8,687	24,460	$	27,577


	Three Months Ended September 30, 2023
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	57,275	$	50,307	$	8,687	$	—	$	—	$	116,269
Operating costs and expenses:
Production expense	20,731		16,040		2,627		259		299		39,956
FPSO demobilization and other costs	—		—		—		—		—		—
Exploration expense	—		1,194		—		—		—		1,194
Depreciation, depletion and amortization	14,583		12,967		4,948		—		40		32,538
General and administrative expense	348		54		—		94		5,720		6,216
Credit losses and other	684		—		—		138		—		822
Total operating costs and expenses	36,346		30,255		7,575		491		6,059		80,726
Other operating income, net	5		—		—		—		—		5
Operating income (loss)	20,934		20,052		1,112		(491)		(6,059)		35,548
Other income (expense):
Derivative instruments loss, net	—		—		—		—		(2,320)		(2,320)
Interest income (expense), net	(1,371)		(270)		—		—		215		(1,426)
Other income (expense), net	111		—		—		(3)		75		183
Total other expense, net	(1,260)		(270)		—		(3)		(2,030)		(3,563)
Income (loss) before income taxes	19,674		19,782		1,112		(494)		(8,089)		31,985
Income tax expense	13,173		888		—		—		11,783		25,844
Net income (loss)	$	6,501	$	18,894	$	1,112	$	(494)	$	(19,872)	$	6,141
Consolidated capital expenditures	$	10,109	$	11,987	$	3,870	$	—	$	—	$	25,966


	Nine Months Ended September 30, 2023
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	171,936	$	106,399	$	27,577	$	—	$	—	$	305,912
Operating costs and expenses:
Production expense	59,077		38,239		8,136		1,007		301		106,760
FPSO demobilization and other costs	5,647		—		—		—		—		5,647
Exploration expense	51		1,208		—		—		—		1,259
Depreciation, depletion and amortization	43,885		37,519		13,406		—		148		94,958
General and administrative expense	1,284		435		—		310		14,806		16,835
Credit losses and other	2,137		—		—		300		—		2,437
Total operating costs and expenses	112,081		77,401		21,542		1,617		15,255		227,896
Other operating income (loss), net	(57)		(241)		—		—		—		(298)
Operating income (loss)	59,798		28,757		6,035		(1,617)		(15,255)		77,718
Other income (expense):
Derivative instruments loss, net	—		—		—		—		(2,268)		(2,268)
Interest income (expense), net	(4,254)		(1,581)		(4)		—		464		(5,375)
Bargain purchase gain	—		—		—		—		(1,412)		(1,412)
Other income (expense), net	9		—		1		(4)		(103)		(97)
Total other expense, net	(4,245)		(1,581)		(3)		(4)		(3,319)		(9,152)
Income (loss) before income taxes	55,553		27,176		6,032		(1,621)		(18,574)		68,566
Income tax expense	36,002		10,141		—		—		6,060		52,203
Net income (loss)	$	19,551	$	17,035	$	6,032	$	(1,621)	$	(24,634)	$	16,363
Consolidated capital expenditures	$	15,173	$	32,084	$	16,008	$	—	$	36	$	63,301


		Three Months Ended September 30,				Nine Months Ended September 30,
Derivative Item	Statements of Operations Line	2024		2023		2024		2023
		(in thousands)				(in thousands)
Commodity derivatives	Cash settlements paid on matured derivative contracts, net	$	18	$	1	$	(15)	$	(62)
	Unrealized gain (loss)	192		(2,321)		(365)		(2,206)
	Derivative instruments gain (loss), net	$	210	$	(2,320)	$	(380)	$	(2,268)


	Currency Translation Adjustments
	(in thousands)
Balance at December 31, 2023	$	2,880
Other comprehensive income (loss)	(2,454)
Balance at March 31, 2024	426
Other comprehensive income (loss)	(1,068)
Balance at June 30, 2024	(642)
Other comprehensive income (loss)	1,655
Balance at September 30, 2024	$	1,013


	Nine Months Ended September 30,				Increase
	2024		2023		(Decrease) in 2024 over 2023
	(in thousands)
Net cash provided by operating activities before changes in operating assets and liabilities	$	134,521	$	117,343	$	17,178
Net change in operating assets and liabilities	(65,336)		54,468		(119,804)
Net cash provided by (used in) operating activities	69,185		171,811		(102,626)

Net cash provided by (used in) investing activities	(61,118)		(77,365)		16,247

Net cash provided by (used in) in financing activities	(32,264)		(42,382)		10,118
Effects of exchange rate changes on cash	(4)		(321)		317
Net change in cash, cash equivalents and restricted cash	$	(24,201)	$	51,743	$	(75,944)


	Three Months Ended September 30,				Increase/(Decrease)
	2024		2023
	(in thousands except per Boe information)
Net crude oil, natural gas and NGLs sales volume (MBoe)	2,134		1,812		322
Average crude oil, natural gas, and NGLs sales price (per Boe)	$	65.41	$	63.41	$	2.00

Net crude oil, natural gas, and NGLs revenue	$	140,334	$	116,269	$	24,065

Operating costs and expenses:
Production expense	42,324		39,956		2,368

Exploration expense	—		1,194		(1,194)
Depreciation, depletion and amortization	47,031		32,538		14,493
General and administrative expense	6,929		6,216		713
Credit losses and other	69		822		(753)
Total operating costs and expenses	96,353		80,726		15,627
Other operating expense, net	102		5		97
Operating income	$	44,083	$	35,548	$	8,535


(in thousands)
Price(1)	$	18,912
Volume	34,302
Other	(1,859)
	$	51,355


				Weighted Average Hedge Price ($/Bbl)
Settlement Period	Type of Contract	Index	Average Volumes Hedged (Bbl)	Floor		Ceiling
January 2025 - March 2025	Collars	Dated Brent	70,000	$	65.00	$	85.00
April 2025 - June 2025	Collars	Dated Brent	70,000	$	65.00	$	81.00


3.1			Restated Certificate of Incorporation as amended through May 7, 2014 (filed as Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q filed on November 10, 2014 and incorporated herein by reference).
3.1.1			Certificate of Amendment to Restated Certificate of Incorporation of VAALCO, dated October 13, 2022 (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on October 13, 2022 and incorporated herein by reference).
3.2			Third Amended and Restated Bylaws, dated July 30, 2020 (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on August 4, 2020 and incorporated herein by reference).
3.3			Certificate of Elimination of Series A Junior Participating Preferred Stock of VAALCO Energy, Inc., dated as of December 22, 2015 (filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on December 23, 2015, and incorporated herein by reference).
31.1(a)			Sarbanes-Oxley Section 302 certification of Principal Executive Officer.
31.2(a)			Sarbanes-Oxley Section 302 certification of Principal Financial Officer.
32.1(b)			Sarbanes-Oxley Section 906 certification of Principal Executive Officer.
32.2(b)			Sarbanes-Oxley Section 906 certification of Principal Financial Officer.
101.INS(a)			Inline XBRL Instance Document.
101.SCH(a)			Inline XBRL Taxonomy Schema Document.
101.CAL(a)			Inline XBRL Calculation Linkbase Document.
101.DEF(a)			Inline XBRL Definition Linkbase Document.
101.LAB(a)			Inline XBRL Label Linkbase Document.
101.PRE(a)			Inline XBRL Presentation Linkbase Document.
104			Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101).


By:						/s/ Ronald Bain
						Ronald Bain Chief Financial Officer (Duly authorized officer and Principal Financial Officer)


/s/ George W.M. Maxwell
George W.M. Maxwell Chief Executive Officer


/s/ Ronald Bain
Ronald Bain
Chief Financial Officer (Principal Financial Officer)


			/s/ George W.M. Maxell
			George W.M. Maxwell, Chief Executive Officer


			/s/ Ronald Bain
			Ronald Bain, Chief Financial Officer (Principal Financial Officer)