Vaalco Energy Inc 10-Q for FY2025 Q2

Vaalco Energy Inc (EGY)

10-Q 2025-08-11 For: 2025-06-30

Added on April 11, 2026

About this 10-Q

Vaalco Energy Inc filed this 10-Q on August 11, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $96.89M; down 17.0% from $116.78M a year earlier
Net income: $8.38M; down 70.2% from net income of $28.15M a year earlier
Diluted EPS: $0.08; down 70.4% from $0.27 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 June 30 , 2025 and December 31, 2024			2
Condensed Consolidated Statements of Operations and Comprehensive Income Three and Six Months Ended June 30, 2025 and 2024			3
Condensed Consolidated Statements of Shareholders’ Equity Three and Six Months Ended June 30, 2025 and 2024			4
Condensed Consolidated Statements of Cash Flows Six Months Ended June 30 , 2025 and 2024			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			35
ITEM 4. CONTROLS AND PROCEDURES			37
PART II. OTHER INFORMATION			38
ITEM 1. LEGAL PROCEEDINGS			38
ITEM 1A. RISK FACTORS			39
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			39
ITEM 5. OTHER INFORMATION			39
ITEM 6. EXHIBITS			40


	As of June 30, 2025		As of December 31, 2024
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	67,871	$	82,650
Restricted cash	194		143
Receivables:
Trade, net of allowances for credit loss and other of $0.2 million and $0.2 million, respectively	132,879		94,778
Accounts with joint venture owners, net of allowance for credit losses of $2.2 million and $1.5 million, respectively	351		179
Egypt receivables and other	3,991		35,763
Crude oil inventory	1,261		9,441
Prepayments and other	17,182		14,973
Total current assets	223,729		237,927
Crude oil, natural gas and NGLs properties and equipment, net	587,263		538,103
Other noncurrent assets:
Restricted cash	—		8,665
Value added tax and other receivables, net of allowances for credit loss and other of $0.2 million and $0.8 million, respectively	5,177		10,094
Right of use operating lease assets	15,340		17,254
Right of use finance lease assets	75,447		79,849
Deferred tax assets	43,659		55,581
Abandonment funding	6,268		6,268
Other long-term assets	8,039		1,209
Total assets	$	964,922	$	954,950
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	21,972	$	11,756
Accounts with joint venture owners	2		3,324
Accrued liabilities and other	99,893		107,710
Operating lease liabilities - current portion	3,901		3,512
Finance lease liabilities - current portion	13,171		13,383
Foreign income taxes payable	21,978		42,043
Total current liabilities	160,917		181,728
Asset retirement obligations	82,798		78,592
Operating lease liabilities - net of current portion	11,903		13,903
Finance lease liabilities - net of current portion	63,162		67,377
Deferred tax liabilities	74,583		93,904
Long-term debt	60,000		—
Other long-term liabilities	—		17,863
Total liabilities	453,363		453,367
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, 123,017,656 and 122,304,124 shares issued, 104,258,253 and 103,743,163 shares outstanding, respectively	12,302		12,230
Additional paid-in capital	365,332		362,578
Accumulated other comprehensive loss	(86)		(4,962)
Less treasury stock, 18,759,403 and 18,560,931 shares, respectively, at cost	(78,733)		(78,024)
Retained earnings	212,744		209,761
Total shareholders' equity	511,559		501,583
Total liabilities and shareholders' equity	$	964,922	$	954,950


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands, except per share amounts)
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	96,893	$	116,778	$	207,222	$	216,933
Operating costs and expenses:
Production expense	40,393		52,446		85,198		84,535

Exploration expense	2,520		—		2,520		48
Depreciation, depletion and amortization	28,273		33,132		58,578		58,956

General and administrative expense	8,496		7,591		17,548		14,301
Credit losses and other	29		3,341		2		5,153
Total operating costs and expenses	79,711		96,510		163,846		162,993
Other operating income (expense), net	—		132		—		(34)
Operating income	17,182		20,400		43,376		53,906
Other income (expense):
Derivative instruments gain (loss), net	400		257		326		(590)
Interest expense, net	(2,572)		(1,117)		(3,866)		(2,052)
Bargain purchase gain	—		19,898		—		19,898
Other income (expense), net	353		(1,984)		(659)		(3,784)
Total other income (expense), net	(1,819)		17,054		(4,199)		13,472
Income before income taxes	15,363		37,454		39,177		67,378
Income tax expense	6,983		9,303		23,066		31,541
Net income	$	8,380	$	28,151	$	16,111	$	35,837
Other comprehensive income (loss)
Currency translation adjustments	4,759		(1,068)		4,876		(3,522)
Comprehensive income	$	13,139	$	27,083	$	20,987	$	32,315

Basic net income per share:
Net income per share	$	0.08	$	0.27	$	0.15	$	0.34
Basic weighted average shares outstanding	103,936		103,528		103,848		103,594
Diluted net income per share:
Net income per share	$	0.08	$	0.27	$	0.15	$	0.34
Diluted weighted average shares outstanding	103,958		103,676		103,872		103,677


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 Income (Loss)		Treasury Stock		Retained Earnings		Total
	(in thousands)
Balance at January 1, 2025	122,304	(18,561)	$	12,230	$	362,578	$	(4,962)	$	(78,024)	$	209,761	$	501,583
Shares issued - stock-based compensation	116	—	12		(12)		—		—		—		—
Stock-based compensation expense	—	—	—		1,389		—		—		—		1,389
Treasury stock	—	(40)	—		—		—		(155)		—		(155)
Dividend distributions	—	—	—		—		—		—		(6,570)		(6,570)
Other comprehensive loss	—	—	—		—		117		—		—		117
Net income	—	—	—		—		—		—		7,730		7,730
Balance at March 31, 2025	122,420	(18,601)	$	12,242	$	363,955	$	(4,845)	$	(78,179)	$	210,921	$	504,094
Shares issued - stock-based compensation	598	—	60		(60)		—		—		—		—
Stock-based compensation expense	—	—	—		1,437		—		—		—		1,437
Treasury stock	—	(158)	—		—		—		(554)		—		(554)
Dividend distributions	—	—	—		—		—		—		(6,557)		(6,557)
Other comprehensive loss	—	—	—		—		4,759		—		—		4,759
Net income	—	—	—		—		—		—		8,380		8,380
Balance at June 30, 2025	123,018	(18,759)	$	12,302	$	365,332	$	(86)	$	(78,733)	$	212,744	$	511,559


		As of June 30, 2025
	Balance Sheet Line	Level 1		Level 2		Level 3		Total
		(in thousands)
Assets
Derivative asset	Prepayments and other	$	—	$	634	$	—	$	634

		$	—	$	634	$	—	$	634
Liabilities
Derivative liability	Accrued liabilities and other	$	—	$	417	$	—	$	417
		$	—	$	417	$	—	$	417










	April 30, 2024		Measurement Period Adjustment		April 30, 2024 (As Adjusted)
	(in thousands)
Assets acquired:
Cash and cash equivalents	$	31,789	$	466	$	32,255
Other receivables, net	830		—		830
Crude oil inventory	14,981		—		14,981
Prepayments and other	409		—		409
Crude oil, natural gas and NGLs properties and equipment, net	100,188		6,901		107,089
Restricted cash	8,788		—		8,788
Other LT receivables	33		—		33
Deferred tax asset	28,153		(12,095)		16,058
Total assets acquired	185,171		(4,728)		180,443
Liabilities assumed:
Accounts payable	(2,506)		—		(2,506)
State oil liability	(19,447)		—		(19,447)
Accrued tax settlement	(8,788)		—		(8,788)
Accrued accounts payable invoices	(21,692)		—		(21,692)
Accrued liabilities and other	(19,083)		(301)		(19,384)
Asset retirement obligations	(15,694)		(11,617)		(27,311)
Deferred tax liability	(37,897)		10,280		(27,617)
Total liabilities acquired	(125,107)		(1,638)		(126,745)
Bargain purchase gain	(19,898)		6,366		(13,532)
Total purchase price	$	40,166	$	—	$	40,166


	Three Months Ended June 30, 2025
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Côte d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	58,568	$	33,257	$	4,715	$	—	$	353	$	—	$	96,893
Operating costs and expenses:
Production expense	23,332		13,130		2,488		386		1,056		1		40,393
Exploration expense	—		—		—		—		2,520		—		2,520
Depreciation, depletion and amortization	14,673		9,220		3,160		—		968		252		28,273
General and administrative expense	202		62		39		86		237		7,870		8,496
Credit (recovery) losses and other	(297)		—		—		326		—		—		29
Total operating costs and expenses	37,910		22,412		5,687		798		4,781		8,123		79,711
Other operating income (expense), net	—		—		—		—		—		—		—
Operating income (loss)	20,658		10,845		(972)		(798)		(4,428)		(8,123)		17,182
Other income (expense):
Derivative instruments gain (loss), net	—		—		—		—		—		400		400
Interest (expense) income, net	(835)		(180)		—		—		(1,396)		(161)		(2,572)

Other income (expense), net	(132)		57		430		(1)		116		(117)		353
Total other income (expense), net	(967)		(123)		430		(1)		(1,280)		122		(1,819)
Income (loss) before income taxes	19,691		10,722		(542)		(799)		(5,708)		(8,001)		15,363
Income tax (benefit) expense	5,356		3,343		—		—		(6,139)		4,423		6,983
Net income (loss)	14,335		7,379		(542)		(799)		431		(12,424)		8,380
Consolidated capital expenditures	$	9,199	$	7,593	$	210	$	306	$	23,521	$	37	$	40,866


	Six Months Ended June 30, 2025
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Côte d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	110,754	$	67,177	$	10,895	$	—	$	18,396	$	—	$	207,222
Operating costs and expenses:
Production expense	47,655		25,131		4,611		686		7,114		1		85,198
Exploration expense	—		—		—		—		2,520		—		2,520
Depreciation, depletion and amortization	26,094		17,271		6,550		—		8,388		275		58,578
General and administrative expense	446		103		31		150		863		15,955		17,548
Credit (recovery) losses and other	(635)		—		—		637		—		—		2
Total operating costs and expenses	73,560		42,505		11,192		1,473		18,885		16,231		163,846

Operating income (loss)	37,194		24,672		(297)		(1,473)		(489)		(16,231)		43,376
Other income (expense):
Derivative instruments gain (loss), net	—		—		—		—		—		326		326
Interest (expense) income, net	(1,871)		(423)		—		—		(1,287)		(285)		(3,866)

Other income (expense), net	(764)		61		398		(5)		(61)		(288)		(659)
Total other income (expense), net	(2,635)		(362)		398		(5)		(1,348)		(247)		(4,199)
Income (loss) before income taxes	34,559		24,310		101		(1,478)		(1,837)		(16,478)		39,177
Income tax (benefit) expense	14,244		8,530		—		—		(10,234)		10,526		23,066
Net income (loss)	$	20,315	$	15,780	$	101	$	(1,478)	$	8,397	$	(27,004)	$	16,111
Consolidated capital expenditures	$	16,305	$	13,840	$	1,517	$	559	$	59,941	$	19	$	92,181


	Three Months Ended June 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	$	53,674	$	35,481	$	10,383	$	—	$	17,240	$	—	$	116,778
Operating costs and expenses:
Production expense	18,486		13,424		3,359		272		16,905		—		52,446
Depreciation, depletion and amortization	13,344		8,416		5,294		—		6,049		29		33,132
General and administrative expense	319		207		(127)		93		124		6,975		7,591
Credit losses and other	—		3,178		—		163		—		—		3,341
Total operating costs and expenses	32,149		25,225		8,526		528		23,078		7,004		96,510
Other operating income, net	132		—		—		—		—		—		132
Operating income (loss)	21,657		10,256		1,857		(528)		(5,838)		(7,004)		20,400
Other income (expense):
Derivative instruments gain, net	—		—		—		—		—		257		257
Interest (expense) income, net	(1,158)		(350)		14		—		(1,540)		1,917		(1,117)
Bargain Purchase Gain	—		—		—		—		—		19,898		19,898
Other income (expense), net	(137)		—		5		3		(301)		(1,554)		(1,984)
Total other income (expense), net	(1,295)		(350)		19		3		(1,841)		20,519		17,054
Income (loss) before income taxes	20,362		9,906		1,876		(525)		(7,679)		13,515		37,454
Income tax (benefit) expense	9,731		8,749		—		—		(3,050)		(6,127)		9,303
Net income (loss)	$	10,631	$	1,157	$	1,876	$	(525)	$	(4,630)	$	19,642	$	28,151
Consolidated capital expenditures	$	5,102	$	1,868	$	7,155	$	—	$	7,152	$	1,153	$	22,431


	Six Months Ended June 30, 2024
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Côte d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	111,178	$	72,442	$	16,073	$	—	$	17,240	$	—	$	216,933
Operating costs and expenses:
Production expense	35,199		26,175		5,738		517		16,905		1		84,535
Exploration expense	—		48		—		—		—		—		48
Depreciation, depletion and amortization	26,795		16,752		9,191		—		6,049		169		58,956
General and administrative expense	953		376		(115)		171		124		12,792		14,301
Credit (recovery) losses and other	20		4,812		—		321		—		—		5,153
Total operating costs and expenses	62,967		48,163		14,814		1,009		23,078		12,962		162,993
Other operating income (expense), net	(34)		—		—		—		—		—		(34)
Operating income (loss)	48,177		24,279		1,259		(1,009)		(5,838)		(12,962)		53,906
Other income (expense):
Derivative instruments loss, net	—		—		—		—		—		(590)		(590)
Interest (expense) income, net	(2,475)		(760)		38		—		(1,540)		2,685		(2,052)
Bargain Purchase Gain	—		—		—		—		—		19,898		19,898
Other income (expense), net	(231)		—		5		2		(301)		(3,259)		(3,784)
Total other income (expense), net	(2,706)		(760)		43		2		(1,841)		18,734		13,472
Income (loss) before income taxes	45,471		23,519		1,302		(1,007)		(7,679)		5,772		67,378
Income tax (benefit) expense	26,024		15,782		—		—		(3,050)		(7,215)		31,541
Net income (loss)	$	19,447	$	7,737	$	1,302	$	(1,007)	$	(4,630)	$	12,988	$	35,837
Consolidated capital expenditures	$	11,389	$	6,196	$	19,714	$	—	$	7,152	$	2,001	$	46,453


		Settlement Period
Instrument	Index	July 2025 to September 2025		October 2025 to December 2025		January 2026 to March 2026		April 2026 to June 2026
Crude oil:
Swaps	Dated Brent
Total volumes (Bbls)		100,000		—		—		—
Weighted average fixed price ($/Bbl)		$	65.45	$	—	$	—	$	—

Collars	Dated Brent
Total volumes (Bbls)		405,000		480,000		400,000		360,000
Weighted average floor price ($/Bbl)		$	63.02	$	60.83	$	62.29	$	61.88
Weighted average ceiling price ($/Bbl)		$	74.36	$	67.81	$	68.63	$	67.95

Natural Gas:
Swaps	AECO 7A
Total volumes (GJs)(a)		342,000		114,000		—		—
Weighted average fixed price (CAD/GJ)		$	2.15	$	2.15	$	—	$	—


	Six Months Ended June 30,
	2025		2024
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	16,111	$	35,837
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	58,578		58,956
Bargain purchase gain	—		(19,898)
Amortization of deferred financing costs	461		—
Deferred tax benefit	(7,399)		(7,407)
Unrealized foreign exchange (gain) loss	305		(196)
Stock-based compensation expense	2,976		1,883
Cash settlements paid on exercised stock appreciation rights	—		(154)
Derivative instruments loss, net	(326)		590
Cash settlements paid on matured derivative contracts, net	214		(33)

Credit losses and other	2		5,508

Equipment and other expensed in operations	2,448		1,029
Change in operating assets and liabilities:
Trade receivables, net	(47,137)		(20,046)
Accounts with joint venture owners, net	(853)		(4,603)
Egypt receivables and other, net	31,200		32
Crude oil inventory	8,180		9,618
Prepayments and other	(1,673)		(3,829)
Value added tax and other receivables	6,178		(2,007)
Other long-term assets	—		699
Accounts payable	11,212		(727)
Foreign income taxes payable	(20,118)		(6,563)

Accrued liabilities and other	(9,310)		(27,295)
Net cash provided by operating activities	51,049		21,394
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures	(104,426)		(49,099)
Cash acquired in business combination, net of cash paid	—		412
Acquisition of oil and gas properties	(3,034)		—
Net cash used in investing activities	(107,460)		(48,687)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuances of common stock	—		447


	Six Months Ended June 30,
	2025		2024
	(in thousands)
Supplemental disclosure of cash flow information:
Income taxes paid in-kind with crude oil	$	32,263	$	—
Interest paid, net of amounts capitalized	$	3,160	$	3,848
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment additions incurred but not paid at end of period	$	9,491	$	12,351

Recognition of right-of-use finance lease assets and liabilities	$	2,372	$	—
Asset retirement obligation revisions	$	126	$	—


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues from customer contracts:	(in thousands)
Sales under the COSPA or COSMA(1)	$	65,984	$	62,327	$	97,434	$	127,115
Other items reported in revenue not associated with customer contracts:
Gabonese government share of Profit Oil taken in-kind	1,980		—		30,394		—
Carried interest recoupment	65		—		65		1,174
Royalties	(9,462)		(8,653)		(17,139)		(17,111)
Net revenues	$	58,567	$	53,674	$	110,754	$	111,178


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues from customer contracts:	(in thousands)
Oil revenue	$	3,751	$	9,547	$	9,076	$	13,700
Gas revenue	572		384		1,208		1,205
NGL revenue	1,259		1,896		3,019		3,850
Other revenue	39		26		87		47
Royalties	(666)		(1,151)		(2,022)		(2,268)
Selling costs	(240)		(318)		(473)		(461)
Net revenues	$	4,715	$	10,384	$	10,895	$	16,073


		Three Months Ended June 30,				Six Months Ended June 30,
Derivative Item	Statements of Operations Line	2025		2024		2025		2024
		(in thousands)				(in thousands)
Commodity derivatives	Cash settlements received (paid) on matured derivative contracts, net	$	91	$	(9)	$	214	$	(33)
	Unrealized gain (loss)	309		266		112		(557)
	Derivative instruments gain (loss), net	$	400	$	257	$	326	$	(590)


	Currency Translation Adjustments
	(in thousands)
Balance at December 31, 2024	$	(4,962)
Amounts reclassified from accumulated other comprehensive income	117
Balance at March 31, 2025	$	(4,845)
Amounts reclassified from accumulated other comprehensive income	4,759
Balance at June 30, 2025	$	(86)


	Three Months Ended June 30,				Increase/(Decrease)
	2025		2024
	(in thousands)



Net crude oil, natural gas, and NGLs revenue	$	96,893	$	116,778	$	(19,885)

Operating costs and expenses:
Production expense	40,393		52,446		(12,053)
Exploration expense	2,520		—		2,520
Depreciation, depletion and amortization	28,273		33,132		(4,859)
General and administrative expense	8,496		7,591		905
Credit losses and other	29		3,341		(3,312)
Total operating costs and expenses	79,711		96,510		(16,799)
Other operating income, net	—		132		(132)
Operating income	17,182		20,400		(3,218)
Other expense, net	(1,819)		17,054		(18,873)
Income before income taxes	15,363		37,454		(22,091)
Income tax expense	6,983		9,303		(2,320)
Net income	$	8,380	$	28,151	$	(19,771)


	2025 Sales Volumes (Mbls)	Decrease in Revenues (In Millions)		Decrease in Operating Income (Increase in Operating Loss) (In Millions)
Gabon	1,558	$	7.8	$	7.0
Egypt	1,334	$	6.7	$	4.0
Côte d'Ivoire	238	$	1.2	$	0.6
Canada	351	$	1.8	$	1.4
Consolidated	3,481


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).
10.1(a)*			Form of Restricted Stock Award Agreement under the VAALCO Energy, Inc. 2020 Long Term Incentive Plan
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)


VAALCO Energy, Inc.

By:			/s/George Maxwell
Name:			George Maxwell
Title:			CEO

Address for Notices:
VAALCO Energy, Inc. 2500 CityWest Blvd., Suite 400 Houston, TX 77042
Attn: Legal Department

Participant:


Signed Electronically

Signature
Address for Notices: As on file with Human Resources


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


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