Stephane Guy Foucaud

Stephane Guy Foucaud asked how VAALCO would prioritize its major projects in Gabon, Cote d'Ivoire, and Equatorial Guinea if oil prices were to remain low. He also followed up with a question about the performance of the Ebouri well and its implications for the field's development economics.

Answer

Executive George Maxwell explained that African Production Sharing Contracts (PSCs) are resilient in low-price environments. He stated that enhancing production at existing facilities in Gabon and Cote d'Ivoire would be prioritized over new developments like Equatorial Guinea, though he noted all projects are economic at lower prices. Regarding the Ebouri well, Mr. Maxwell said its strong performance primarily provides confidence in their chemical treatment solution rather than altering the overall redevelopment economics, as it was considered a test well.

Stephan Foucaud submitted written questions asking for current production, the directional outlook for 2P reserves at Llanos 34, potential for 2025 production growth in Ecuador, and operational updates on the Bienparado Norte 1, Cante Flamenco, Toritos, and Curucucu wells.

Answer

Executive Rodolfo Terrado provided a comprehensive update. He projected full-year Llanos 34 net production at 22,000-23,000 bopd but noted it was too early for a reserve outlook. He sees 2025 Ecuador growth from water flooding. He also detailed that Bienparado Norte 1 will spud in late November, Cante Flamenco-2 will be worked over to test its primary target, and the Curucucu and Toritos appraisal wells are performing well.