VAALCO Energy Announces Approval of Plan of Development for Discovery on Block P in Equatorial Guinea

HOUSTON, Sept. 26, 2022 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE:EGY; LSE:EGY) (“VAALCO” or the “Company“) today announced that the Government of Equatorial Guinea has approved the Venus – Block P Plan of Development (“POD”). VAALCO has an 80% participation interest in the project and is the operator. Upon the execution of final documents, VAALCO will proceed directly to project execution which targets first oil in 2026 and adds 23.1 million barrels of oil (“MMBO”) of 2P CPR gross reserves, and 18.5 MMBO of 2P CPR Working Interest (“WI”) reserves (16.2 MMBO net 2P reserves).¹

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