i.

We have prepared an independent evaluation of the Canadian reserves of Vaalco Energy Inc. (the "Company") for the management and the board of directors of the Company. The primary purpose of our evaluation report was to provide estimates of reserves information in support of the Company’s year-end reserves reporting requirements under US Securities Regulation S-K and for other internal business and financial needs of the Company.

ii.

We have evaluated and reviewed certain reserves of the Company as at December 31, 2023. The completion (transmittal) date of our report is February 14, 2024.

iii.

The following table sets forth the proved gross (100%) and net after royalty reserves under constant prices and costs covered by our report by geographic area, and the proportion of the Company covered.

iv.

Our report covered 31.4 percent of the Company’s total proved reserves; our evaluation coverage from the perspective of the Company’s total reserves is provided above in item iii. We carried out our evaluation in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") with the necessary modifications to reflect definitions and standards under the U.S. Financial Accounting Standards Board policies (the “FASB Standards”) and the legal requirements under the U.S. Securities and Exchange Commission (“SEC requirements”).

v.

As required under SEC Regulation S-X, reserves are those quantities of oil and gas that are estimated to be economically producible under existing economic conditions. As specified, in determining economic production, constant product reference prices have been based on a 12 month average price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12 month period prior to the effective date of our report. The following average prices have been adjusted for quality, transportation fees and market differentials.

Country

Oil

($/bbl)

Gas

($/mcf)

Ethane

($/bbl)

Propane

($/bbl)

Butane

($/bbl)

Condensate

($/bbl)

Canada

$74.70

$2.04

$6.31

$22.40

$33.73

$76.98

Country

Country

Oil

($/bbl)

Gas

($/mcf)

Ethane

($/bbl)

Propane

($/bbl)

Butane

($/bbl)

Condensate

($/bbl)

Harmattan

Canada

$71.67

$1.91

$5.20

$20.18

$36.69

$74.76

vi.

Our report has been prepared assuming the continuation of existing regulatory and fiscal conditions subject to the guidance in the COGE Handbook and SEC regulations. Notwithstanding that the Company currently has regulatory approval to produce the reserves identified in our report, there is no assurance that changes in regulation will not occur; such changes, which cannot reliably be predicted, could impact the Company’s ability to recover the estimated reserves.

vii.

Oil and gas reserves estimates have an inherent degree of associated uncertainty, the degree of which is affected by many factors. Reserves estimates will vary due to the limited and imprecise nature of data upon which the estimates of reserves are predicated. Moreover, the methods and data used in estimating reserves are often necessarily indirect or analogical in character rather than direct or deductive. Furthermore, the persons involved in the preparation of reserves estimates and associated information are required, in applying geosciences, engineering and evaluation principles, to make numerous unbiased judgments based upon their educational background, professional training, and professional experience. The extent and significance of the judgments to be made are, in themselves, sufficient to render reserves estimates inherently imprecise. Reserves estimates may change substantially as additional data becomes available and as economic conditions impacting oil and gas prices and costs change. Reserves estimates will also change over time due to other factors such as knowledge and technology, fiscal and economic conditions, and contractual, statutory and regulatory provisions.

viii.

In our opinion, the reserves information evaluated by us have, in all material respects, been determined in accordance with all appropriate industry standards, methods and procedures applicable for the filing of reserves information under U.S. SEC Regulation S-K.

ix.

A summary of the Company reserves evaluated by us was provided for item iii. Of the 8,991 Mboe total proved net after royalty reserves evaluated by us, 4,259 Mboe are proved developed and 4,731 Mboe are proved undeveloped.