VAALCO Energy, Inc. Annual report pursuant to Section 13 and 15(d)

Note 2 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

	*As of December 31,*
	*2022*		*2021*
	*(in thousands)*
Cash and cash equivalents	$	37,205	$	48,675
Restricted cash - current		222		79
Restricted cash - non-current		1,763		1,752
Abandonment funding		20,586		21,808
Total cash, cash equivalents and restricted cash	$	59,776	$	72,314

	*Year Ended December 31,*
	*2022*			*2021*			*2020*
	*(in thousands)*
Allowance for bad debt
Balance at beginning of period	$	(5,741	)	$	(2,273	)	$	(1,508	)
Bad debt charges, net of receipts		(3,082	)		(875	)		(1,165	)
Adjustment associated with reversal of allowance on Mutamba receivable		—			—			593
Adjustment associated with Sasol Acquisition		—			(2,879	)		—
Foreign currency gain (loss)		119			286			(193	)
Balance at end of period	$	(8,704	)	$	(5,741	)	$	(2,273	)

As of December 31, 2022

Balance Sheet Line

Level 1

Level 2

Level 3

Total

(in thousands)

Assets

Derivative asset

Prepayments and other

—

102

—

102

—

102

—

102

Liabilities

SARs liability

Accrued liabilities and other

—

556

—

556

—

556

—

556

		*As of December 31, 2021*
	*Balance Sheet Line*	*Level 1*		*Level 2*		*Level 3*		*Total*
		*(in thousands)*
Liabilities
SARs liability	Accrued liabilities and other	$	—	$	609	$	—	$	609
Derivative liability	Accrued liabilities and other		—		4,806		—		4,806
		$	—	$	5,415	$	—	$	5,415