VAALCO Energy, Inc. Quarterly report pursuant to Section 13 or 15(d)

Note 1 - Organization and Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

	*As of March 31,*
	*2023*		*2022*
	*(in thousands)*
Cash and cash equivalents	$	52,119	$	18,939
Restricted cash - current		76		4,230
Restricted cash - non-current		1,771		1,752
Abandonment funding		6,268		21,369
Total cash, cash equivalents and restricted cash	$	60,234	$	46,290

	*Three Months Ended March 31,*
	*2023*			*2022*
	*(in thousands)*
Allowance for credit losses and other
Balance at beginning of period	$	(8,704	)	$	(5,741	)
Credit loss charges and other, net of receipts		(935	)		(492	)
Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023		(3,120	)		—
Foreign currency gain (loss)		(73	)		98
Balance at end of period	$	(12,832	)	$	(6,135	)

As of March 31, 2023

Balance Sheet Line

Level 1

Level 2

Level 3

Total

(in thousands)

Assets

Derivative asset

Prepayments and other

—

124

—

124

—

124

—

124

Liabilities

SARs liability

Accrued liabilities and other

—

297

—

297

—

297

—

297

`		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