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

Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment (Tables)

Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Property, Plant and Equipment [Table Text Block]

		*As of June 30, 2023*				*As of December 31, 2022*
		*(in thousands)*
Crude oil, natural gas and NGLs properties and equipment - successful efforts method:
Wells, platforms and other production facilities		$	1,446,801			$	1,406,888
Work-in-progress			—				—
Undeveloped acreage			54,346				56,251
Equipment and other			43,835				38,796
			1,544,982				1,501,935
Accumulated depreciation, depletion, amortization and impairment			(1,063,242	)			(1,006,663	)
Net crude oil, natural gas and NGLs properties, equipment and other		$	481,740			$	495,272

Collaborative Arrangement and Arrangement Other than Collaborative [Table Text Block]

Block		*Merged Concession*				*South Ghazalat*
Year acquired ⁽¹⁾			2020				2013
Expiry date			2035				2039
Extensions
Exploration			N/A				N/A
Development			+ 5 years				20 + 5 years
Production Tranche (MBopd)			0-25				0-5
Maximum cost oil			40	%			25	%
Excess cost oil - Contractor			15	%			5	%
Depreciation per quarter
Operating			100	%			100	%
Capital			6	%			5	%
Production Sharing Oil:
Contractor			30	%*			17	%
Government			70	%*			83	%

Crude Oil Production [Table Text Block]

*Merged Concession profit oil is set on a scale according to average Brent price and production:
	*Crude oil produced (MBopd)*
Brent Price ($/bbl)	*Less than or equal to 5 MBopd*			*More than 5 MBopd and less than or equal to 10 MBopd*			*More than 10 MBopd and less than or equal to 15 MBopd*			*More than 15 MBopd and less than or equal to 25 MBopd*			*More than 25 MBopd*
	*Government %*	*Contractor %*		*Government %*	*Contractor %*		*Government %*	*Contractor %*		*Government %*	*Contractor %*		*Government %*	*Contractor %*
Less than or equal to $40/bbl	67	33		68	32		69	31		70	30		71	29
More than $40/bbl and less than or equal to $60/bbl	68	32		69	31		70	30		71	29		72	28
More than $60/bbl and less than or equal to $80/bbl	70	30		71	29		72	28		74	26		76	24
More than $80/bbl and less than or equal to $100/bbl	72.5	27.5		73	27		74	26		76	24		78	22
More than $100/bbl	75	25		76	24		77	23		78	22		80	20