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, 2023

	*As of December 31,*
	*2023*		*2022*
	*(in thousands)*
Cash and cash equivalents	$	121,001	$	37,205
Restricted cash - current		114		222
Restricted cash - non-current		1,795		1,763
Abandonment funding		6,268		20,586
Total cash, cash equivalents and restricted cash	$	129,178	$	59,776

	*Twelve Months Ended December 31,*
	*2023*			*2022*
	(in thousands)
Allowance for credit losses and other
Balance at beginning of period	$	(8,704	)	$	(5,741	)
Credit losses and other		(7,543	)		(3,380	)
Credit recoveries and other		12,449			298
Adjustment associated with Sasol Acquisition		—			—
Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023		(3,120	)		—
Foreign currency gain		889			119
Balance at end of period	$	(6,029	)	$	(8,704	)

	*As of December 31, 2023*		*As of December 31, 2022*
	(in thousands)
Prepaid fixed asset progress payments	$	2,314	$	3,991
Gabon prepaid royalties		1,246		4,800
Prepaid insurance		474		117
Egypt advances to contractors		2,656		4,914
Gabon employee loans and advances		1,299		1,146
Refundable deposits		345		623
Derivative receivables		403		102
Other prepayments		3,697		4,377
Total prepayments and other	$	12,434	$	20,070

As of December 31, 2023

Balance Sheet Line

Level 1

Level 2

Level 3

Total

(in thousands)

Assets

Derivative asset

Prepayments and other

—

403

—

403

—

403

—

403

Liabilities

SARs liability

Accrued liabilities and other

—

163

—

163

Derivative liability

Accrued liabilities and other

—

163

—

163

		*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