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

Note 1 - Organization and Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

	*As of June 30,*
	*2022*		*2021*
	*(in thousands)*
Cash and cash equivalents	$	53,062	$	22,884
Restricted cash - current		216		83
Restricted cash - non-current		1,752		1,752
Abandonment funding		20,091		22,837
Total cash, cash equivalents and restricted cash	$	75,121	$	47,556

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
	*(in thousands)*
Allowance for bad debt
Balance at beginning of period	$	(6,135	)	$	(5,092	)	$	(5,741	)	$	(2,273	)
Bad debt charge, net of receipts		(571	)		(395	)		(1,063	)		(496	)
Adjustment associated with Sasol Acquisition		—			—			—			(2,879	)
Foreign currency gain (loss)		317			(88	)		415			73
Balance at end of period	$	(6,389	)	$	(5,575	)	$	(6,389	)	$	(5,575	)

As of June 30, 2022

Balance Sheet Line

Level 1

Level 2

Level 3

Total

(in thousands)

Liabilities

SARs liability

Accrued liabilities and other

—

1,049

—

1,049

Derivative liability - crude oil swaps

Accrued liabilities and other

—

12,547

—

12,547

—

13,596

—

13,596

		*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 - crude oil swaps	Accrued liabilities and other		—		4,806		—		4,806
		$	—	$	5,415	$	—	$	5,415