VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) (“Vaalco” or the “Company”) announced that the Baobab field on CI-40 block, offshore Côte d’Ivoire is back online following the successful Baobab Ivoirien Floating Production Storage and Offloading vessel (“FPSO”) refurbishment.

Operational Highlights:

  - Successfully restarted production at the Baobab field on CI-40 block;
   * In line with the project timeline, the FPSO at Baobab ceased hydrocarbon operations in January 2025;
   * Following a nine-month refurbishment in Dubai, the FPSO returned to Côte d’Ivoire in early Q2 2026, was moored into position and re-connected to the field infrastructure;
   * Production has resumed from four producing wells with the remaining three producers expected to come online shortly; the field is performing in line with Vaalco’s expectations;

  - FPSO refurbishment was undertaken to extend the life of the vessel and to ensure its long-term operational capacity as a significant development drilling program at Baobab is planned to begin in the second half of 2026; and
   * Phase 5 drilling program is expected to include four producers, two to three injectors and two workovers providing potential meaningful additions to production from the main Baobab field.

George Maxwell, Vaalco’s Chief Executive Officer, commented, “We are excited that the Baobab field on the CI-40 block offshore Côte d’Ivoire has restarted production in line with our projected timeline. We have the CI-40 block license extended through 2038 and believe that there is significant development drilling upside at Baobab. In early 2024, we had no assets in Côte d’Ivoire and now we have developed a strong position with development and exploration potential. We are at a critical junction, with successes in the Gabon drilling campaign and the Baobab field returning to production, and we believe that the remainder of 2026 will be very impactful. We remain focused on execution and driving meaningful growth through our organic capital programs that we believe will translate into value for our shareholders in 2026 and beyond.”

About Vaalco

Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d'Ivoire and Equatorial Guinea.

Vaalco’s Legal Entity Identifier (LEI) is 549300CFHFVIWB8M6T24.