VAALCO ENERGY, INC. ANNOUNCES ADDITION TO SENIOR LEADERSHIP

HOUSTON - October 21, 2022 - VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ("VAALCO" or the "Company") today announced that Matthew Powers has joined VAALCO's senior leadership as Executive Vice President and General Counsel. Mr. Powers has nearly 20 years of legal experience with a focus on energy, and direct experience working on  projects in Africa, including in Gabon and Egypt.

George Maxwell, Chief Executive Officer, commented, "We are excited to have Matt joining VAALCO as our Executive Vice President and General Counsel. He has significant experience in transactional, compliance and offshore energy roles and has specialized in Africa for many years, with experience specifically in Gabon and Egypt. Matt's deep experience in offshore energy, his legal acumen and strong understanding of U.S. and Africa compliance and reporting make him an important addition to VAALCO. We believe that Matt will be an integral part of our success moving forward and we welcome him to our executive leadership team at VAALCO."

About Matthew Powers

Matthew Powers joined VAALCO in October 2022 as Executive Vice President and General Counsel.  Prior to VAALCO, Mr. Powers served as Executive Vice President and General Counsel of ION Geophysical Corporation, a publicly traded, multinational company that provided equipment, software and services to the global energy and marine logistics industries.  In his nine years at ION, Mr. Powers worked extensively on projects throughout the world, with a particular focus on Africa.  Prior to ION, Mr. Powers served for several years in both transactional and litigation groups at Sidley Austin LLP, Mayer Brown LLP and Duane Morris LLP.  His wide-ranging experience includes contract law, SEC compliance, M&A, dispute resolution and litigation oversight.

Mr. Powers has an A.B. in Economics from the University of Colorado, Denver and a Juris Doctor from the University of Chicago Law School. Mr. Powers is a member of the State Bar of Texas.

About VAALCO

VAALCO, founded in 1985 and incorporated under the laws of Delaware, is a Houston, USA based, independent energy company with production, development and exploration assets in Africa and Canada.

Following its business combination with TransGlobe in October 2022, VAALCO owns a diverse portfolio of operated production, development and exploration assets across Gabon, Egypt, Equatorial Guinea and Canada.

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