THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

VAALCO Energy Announces Intent to File Form 12b-25 and Temporarily Delay Its Fourth Quarter and Full Year 2022 Earnings Release and Conference Call

HOUSTON - March 13, 2023 - VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ("VAALCO" or the "Company") announced today that it plans to file a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission ("SEC") as it has determined it expects to be unable to file its Annual Report on Form 10-K ("Form 10-K") for the year ended December 31, 2022 by its original due date of March 16, 2023.  The Company has determined that it is unable to file its Form 10-K within the prescribed time period without unreasonable effort or expense. As disclosed in VAALCO's Current Report on Form 8-K filed with the SEC on October 14, 2022, the Company completed the acquisition of TransGlobe Energy Corporation ("TransGlobe") on October 13, 2022.  The process of completing the preliminary purchase price allocation and reviewing the consolidation of TransGlobe's results into VAALCO's financial statements requires additional time.

VAALCO is working diligently to file the Form 10-K as soon as reasonably practicable, which VAALCO anticipates will be within the extension period of 15 calendar days as provided by Rule 12b-25. The Company will make a subsequent announcement to schedule the date and time of its fourth quarter and full-year 2022 earnings release and conference call once the filing date of its Form 10-K is confirmed.

Forward Looking Statements

This announcement includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and "forward-looking information" within the meaning of applicable Canadian securities laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "forecast," "outlook," "aim," "target," "will," "could," "should," "may," "likely," "plan" and "probably" or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements relating to VAALCO's expectations concerning the timing of the filing of its Annual Report on Form 10-K for the year ended December 31, 2022.  Investors are cautioned that such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements.

Inside Information

This announcement contains inside information as defined in Regulation (EU) No. 596/2014 on market abuse which is part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is made in accordance with the Company's obligations under article 17 of MAR. The person responsible for arranging the release of this announcement on behalf of VAALCO is Matthew Powers, Corporate Secretary of VAALCO.

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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