VAALCO Energy is a small independent oil and gas producer focused on Africa, producing crude oil from assets in Gabon, Egypt, and Cote d'Ivoire, with an undeveloped position in Equatorial Guinea. VAALCO recently exited Canada through an asset sale in early 2026. Its two core producing assets are the offshore Etame Marin block in Gabon, where VAALCO operates with a ~59% working interest, and the onshore Merged Concession in Egypt's Eastern Desert, where VAALCO holds a 50% joint venture interest alongside EGPC, the Egyptian state oil company. Nearly all of VAALCO's African assets operate under production sharing contracts (PSCs) with host governments, under which VAALCO bears all exploration and development costs and in return receives "cost oil" to recover those costs plus a share of remaining "profit oil." This structure provides a natural buffer in weaker oil price environments, as lower prices increase VAALCO's entitlement volumes. Revenue can swing quarter-to-quarter based on the timing of periodic batch oil liftings rather than underlying production alone. VAALCO's near-term growth is driven by three projects: the restart of the Baobab FPSO in Cote d'Ivoire in Q2 2026 followed by a Phase 5 development drilling campaign, a multi-well drilling program at the Etame field in Gabon, and continued development drilling in Egypt where VAALCO has cut well cycle times from ~30 days to as low as 8 days. VAALCO also pursues growth through acquisitions and maintains a rolling hedging program targeting roughly 40% of near-term production.