Small-cap African-focused E&P: offshore Gabon (Etame/FPSO) is the cash engine, complemented by Egypt Western Desert onshore, the Cote d'Ivoire Baobab restart, an Equatorial Guinea development, and non-core Canadian light oil. US SEC filer, dual-listed NYSE + LSE.
FY2025 revenue fell to ~$0.36bn (from ~$0.48bn) on softer oil prices, producing a net loss (~-$41m, impairment-driven) and negative free cash flow amid elevated capex; balance sheet moved from historical net cash to ~$0.19bn net debt after the Cote d'Ivoire build-out, though leverage stays moderate and the dividend was maintained.
Its EV/EBITDA of 3.4x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of -6.7% is lower than the 6.5% median, and at $13.84/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, VAALCO Energy scores 45/100, strongest on valuation (54/100). Sub-scores: value 54, quality 38, growth 19, risk 47 (higher = riskier).
VAALCO Energy holds approximately 0.04 billion boe of proved (1P) reserves with FY2025 production of about 21 thousand boe/d (88% liquids), a reserve life of roughly 5.6 years. Break-even: ~$40 (Brent FCF breakeven) — Low-cost offshore Gabon base plus onshore Egypt/Canada keeps corporate breakeven near $40-45 Brent, covering the ~$0.25/sh dividend; heavy 2024-25 capex (Cote d'Ivoire Baobab FPSO, drilling) pushed group FCF negative despite strong operating cash flow
Using VAALCO Energy's SEC-disclosed after-tax standardized measure of proved reserves ($0.4bn) less net debt ($0.0bn) gives an equity-NAV floor of about $0.4bn — the current market capitalisation sits +46% versus that floor. Disclosed pre-tax PV-10: —. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Gabon | 60% | 74 | 2023 coup, debt stress, mature fields, fiscal renegotiation. |
| Egypt | 20% | 84 | FX shortages, arrears to IOCs, gas payment delays. |
| Cote d'Ivoire | 15% | 69 | Emerging producer; improving terms, regional security spillover. |
| Canada | 5% | 8 | Stable; pipeline egress constraints, oil-sands emissions policy. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Etame Marin (Gabon) | Gabon | Offshore oil | Core producing hub; FPSO/FSO, infill drilling |
| Egypt Western Desert | Egypt | Onshore oil & gas | Merged concession; active low-cost drilling program |
| Baobab (CI-40) | Cote d'Ivoire | Offshore oil | FPSO refurbishment; production restart 2026 |
| Ebouri / Etame satellites | Gabon | Offshore oil | Etame-area development and tie-backs |
| Block P (Venus) | Equatorial Guinea | Offshore oil | Undeveloped discovery; future development |
| Canada (Alberta) | Canada | Onshore oil & liquids | Non-core light oil/NGL; free-cash generative |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 11 | 17 | 21 | 24 | 21 |
| Proved reserves (bnboe) | 25.00 | 35.00 | 50.00 | 42.00 | 0.04 |
| Revenue ($bn) | 199.0 | 354.0 | 455.0 | 479.0 | 0.4 |
| EBITDA ($bn) | 110.0 | 175.0 | 245.0 | 240.0 | 0.2 |
| Net income ($bn) | 82.0 | 52.0 | 60.0 | 58.0 | -0.0 |
| Free cash flow ($bn) | 34.0 | -31.0 | 126.0 | 11.0 | -0.0 |
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✓ FY2025 figures verified against primary sources: