Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

<ul><li>Our updated estimates include the impact of the Svenska acquisition, which closed on April 30, 2024, and was included in management’s latest guidance update following the release of 1Q24 financial and operating results.</li><li>The acquisition added a 27.39% non- operated working interest in the CI-40 license located offshore Côte d’Ivoire.</li><li>On May 7, 2024, management increased the midpoint of FY24 working interest (WI) production guidance to ~25.0 MBOE/d from 22.1 MBOE/d.</li></ul>

Our updated estimates include the impact of the Svenska acquisition, which closed on April 30, 2024, and was included in management’s latest guidance update following the release of 1Q24 financial and operating results.The acquisition added a 27.39% non- operated working interest in the CI-40 license located offshore Côte d’Ivoire.On May 7, 2024, management increased the midpoint of FY24 working interest (WI) production guidance to ~25.0 MBOE/d from 22.1 MBOE/d.

VAALCO Energy, Inc. - Estimate Update Including Cote D'Ivoire Contribution