Transaction in Own Shares

1 April 2020

VAALCO Energy, Inc.

("VAALCO" or "Company")

Transaction in Own Shares

VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY), an independent energy company focused on development and production assets in West Africa, announces that it has made the following repurchase of its common shares ("Common Shares") pursuant to the share repurchase programme in accordance with Rule 10b-18 of the Securities Exchange Act of 1934 ("Exchange Act") ("Share Repurchase Programme") and written trading plan under Rule 10b5-1 of the Exchange Act ("Trading Plan"), announced on 20 June 2019. The repurchased Common Shares will be held by the Company in treasury ("Treasury").

Following the repurchase of the Common Shares set out above, the Company's share capital is as follows:        

For reporting under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, shareholders should exclude any Common Shares held in Treasury and should use the issued and outstanding Common Shares figure of 57,441,969 (the issued voting share capital) when determining if they are required to notify their interest, or a change of their interest, in the Company.

The Company will make further announcements in due course following the completion of any further purchases of Common Shares pursuant to the Share Repurchase Programme and Trading Plan.

In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014, details of the purchase of Common Shares by the Company, which were all executed through the Company's broker, Roth Capital Partners, LLC, including a full breakdown of the individual trades can be found under the following link, https://bit.ly/340t29r.

Important Information

This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.

This announcement contains "forward-looking statements" and "forward-looking information" that are based on the Company's expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company's business strategy with respect to the Etame Marin Block and Block P ("Projects"), plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, oil and gas reserves and resources, results of exploration, the price and demand for oil and gas and acts by the Company's partners to the respective Projects. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ''outlook'', ''anticipate'', ''project'', ''target'', ''likely'', ''believe'', ''estimate'', ''expect'', ''intend'', ''may'', ''would'', ''could'', ''should'', ''scheduled'', ''will'', ''plan'', ''forecast'', ''evolve'' and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions, and that the Company's actual future results or performance may be materially different.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. These statements speak only as of the date of this announcement. Actual operational and financial results or events may differ materially from the Company's expectations contained in the forward-looking statements as a result of various factors, many of which are beyond the control of the Company.