VAALCO Energy (EGY) 10-Q 8 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	VAALCO ENERGY INC /DE/
Entity Central Index Key	894,627
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		58,386,243

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 13,681	$ 25,357
Restricted cash	783	1,048
Receivables:
Trade receivables	7,363	5,353
Accounts with partners	12,220	27,856
Other receivables	100	42
Crude oil inventory	704	639
Materials and supplies	161	194
Prepayments and other	3,630	3,253
Total current assets	38,642	63,742
Property and equipment - successful efforts method:
Wells, platforms and other production facilities	410,423	412,593
Undeveloped acreage	10,000	10,000
Equipment and other	10,545	10,948
Property, plant and equipment, gross, Total	430,968	433,541
Accumulated depreciation, depletion, amortization and impairment	(403,888)	(400,168)
Net property and equipment	27,080	33,373
Other noncurrent assets:
Restricted cash	15,830	15,830
Value added tax and other receivable, net of allowance of $4.8 million and $4.2 million at June 30, 2016 and December 31, 2015	4,968	4,221
Deferred finance charge		1,655
Abandonment funding	5,137	5,137
Total assets	91,657	123,958
Current liabilities:
Accounts payable	23,579	46,848
Foreign taxes payable	3,074
Accrued liabilities and other	14,701	19,868
Current portion of long term debt	5,000
Total current liabilities	46,354	66,716
Asset retirement obligations	16,632	16,166
Long term debt, excluding current portion	9,344	15,000
Total liabilities	72,330	97,882
Commitments and contingencies (Note 6)
Shareholders’ equity:
Common stock, 65,941,338 and 66,041,338 shares issued, $0.10 par value, 100,000,000 shares authorized	6,594	6,604
Additional paid-in capital	70,744	69,118
Less treasury stock, 7,545,978 and7,514,169 shares at cost	(37,923)	(37,882)
Accumulated deficit	(20,088)	(11,764)
Total shareholders' equity	19,327	26,076
Total liabilities and shareholders' equity	$ 91,657	$ 123,958

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Consolidated Balance Sheets [Abstract]
Allowance for value added tax receivable	$ 4.8	$ 4.2
Preferred stock, shares authorized	500,000
Preferred stock, par value	$ 25
Common stock, par value	$ 0.10
Common stock, shares authorized	100,000,000
Common stock, shares issued	65,941,338	66,041,338
Treasury Stock Shares	7,545,978	7,514,169

Statements Of Consolidated Oper

Statements Of Consolidated Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Oil and natural gas sales	$ 18,847	$ 27,137	$ 29,823	$ 45,376
Operating costs and expenses:
Production expense	7,341	8,867	18,594	18,778
Exploration expense	2	1,113	3	28,572
Depreciation, depletion and amortization	1,945	9,299	4,186	15,234
General and administrative expense	4,043	2,829	7,027	7,702
Impairment of proved properties		5,821		11,220
Other operating expense	754		9,635
General and administrative related to shareholder matters	18		(435)
Bad debt expense (recovery) and other	171	296	(7,115)	576
Total operating costs and expenses	14,274	28,225	31,895	82,082
Other operating income (loss), net		58	(3)	398
Operating income (loss)	4,573	(1,030)	(2,075)	(36,308)
Other income (expense):
Interest income		5	3,202	9
Interest expense	(1,470)	(344)	(1,959)	(654)
Other, net	(363)	438	161	382
Total other income (expense)	(1,833)	99	1,404	(263)
Income (loss) before income taxes	2,740	(931)	(671)	(36,571)
Income tax expense	3,001	4,273	7,653	7,638
Net loss	$ (261)	$ (5,204)	$ (8,324)	$ (44,209)
Basic net loss per share	$ 0	$ (0.09)	$ (0.14)	$ (0.76)
Diluted net loss per share	$ 0	$ (0.09)	$ (0.14)	$ (0.76)
Basic weighted average shares outstanding	58,463,838	58,301,960	58,488,074	58,142,539
Diluted weighted average shares outstanding	58,463,838	58,301,960	58,488,074	58,142,539

Statements Of Consolidated Cash

Statements Of Consolidated Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (8,324)	$ (44,209)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	4,186	15,234
Amortization of debt issuance cost	1,076	311
Unrealized foreign exchange loss	2,351	18
Dry hole costs and impairment loss on unproved leasehold		27,871
Stock based compensation	1,616	2,332
Commodity derivatives loss	578
Bad debt provision	514
Other operating (income) loss, net	3	(398)
Impairment of proved properties		11,220
Change in operating assets and liabilities:
Trade receivables	(2,010)	11,362
Accounts with partners	15,636	(4,821)
Other receivables	(52)	(2,556)
Crude oil inventory	(65)	1,458
Materials and supplies	33	32
Value added tax and other receivable	(1,236)
Prepayments and other	(303)	1,517
Accounts payable	(15,211)	10,656
Accrued liabilities and other	(237)	(3,074)
Foreign taxes payable	3,074
Net cash provided by operating activities	1,629	26,953
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease in restricted cash	265	5,390
Property and equipment expenditures	(12,669)	(41,196)
Proceeds from sales of oil and gas properties		398
Other, net	824
Net cash used in investing activities	(13,228)	(35,408)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuances of common stock		452
Debt issuance costs	(77)
Net cash (used in) provided by financing activities	(77)	452
NET CHANGE IN CASH AND CASH EQUIVALENTS	(11,676)	(8,003)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	25,357	69,051
CASH AND CASH EQUIVALENTS AT END OF PERIOD	13,681	61,048
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	772	654
Taxes paid	4,435	9,254
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment additions incurred during the period but not paid at period end	2,111	33,297
Asset retirement cost capitalized	$ 42	$ 613

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 2016
Summary Of Significant Accounting Policies [Abstract]
Accounting Policies	1. ORGANIZATION AND ACCOUNTING POLICIES VAALCO Energy, Inc. and its consolidated subsidiaries (“VAALCO” or the “Company”) is a Houston-based independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas. As operator, we have production operations in and conduct exploration activities in Gabon and Angola, West Africa. We participate in exploration and development activities as a non-operator in Equatorial Guinea, West Africa. VAALCO is the operator of two unconventional wells in the United States in North Texas and holds undeveloped leasehold acreage in Montana. We also own some minor interests in conventional production activities as a non-operator in the United States. Our consolidated subsidiaries are VAALCO Gabon (Etame), Inc., VAALCO Production (Gabon), Inc., VAALCO Gabon S.A., VAALCO Angola (Kwanza), Inc., VAALCO UK (North Sea), Ltd., VAALCO International, Inc., VAALCO Energy (EG), Inc., VAALCO Energy Mauritius (EG) Limited and VAALCO Energy (USA), Inc. These condensed consolidated financial statements are unaudited, but in the opinion of management, reflect all adjustments necessary for a fair presentation of results for the interim periods presented. All adjustments are of a normal recurring nature unless disclosed otherwise. Interim period results are not necessarily indicative of results to be expected for the full year. These condensed consolidated financial statements have been prepared in accordance with rules of the Securities and Exchange Commission (“SEC”) and do not include all the information and disclosures required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. They should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015, which include a summary of the significant accounting policies. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications did not affect our consolidated financial results. Correction of error – Accounts with partners and Allowance for bad debts – Subsequent to the issuance of our 2015 financial statements, we identified an error in the presentation on the consolidated balance sheet of the accounts with partners and the associated allowance for bad debts. These accounts incorrectly included a fully reserved receivable of $7.6 million which should have been charged off against the reserve in 2012 when efforts to collect from a removed partner were no longer viable and had been abandoned. To correct this error, we removed the reference to the $7.6 million allowance from the caption. This correction had no impact on the consolidated balance sheet or the consolidated results from operations. B ad debt – Quarterly, we evaluate our accounts receivable balances to confirm collectability. When collectability is in doubt, we record an allowance against the accounts receivable and a corresponding income charge for bad debts, which appears in the Bad debt expense (recovery) and other line of the condensed consolidated statements of operations. The majority of our accounts receivable balances are with our joint venture partners, purchasers of our production and the government of Gabon for reimbursable Value-Added Tax (“VAT”). Collection efforts, including remedies provided for in the contracts, are pursued to collect overdue amounts owed to us. In the three and six months ended June 30, 2016 , we increased the allowance related to VAT due from Gabon by $0.1 million and $0.6 million. There were no changes in the allowance for bad debts during the three and six months ended June 30, 2015 . In June 2016, we entered into an agreement with the government of Gabon to receive payments of the outstanding VAT receivable balance as of December 31, 2015 in thirty-six monthly installments of $0.2 million net to VAALCO, which commenced in July 2016. General and administrative related to shareholder matters – During the third quarter of 2015, a shareholder group consisting of Group 42, Inc., Bradley L. Radoff and certain other participants (collectively, the "Group 42-BLR Group") attempted to gain control of our Board of Directors. In December 2015, we reached an agreement with the Group 42-BLR Group that included changes to the composition of the Board of Directors and other actions. In connection with this agreement, we reimbursed the Group 42-BLR Group for $350,000 of its legal expenses. Related shareholder litigation filed in Delaware was dismissed by the Delaware Chancery Court on April 20, 2016. See Note 6 for further discussion of the litigation.

Liquidity And Going Concern

Liquidity And Going Concern	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity And Going Concern	2. LIQUIDITY AND GOING CONCERN Our revenues, cash flows, profitability, oil and natural gas reserve values and future rates of growth are substantially dependent upon prevailing prices for oil and natural gas. Our ability to borrow funds and to obtain additional capital on attractive terms is also substantially dependent on oil and natural gas prices. Historically, world-wide oil and natural gas prices and markets have been volatile, and will likely continue to be volatile in the future. In particular, the prices of oil and natural gas declined dramatically in the second half of 2014 and remained low, decreasing further in 2015 and early 2016. However, revenues have increased from $11.0 million in the first quarter 2016 to $18.8 million in the second quarter of 2016 primarily as a result of improving prices and higher sales volumes. As discussed in Note 5, in June 2016, we modified our revolving credit facility with the International Finance Corporation (“IFC”) converting $20 million of our revolving credit facility into a term loan with $15 million borrowed and the option to request, with approval being at the IFC’s discretion, an additional $5 million in a single draw between now and December 31, 2016. Our available liquidity, therefore, continues to be somewhat limited. If we fail to satisfy our obligations with respect to our indebtedness or trade payables, or fail to comply with the financial and other restrictive covenants contained in the loan agreement, an event of default could result, which would permit acceleration of such debt and which could result in an event of default under the amended loan agreement and acceleration of other indebtedness, and could permit our secured lender to foreclose on any of our assets securing that debt. Any accelerated debt would become immediately due and payable. As discussed in Note 5, certain of our financial covenants under the amended loan agreement have been relaxed through the end of 2016. Continued depressed oil and natural gas prices, like those seen in the first quarter of 2016, would have a material adverse effect on our liquidity, financial condition, results of operations and on the carrying value of our proved oil and natural gas properties. If oil and natural gas prices continue at levels seen in the second quarter 2016, we expect that for 2016 we will generate cash flows sufficient to cover our operating expenses. To fund growth opportunities, we are considering multiple alternatives, including, but not limited to, additional debt or equity financing, a sale or farm-down of assets, continuing the delay of the discretionary portion of our capital spending to future periods and/or operating cost reductions. There can be no guarantee of future capital acquisition or fundraising success. Our current cash position and our ability to access additional capital may limit our available opportunities and not provide sufficient cash available for our operations. These conditions continue to raise doubt about our ability to continue as a going concern. Our financial statements for the three and six months ended June 30, 2016 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 2016
New Accounting Standards [Abstract]
New Accounting Standards	3. NEW ACCOUNTING STANDARDS Not yet adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance related to the calculation of credit losses on financial instruments. All financial instruments not accounted for at fair value will be impacted, including our trade and partner receivables. Allowances are to be measured using a current expected credit loss model as of the reporting date which is based on historical experience, current conditions and reasonable and supportable forecasts. This is significantly different from the current model which increases the allowance when losses are probable. This change is effective for all public companies for fiscal years beginning after December 31, 2019, including interim periods within those fiscal years and will be applied with a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We are currently evaluating the provisions of this guidance and are assessing its potential impact on our financial position, results of operations, cash flows and related disclosures . In March 2016, the FASB issued a new accounting standards update that changes several aspects of accounting for share-based payment transactions, including a requirement to recognize all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2016, with early adoption permitted. Varying transition methods (modified retrospective, retrospective or prospective) are applied to different provisions of the standard. We are in the process of evaluatin g all changes, both required and elective, and are developing implementation plans for each as appropriate; however, we do not expect any of the changes to have a significant impact on our financial position, results of operations, cash flows or related disclosures . In February 2016, the FASB issued an accounting standards update which amended the accounting standards for leases. The accounting standards update retains a distinction between finance leases and operating leases. The primary change is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases on the balance sheet. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous guidance. Certain aspects of lease accounting have been simplified. Additional qualitative and quantitative disclosures are required along with specific quantitative disclosures required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early application permitted. We are currently evaluating the provisions of this update and are assessing the potential impact on our financial position, results of operations, cash flows and related disclosures . In May 2014, the FASB issued revised guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard provides a five-step approach to determine when and how revenue is recognized. The guidance permits the use of either a full retrospective or a modified retrospective approach. In July 2015, the FASB approved a one-year deferral of the effective date of this standard to annual reporting periods beginning after December 15, 2017 for public companies. The FASB approved early adoption of the standard, but not before the original effective date of annual reporting periods beginning after December 15, 2016. Since May 2014, several additional accounting standards updates have been issued by FASB to clarify implementation issues. We continue to evaluate the impact of this revised guidance and the several clarifications that have been issued since. We have not yet quantified the impact, if any, of this amended guidance on our financial position, results of operations, cash flows and related disclosures. Adopted In April 2015, the FASB issued guidance that requires the presentation of debt issuance costs in financial statements as a direct reduction of the related debt liabilities, with amortization of debt issuance costs reported as interest expense. Under prior GAAP, debt issuance costs were reported as deferred charges (i.e., as an asset). We adopted the standard in the first quarter of 2016. As discussed in Note 5, in the second quarter of 2016, our loan agreement was modified into a term loan. At that time, a portion of deferred debt issuance costs related to the revolving credit facility were charged to expense. The remaining unamortized deferred financing costs plus the incremental costs of converting the revolver into a term loan are presented as a direct reduction of Long-term debt on the condensed consolidated balance sheet.

Oil And Natural Gas Properties

Oil And Natural Gas Properties And Equipment	6 Months Ended
	Jun. 30, 2016
Oil And Natural Gas Properties And Equipment [Abstract]
Oil And Natural Gas Properties And Equipment	4. OIL AND NATURAL GAS PROPERTIES AND EQUIPMENT We review our oil and natural gas producing properties for impairment whenever events or changes in circumstances indicate that the carrying amount of such properties may not be recoverable. When an oil and natural gas property’s undiscounted estimated future net cash flows are not sufficient to recover its carrying amount, an impairment charge is recorded to reduce the carrying amount of the asset to its fair value. The fair value of the asset is measured using a discounted cash flow model relying primarily on Level 3 inputs into the undiscounted future net cash flows. The undiscounted estimated future net cash flows used in our impairment evaluations at each quarter end are based upon the most recently prepared independent reserve engineers’ report adjusted to use forecasted prices from the forward strip price curves near each quarter end and adjusted as necessary for drilling and production results. During the second quarter of 2016, forecasted oil prices improved significantly, our negative price differential to Brent narrowed and we incurred no significant capital spending. We considered these and other factors and determined that there were no events or circumstances triggering an impairment evaluation for most of our fields, with the exception of the Avouma field in the Etame Marine block offshore Gabon. At the Avouma field, the electrical submersible pumps (“ESPs”) in the South Tchibala 2-H well failed on June 23, 2016, and the well was temporarily shut-in. A workover is being planned to replace the ESPs and bring the well back on production by early fourth quarter 2016. The reserves used in our impairment evaluation of the Avouma field were revised to reflect the impact of this lost production for several months and the impact of the forward price curve. The undiscounted future net cash flows for the Avouma field were in excess of the field’s carrying value. No impairment was required for the Avouma field, or any of our other fields, for the second quarter of 2016. Declining forecasted oil prices and other factors caused us to perform impairment reviews of our proved properties in the first and second quarters of 2015 and in the first quarter of 2016 for all fields in the Etame Marin block offshore Gabon and the Hefley field in North Texas. No impairment was required for the first quarter of 2016. As a result of a decline in forecasted oil prices and higher costs for planned development wells, for the first and second quarters of 2015, we recorded aggregate impairments of $ 11.2 million.

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt [Abstract]
Debt	5. DEBT On June 29, 2016, we executed a Supplemental Agreement with the IFC which, among other things, amended and restated the existing loan agreement to convert $20 million of the revolving portion of the credit facility, to a term loan (the “Term Loan”) with $15 million currently outstanding and an additional $5 million (the “Additional Term Loan”) which can be requested in a single draw between now and December 31, 2016. The amended loan agreement is secured by the assets of our Gabon subsidiary, VAALCO Gabon (Etame), Inc. and is guaranteed by VAALCO as the parent company . Before we are able to draw the Additional Term Loan, the IFC, as part of their consideration of our loan request, will make a determination of whether our Gabon subsidiary’s current and projected revenues from operations are sufficient to cover the aggregate amount of principal, interest, commissions, fees and any other amounts due in respect of the Additional Term Loan. If drawn, the Additional Term Loan amount shall be amortized in equal quarterly installments through June 30, 2018. The amended loan agreement provides for quarterly principal and interest payments on the amounts currently outstanding through June 30, 2019, with interest accruing at a rate of LIBOR plus 5.75% . Principal repayments under the amended loan agreement are dependent upon the timing of our additional borrowing, if any, with the payments to commence no later than March 31, 2017. Compared to the $15.0 million carrying value of debt, the estimated fair value of the term loan is $15.0 million when measured using a discounted cash flow model over the life of the current borrowings at forecasted interest rates. The inputs to this model are Level 3 in the fair value hierarchy.  Covenants Under the amended loan agreement, quarter-end net debt to EBITDAX (as defined in the loan agreement) must be no more than 3.0 to 1.0. However, the quarter-end net debt to EBITDAX limitation has been raised to 5.0 to 1.0 for all periods through the end of 2016. Forecasting our compliance with this and other financial covenants in future periods is inherently uncertain. Factors that could impact our quarter-end net debt to EBITDAX in future periods include future realized prices for sales of oil and natural gas, estimated future production, returns generated by our capital program, and future interest costs, among others. We are in compliance with all financial covenants as of June 30, 2016 . Interest Until June 29, 2016, under the terms of the original revolving credit facility, we paid commitment fees on the undrawn portion of the total commitment. Commitment fees were equal to 1.5% of the unused balance of the senior tranche of $50.0 million and 2.3% of the unused balance of the subordinated tranche of $15.0 million when a commitment was available for utilization. We capitalize interest and commitment fees related to expenditures made in connection with exploration and development projects that are not subject to current depletion. Interest and commitment fees are capitalized only for the period that activities are in progress to bring these projects to their intended use. The table below shows the components of the Interest expense line of our condensed consolidated statements of operations and the average effective interest rate, excluding commitment fees, on our borrowings:     Three Months Ended June 30, Six Months Ended June 30, 2016  2016 2015 2016 2015  (in thousands)  Interest incurred, including commitment fees $ 387 $ 372 $ 773 $ 740  Deferred finance cost amortization 103 153 206 313  Deferred finance cost write-off due to loan modification 869 - 869 -  Capitalized interest - (288) - (506)  Other interest not related to debt 111 107 111 10  Interest expense $ 1,470 $ 344 $ 1,959 $ 654   Average effective interest rate, excluding commitment fees 4.38% 4.03% 4.37% 4.02% 

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies [Abstract]
Commitments And Contingencies	6. COMMITMENTS AND CONTINGENCIES Litigation On December 7, 2015, Plaintiff Vladimir Gusinsky Living Trust filed a stockholder class action lawsuit in the Court of Chancery of the State of Delaware (the “Court”) against the Company and all of its directors alleging that certain provisions of the Company’s Restated Charter and Second Amended and Restated Bylaws that restricted the removal of its directors to removal for cause only (the “director removal provisions”) were invalid as a matter of Delaware law. Plaintiff George Shapiro also filed a similar stockholder class action lawsuit in the Court on December 7, 2015. Thereafter, the plaintiffs agreed to the consolidation of their cases (the “Consolidated Case”). After a hearing on the Consolidated Case on December 21, 2015, Vice Chancellor Laster issued an opinion in In re VAALCO Energy, Inc. Stockholder Litigation , Consol. C.A. No. 11775-VCL holding that, in the absence of a classified board or cumulative voting, the director removal provisions conflicted with Section 141(k) of the Delaware General Corporation Law and are therefore invalid. On April 20, 2016, the Court approved a Stipulation and Order of Dismissal entered into by the parties in the Consolidated Case. We agreed to settle plaintiffs’ application for an award of attorneys’ fees and expenses totaling $775,000 due to the costs of defense of that application and the litigation risk associated therewith , all of which was covered by our directors and officers insurance as a covered claim. Rig commitment In 2014, we entered into a long-term contract for a jackup drilling rig for the multi-well development drilling campaign offshore Gabon. The campaign included the drilling of development wells and workovers of existing wells in the Etame Marin block. We began demobilization in January 2016 and released the drilling rig in February 2016, prior to the original July 2016 contract termination date, because we no longer intended to drill any wells in 2016 on our Etame Marin block offshore Gabon. In June 2016, we reached an agreement with the drilling contractor to pay $5.1 million net to VAALCO’s interest for unused rig days under the contract. We will pay this amount, plus the demobilization charges, in seven equal monthly installments beginning in July 2016. The related expense is reported in the Other operating expense line of the condensed consolidated statement of operations. Gabon Offshore Abandonment We have an agreed cash funding arrangement for the eventual abandonment of all offshore wells, platforms and facilities on the Etame Marin Block. Based upon the abandonment study completed in January 2016, t he abandonment cost estimate used for this purpose is approximately $61.1 million ( $17.3 million net to VAALCO) on an undiscounted basis. The obligation for abandonment of the Gabon offshore facilities is included in the Asset retirement obligation line on our condensed consolidated balance sheet. Through December 31, 2015, $18.3 million ( $5.1 million net to VAALCO) on an undiscounted basis has been funded, with the next funding of $2.6 million net to VAALCO expected to be required sometime later in 2016. This cash funding is reflected under Other noncurrent assets as Abandonment funding on our condensed consolidated balance sheet. Future changes to the abandonment costs estimate could change not only our asset retirement obligation, but the amount of future abandonment funding payments. Audits We are subject to periodic routine audits by various government agencies in Gabon, including audits of our petroleum cost account, customs, taxes and other operational matters, as well as audits by other members of the contractor group under our joint operating agreements. In October 2014, we received a provisional audit report related to the Etame Marin block operations from the Gabon Taxation Department as part of a special industry-wide audit of business practices and financial transactions in the Republic of Gabon. In November 2014, we responded to the Gabon Taxation Department requesting joint meetings to advance the resolution of this matter and later provided a formal reply to the provisional audit report in February 2015. A tentative agreement was reached with the Gabon Taxation Department in April 2015, and we are working with the Gabon Taxation Department to finalize the audit. During 2015, we accrued an estimated settlement of $0.3 million based upon preliminary negotiations. The ultimate outcome of the claim and impact cannot be predicted, and an adverse result of the audit could result in a material liability and adversely affect our financial condition. In June 2016, we accrued $2.2 million net to VAALCO for certain payroll taxes in Gabon which were not paid pertaining to labor provided to us over a number of years by a third-party contractor. While the payroll taxes were for individuals who were not our employees, we could be deemed liable for these expenses as the end user of the services provided. A process of negotiation with government payroll agencies in Gabon is underway to resolve this matter. Angola Offshore Partner receivable In November 2006, we signed a production sharing contract for Block 5 offshore Angola. The four year primary term, with an optional three year extension, awarded us exploration rights to 1.4 million acres offshore central Angola, with a commitment to drill two exploratory wells. Our working interest is 40% and we carry the Angolan national oil company, Sonangol P&P, for 10% of the work program. The government-assigned working interest partner was delinquent in paying their share of the costs several times in 2009 and was removed from the production sharing contract in 2010 by a governmental decree. Efforts to collect from the defaulted partner were abandoned in 2012. The available 40% working interest in Block 5, offshore Angola was assigned to Sonangol P&P effective on January 1, 2014. We invoiced Sonangol P&P for the unpaid delinquent amounts from the defaulted partner plus the amounts incurred during the period prior to assignment of the working interest totaling $7.6 million plus interest in April 2014. Because this amount was not paid and Sonangol P&P was slow in paying monthly cash call invoices since their assignment, we placed Sonangol P&P in default in the first quarter of 2015. On March 14, 2016, we received payment from Sonangol P&P for the full amount owed us as of December 31, 2015, including the $7.6 million of pre-assignment costs. The $7.6 million recovery is reflected in the Bad debt expense (recovery) and other line of the condensed consolidated statements of operations. Default interest of $3.2 million was received and is shown in the Interest income line of the condensed consolidated statement s of operations. Exploration well commitment Under the current agreement with the Republic of Angola, we and our working interest partner, Sonangol P&P are obligated to perform certain exploration activities by November 30, 2017. In the first quarter of 2015, we drilled an unsuccessful exploratory well on the Kindele prospect, which satisfied one of the well commitments. The agreement requires us to drill or commence drilling three additional exploration wells by the expiration date. A $10.0 million assessment ($ 5.0 million net to VAALCO) applies to each of the three remaining exploratory well commitments, if any, that have not been spud at the end of the exploration period in November 2017. Due to the current outlook for oil prices and the uncertainties about the timing for our partner to pay its share of future costs, there may be delays in drilling the remaining three wells. We have continued to classify the $15.0 million commitment for drilling these wells as long term restricted cash on our balance sheet. We are seeking to extend the term of the exploration license and hence the well commitment deadline although no assurances can be given that such an extension will be obtained.

Compensation

Compensation	6 Months Ended
	Jun. 30, 2016
Compensation [Abstract]
Compensation	8. COMPENSATION Stock options Stock options are granted under our long-term incentive plan and have an exercise price that may not be less than the fair market value of the underlying shares on the date of grant. Stock options granted to participants will become exercisable over a period determined by the Compensation Committee of our Board of Directors, which in the past has been a five year life, with the options vesting over a service period of up to five years. In addition, stock options will become exercisable upon a change in control, unless provided otherwise by the Compensation Committee of our Board of Directors. A portion of the stock options granted in the six months ended June 30, 2016 and 2015 were vested immediately with the remainder vesting over a two year period. Stock option activity for the six months ended June 30, 2016 is provided below:    Number of Weighted  Shares Average  Underlying Exercise Price  Options Per Share  (in thousands)  Outstanding at January 1, 2016 4,144 $ 6.41  Granted 1,519 1.16  Forfeited/expired (1,058) 5.62  Outstanding at June 30, 2016 4,605 4.86  Common and r estricted shares Shares of restricted stock may be granted under our long-term incentive plan and related compensation expense is recorded using the fair market value of the underlying shares on the date of grant. Restricted stock granted to employees will vest over a period determined by the Compensation Committee which is generally a three year period, vesting in three equal parts on the first three anniversaries of the date of the grant. Share grants to directors vest immediately and are not restricted.     Common and Weighted  Restricted Average  Stock Grant Price  Non-vested shares outstanding at January 1, 2016 419,888 $ 3.83  Awards granted 357,145 1.12  Awards vested (454,783) 2.06  Awards forfeited (100,000) 1.97  Non-vested shares outstanding at June 30, 2016 222,250 3.94 In the three months ended March 31, 2016, 31,808 shares were added to treasury due to tax withholding on vesting restricted shares. No shares were added to treasury in the three months ended June 30, 2016. Stock appreciation rights Stock appreciation rights (“SARs”) are granted under the “VAALCO Energy, Inc. 2016 Stock Appreciation Rights Plan”. A SAR is the right to receive a cash amount equal to the spread with respect to a share of common stock upon the exercise of the SAR. The spread is the difference between the SAR price per share specified in a SAR award on the date of grant (which may not be less than the fair market value of our common stock on the date of grant) and the fair market value per share on the date of exercise of the SAR. SARs granted to participants will become exercisable over a period determined by the Compensation Committee of our Board of Directors. In addition, SARs will become exercisable upon a change in control, unless provided otherwise by the Compensation Committee of our Board of Directors. The 815,355 SARs granted in the three months ended March 31, 2016 vest over a three year period with a life of 5 years and have a maximum spread of 300% of the $1.04 SAR price per share specified in a SAR award on the date of grant. Compensation payable related to these awards through June 30, 2016 is not significant. Compensation expense We record non-cash compensation expense related to stock-based compensation in the General and administrative expense line of the condensed consolidated statements of operations. Non-cash compensation expense was $0 . 8 million and $ 1 .6 million for three and six months ended June 30, 2016 and was $0.7 million and $2.3 million for the three and six months ended June 30, 2015 related to stock options, SARs, common stock and restricted stock. Because we do not pay significant United States federal income taxes, no amounts were recorded for tax benefits.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax [Abstract]
Income Taxes	9. INCOME TAXES VAALCO and its domestic subsidiaries file a consolidated United States income tax return. Certain subsidiaries’ operations are also subject to foreign income taxes. As discussed further in the Notes to the consolidated financial statements in our Form 10-K for December 31, 2015, we have deferred tax assets related to foreign tax credits, alternative minimum tax credits, and domestic and foreign net operating losses (“NOLs”). Management assesses the available positive and negative evidence to estimate if existing deferred tax assets will be utilized. We do not anticipate utilization of the foreign tax credits prior to expiration nor do we expect to generate sufficient taxable income to utilize other deferred tax assets. On the basis of this evaluation, full valuation allowances have been recorded as of June 30, 2016. NOLs for our Gabon and Angola subsidiaries are included in the respective subsidiaries’ cost oil accounts which will be offset against future taxable revenues. In Angola, these NOLs are not available to offset financial gains which include foreign exchange gains and interest income. During the three and six months ended June 30, 2016, we recorded $0. 1 million and $3.1 million for income taxes in Angola on financial gains related to foreign exchange gains as well as the interest paid by Sonangol P&P on their past due joint interest account balance. The remaining income taxes for the three and six months ended June 30, 2016 and all of the income taxes for the three and six months ended June 30, 2015 are attributable to foreign taxes payable in Gabon.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	10. EARNINGS PER SHARE Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, we assume that restricted stock is outstanding on the date of grant, and we assume the issuance of shares from the exercise of stock options using the treasury stock method. A reconciliation from basic to diluted shares follows:   Three Months Ended June 30, Six Months Ended June 30,  2016 2015 2016 2015  Basic weighted average shares outstanding 58,463,838 58,301,960 58,488,074 58,142,539  Effect of dilutive securities - - - -  Diluted weighted average shares outstanding 58,463,838 58,301,960 58,488,074 58,142,539   Stock options excluded from dilutive calculation because they would be anti-dilutive 4,413,180 6,051,591 3,522,081 5,624,716  Because we recognized net losses for the three and six months ended June 30, 2016 and 2015 , there were no dilutive securities for those periods .

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	12. SUBSEQUENT EVENTS On July 28, 2016 , we signed a purchase and sale agreement to acquire an additional 2.9 8 % working interest in the Etame Marin block located offshore the Republic of Gabon from Sojitz Etame Limited (“Sojitz”), which represents the full interest owned by Sojitz in the concession. The acquisition has an effective date of August 1, 2016, and closing is expected within 90 days, subject to customary closing conditions. Payment for the acquisition is expected to be primarily funded by cash on hand. We intend to request to borrow the $5.0 million under the Additional Term Loan before December 31, 2016.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Summary Of Significant Accounting Policies [Abstract]
Correction of Error	Correction of error – Accounts with partners and Allowance for bad debts – Subsequent to the issuance of our 2015 financial statements, we identified an error in the presentation on the consolidated balance sheet of the accounts with partners and the associated allowance for bad debts. These accounts incorrectly included a fully reserved receivable of $7.6 million which should have been charged off against the reserve in 2012 when efforts to collect from a removed partner were no longer viable and had been abandoned. To correct this error, we removed the reference to the $7.6 million allowance from the caption. This correction had no impact on the consolidated balance sheet or the consolidated results from operations. B
Receivables Trade And Other Accounts Receivable Allowance For Doubtful Accounts Policy	Bad debt – Quarterly, we evaluate our accounts receivable balances to confirm collectability. When collectability is in doubt, we record an allowance against the accounts receivable and a corresponding income charge for bad debts, which appears in the Bad debt expense (recovery) and other line of the condensed consolidated statements of operations. The majority of our accounts receivable balances are with our joint venture partners, purchasers of our production and the government of Gabon for reimbursable Value-Added Tax (“VAT”). Collection efforts, including remedies provided for in the contracts, are pursued to collect overdue amounts owed to us. In the three and six months ended June 30, 2016 , we increased the allowance related to VAT due from Gabon by $0.1 million and $0.6 million. There were no changes in the allowance for bad debts during the three and six months ended June 30, 2015 . In June 2016, we entered into an agreement with the government of Gabon to receive payments of the outstanding VAT receivable balance as of December 31, 2015 in thirty-six monthly installments of $0.2 million net to VAALCO, which commenced in July 2016.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt [Abstract]
Schedule Of Interest Information [Table Text Block]	The table below shows the components of the Interest expense line of our condensed consolidated statements of operations and the average effective interest rate, excluding commitment fees, on our borrowings:     Three Months Ended June 30, Six Months Ended June 30, 2016  2016 2015 2016 2015  (in thousands)  Interest incurred, including commitment fees $ 387 $ 372 $ 773 $ 740  Deferred finance cost amortization 103 153 206 313  Deferred finance cost write-off due to loan modification 869 - 869 -  Capitalized interest - (288) - (506)  Other interest not related to debt 111 107 111 10  Interest expense $ 1,470 $ 344 $ 1,959 $ 654   Average effective interest rate, excluding commitment fees 4.38% 4.03% 4.37% 4.02% 

Derivatives and Fair Value (Tab

Derivatives and Fair Value (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instrument Detail [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following table sets forth, by level within the fair value hierarchy and location on the condensed consolidated balance sheets, the reported values of derivative instruments accounted for at fair value on a recurring basis:    Balance at June 30, 2016  Carrying Fair Value Measurements Using  Derivative Item Balance Sheet Line Value Level 1 Level 2 Level 3  (in thousands)  Crude oil puts Prepayments and other $ 265 $ - $ 265 $ - 
Schedule of Derivative Instruments [Table Text Block]	The following table sets forth the effect of derivative instruments on the condensed consolidated statements of operations:    Gain (Loss)  Derivative Item Statement of Operations Line Three Months Ended June 30, Six Months Ended June 30,  2016 2015 2016 2015  (in thousands)  Crude oil puts Other, net $ (578) $ - $ (578) $ - 

Compensation (Tables)

Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Compensation [Abstract]
Stock Option Activity	   Number of Weighted  Shares Average  Underlying Exercise Price  Options Per Share  (in thousands)  Outstanding at January 1, 2016 4,144 $ 6.41  Granted 1,519 1.16  Forfeited/expired (1,058) 5.62  Outstanding at June 30, 2016 4,605 4.86 
Summary of Non Vested Awards	   Common and Weighted  Restricted Average  Stock Grant Price  Non-vested shares outstanding at January 1, 2016 419,888 $ 3.83  Awards granted 357,145 1.12  Awards vested (454,783) 2.06  Awards forfeited (100,000) 1.97  Non-vested shares outstanding at June 30, 2016 222,250 3.94 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of Diluted Shares	A reconciliation from basic to diluted shares follows:   Three Months Ended June 30, Six Months Ended June 30,  2016 2015 2016 2015  Basic weighted average shares outstanding 58,463,838 58,301,960 58,488,074 58,142,539  Effect of dilutive securities - - - -  Diluted weighted average shares outstanding 58,463,838 58,301,960 58,488,074 58,142,539   Stock options excluded from dilutive calculation because they would be anti-dilutive 4,413,180 6,051,591 3,522,081 5,624,716  

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Information [Abstract]
Segment Activity	Segment activity for the three and six months ended June 30, 2016 and 2015 and segment assets at June 30, 2016 and December 31, 2015 are as follows:    Three Months Ended June 30, 2016  Equatorial Corporate  (in thousands) Gabon Angola Guinea U.S. and Other Total  Revenues-oil and gas sales $ 18,764 $ - $ - $ 83 $ - $ 18,847  Depreciation, depletion and amortization 1,833 3 - 42 67 1,945  Impairment of proved properties - - - - - -  Bad debt expense (recovery) and other 171 - - - - 171  Other operating expense 754 - - - - 754  Operating income (loss) 8,424 (299) (87) - (3,465) 4,573  Interest income (expense), net (1,468) - - - (2) (1,470)  Income tax expense 2,894 107 - - - 3,001  Additions to property and equipment (2,493) - - 140 - (2,353)   Three Months Ended June 30, 2015  Equatorial Corporate  (in thousands) Gabon Angola Guinea U.S. and Other Total  Revenues-oil and gas sales $ 26,991 $ - $ - $ 146 $ - $ 27,137  Depreciation, depletion and amortization 9,078 3 - 157 61 9,299  Impairment of proved properties 5,821 - - - - 5,821  Bad debt expense (recovery) and other - - - 296 - 296  Operating income (loss) 2,266 (978) (418) (663) (1,237) (1,030)  Interest income (expense), net (343) - - - 4 (339)  Income tax expense 4,273 - - - - 4,273  Additions to property and equipment 17,680 1,135 - (16) 86 18,885     Six Months Ended June 30, 2016  Equatorial Corporate  (in thousands) Gabon Angola Guinea U.S. and Other Total  Revenues-oil and natural gas sales $ 29,672 $ - $ - $ 151 $ - $ 29,823  Depreciation, depletion and amortization 3,976 6 - 63 141 4,186  Impairment of proved properties - - - - - -  Bad debt expense (recovery) and other 514 (7,629) - - - (7,115)  Other operating expense 9,635 - - - - 9,635  Operating income (loss) (3,532) 7,007 (135) (3) (5,412) (2,075)  Interest income (expense), net (1,956) 3,201 - - (2) 1,243  Income tax expense 4,579 3,074 - - - 7,653  Additions to property and equipment (2,493) - - 140 - (2,353)   Six Months Ended June 30, 2015  Equatorial Corporate  (in thousands) Gabon Angola Guinea U.S. and Other Total  Revenues-oil and natural gas sales $ 45,091 $ - $ - $ 285 $ - $ 45,376  Depreciation, depletion and amortization 14,784 6 - 327 117 15,234  Impairment of proved properties 11,220 - - - - 11,220  Bad debt expense and other - - - 576 - 576  Operating loss (2,279) (28,844) (657) (414) (4,114) (36,308)  Interest income (expense), net (650) - - - 5 (645)  Income tax expense 7,638 - - - - 7,638  Additions to property and equipment 33,419 (1,973) - (16) 151 31,581 
Segment Long-lived Assets And Total Assets	   Equatorial Corporate  (in thousands) Gabon Angola Guinea U.S. and Other Total  Total assets as of June 30, 2016 $ 75,259 $ 2,290 $ 10,174 $ 1,314 $ 2,620 $ 91,657  Total assets as of December 31, 2015 98,858 10,304 10,200 1,470 3,126 123,958   

Organization and Accounting Pol

Organization and Accounting Policies (Narrative1) (Detail) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Current Income Tax Expense (Benefit)				$ 0
Net Income Loss	$ (261,000)		$ (5,204,000)	(8,324,000)	$ (44,209,000)
Angola [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Current Income Tax Expense (Benefit)	$ 100,000			$ 3,100,000
Overstated [Member] | Angola [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Allowance For Doubtful Accounts Receivable		$ 7,600,000
Group 42-BLR Group [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Legal expense		$ 350,000

Accounting Policies (Narrative2

Accounting Policies (Narrative2) (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)item	Jun. 30, 2016USD ($)
Summary Of Significant Accounting Policies [Abstract]
Value Added Tax Reimbursement Monthly Payment		$ 0.2
Allowance for Doubtful Accounts Receivable, Period Increase (Decrease)	$ 0.1	$ 0.6
Number Of Value Added Tax Reimbursement Payments | item	36

Liquidity And Going Concern (De

Liquidity And Going Concern (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2016
Liquidity And Going Concern [Line Items]
Oil and natural gas sales	$ 18,847	$ 27,137	$ 29,823	$ 45,376
Credit facility borrowing base	20,000		20,000
Additional Term Loan [Member]
Liquidity And Going Concern [Line Items]
Notes Payable to Bank					$ 5,000
Term Loan [Member]
Liquidity And Going Concern [Line Items]
Notes Payable to Bank	$ 15,000		$ 15,000

Oil And Natural Gas Propertie25

Oil And Natural Gas Properties And Equipment (Narrative) (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2016	Dec. 31, 2015
Oil And Natural Gas Properties And Equipment [Abstract]
Fair value of fields			$ 410,423	$ 412,593
Impairment of proved properties	$ 5,821	$ 11,220

Debt (narrative) (Detail)

Debt (narrative) (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Line Of Credit Facility [Line Items]
Credit facility borrowing base	$ 20
Senior Tranche [Member]
Line Of Credit Facility [Line Items]
Debt instrument, commitment fee	1.50%
Line Of Credit Facility Maximum Borrowing Capacity	$ 50
Subordinated Tranche [Member]
Line Of Credit Facility [Line Items]
Debt instrument, commitment fee	2.30%
Line Of Credit Facility Maximum Borrowing Capacity	$ 15

Debt (Narrative 2) (Detail)

Debt (Narrative 2) (Detail) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended	18 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2018
Interest expense	$ (1,470)	$ (344)	$ (1,959)	$ (654)
Incurred interest expense	$ 387	372	$ 773	740
Debt instrument interest rate spread			5.75%
Capitalized interest expense		$ 288		$ 506
Interest rate on outstanding borrowings	4.38%	4.03%	4.37%	4.02%
Write off of Deferred Debt Issuance Cost	$ 869		$ 869
Amortization Of Financing Costs			1,076	$ 311
Notes Payable, Fair Value Disclosure	15,000		15,000
Interest Expense, Other	111	$ 107	111	10
Term Loan [Member]
Notes Payable to Bank	15,000		15,000
Additional Term Loan [Member]
Notes Payable to Bank					$ 5,000
Revolving Credit Facility [Member]
Amortization Of Financing Costs	$ 103	$ 153	$ 206	$ 313
Maximum [Member]
Ratio of net debt to EBITDAX					5	3

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Detail)	Jul. 28, 2016	Apr. 20, 2016USD ($)	Jan. 31, 2014	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)item	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)
Commitments And Contingencies [Line Items]
Number Monthly Payments | item						7
Contractual Obligation Company Share						$ 5,100,000
Cash funding arrangement for abandonment of the offshore wells, platforms and facilities								$ 18,300,000
Cash funding arrangement for abandonment of the offshore wells, platforms and facilities net								5,100,000
Abandonment cost related to annual funding								61,100,000
Abandonment cost related to annual funding, net								17,300,000
DGH audit settlement					$ 300,000
Abandonment funding				$ 5,137,000		$ 5,137,000		5,137,000	$ 2,600,000
Number of exploration wells | item						3
Accounts with partners, net of allowance				12,220,000		$ 12,220,000		27,856,000
Recorded restricted cash				15,830,000		15,830,000		15,830,000
Exploration expense				2,000	$ 1,113,000	3,000	$ 28,572,000
Dry hole costs and impairment loss on unproved leasehold							$ 27,871,000
Asset retirement obligations				16,632,000		16,632,000		$ 16,166,000
Payments for Legal Settlements		$ 775,000
Sonangol P&P [Member]
Commitments And Contingencies [Line Items]
Reversal of allowance						7,600,000
Interest income						$ 3,200,000
Working interest ownership, percentage			40.00%			10.00%
Gabon [Member]
Commitments And Contingencies [Line Items]
Accrued Payroll Taxes				2,200,000		$ 2,200,000
Angola [Member]
Commitments And Contingencies [Line Items]
Total assessment of the exploration				10,000,000		10,000,000
Assessment net to VAALCO				5,000,000		5,000,000
Recorded restricted cash				$ 15,000,000		$ 15,000,000
Working interest ownership, percentage						40.00%
Subsequent Event [Member]
Commitments And Contingencies [Line Items]
Working interest ownership, percentage	2.98%

Derivatives and Fair Value (Not

Derivatives and Fair Value (Notional) (Detail)	1 Months Ended	6 Months Ended
	Apr. 30, 2016$ / Boe	Jun. 30, 2016bbl
Derivative, Nonmonetary Notional Amount per Month | bbl		36,000
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Underlying, Derivative Energy Measure | $ / Boe	40

Derivatives and Fair Value (BS)

Derivatives and Fair Value (BS) (Detail) - Commodity Contract [Member] - Not Designated as Hedging Instrument [Member] - Prepayments and other [Member] $ in Thousands	Jun. 30, 2016USD ($)
Derivatives, Fair Value [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ 265
Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ 265

Derivatives and Fair Value (IS)

Derivatives and Fair Value (IS) (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other, net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (578)	$ (578)

Compensation (Narrative) (Detai

Compensation (Narrative) (Detail)	3 Months Ended			6 Months Ended		15 Months Ended
	Jun. 30, 2016USD ($)	Mar. 31, 2016shares	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)shares	Jun. 30, 2015USD ($)	Mar. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation | $	$ 800,000		$ 700,000	$ 1,616,000	$ 2,332,000
Stock options granted, exercisable life				5 years
Stock, vesting period				3 years
Cash proceeds from exercise of stock options | $					$ 452,000
Stock options remainder vesting period						2 years
Shares repurchased | shares		31,808
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares				357,145
Stock Appreciation Rights (SARs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
egy-Share-based Compensation Arrangement By Share-based Payment Award, Life				5 years
egy-Share-based Compensation Arrangemet By Share Based Payment Award, Spread	300			300
egy-Share-based Compensation Arrangement by Share-based Payment Award, Grant Date Share Price | $				$ 1.04
Stock, vesting period				3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares				815,355
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock, vesting period				5 years

Compensation (Stock Option Acti

Compensation (Stock Option Activity) (Detail) shares in Thousands	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Compensation [Abstract]
Number of Shares Underlying Options, Outstanding at beginning of period | shares	4,144
Number of Shares Underlying Options, Granted | shares	1,519
Number of Shares Underlying Options, Forfeited | shares	(1,058)
Number of Shares Underlying Options, Outstanding at end of period | shares	4,605
Weighted Average Exercise Price Per Share, Outstanding at beginning of period | $ / shares	$ 6.41
Weighted Average Exercise Price Per Share, Granted | $ / shares	1.16
Weighted Average Exercise Price Per Share, Forfeited | $ / shares	5.62
Weighted Average Exercise Price Per Share, Outstanding at end of period | $ / shares	$ 4.86

Compensation (Summary Of Non Ve

Compensation (Summary Of Non Vested Awards) (Detail) - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2016	Jun. 30, 2016
Compensation [Abstract]
Restricted Stock, Non-Vested Shares Outstanding at beginning period	419,888	419,888
Awards granted		357,145
Awards vested		(454,783)
Restricted Stock, Awards forfeited		(100,000)
Restricted Stock, Non-Vested Shares Outstanding at ending period		222,250
Weighted Average Grant Price, Non-Vested Shares Outstanding at beginning period	$ 3.83	$ 3.83
Weighted Average Grant Price, Awards vested		2.06
Weighted Average Grant Price, Awards forfeited		1.97
Weighted Average Grant Price, Non-Vested Shares Outstanding at ending period		3.94
Weighted Average Grant Price, Awards granted		$ 1.12
Treasury Stock Shares Acquired	31,808

Earnings Per Share (Detail)

Earnings Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Diluted shares
Basic weighted average shares outstanding	58,463,838	58,301,960	58,488,074	58,142,539
Diluted weighted average shares outstanding	58,463,838	58,301,960	58,488,074	58,142,539
Stock options excluded from dilutive calculation because they would be anti-dilutive	4,413,180	6,051,591	3,522,081	5,624,716

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Current Income Tax Expense (Benefit)		$ 0
Angola [Member]
Current Income Tax Expense (Benefit)	$ 100	$ 3,100

Segment Information (Segment Ac

Segment Information (Segment Activity) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Revenues-oil and natural gas sales	$ 18,847	$ 27,137	$ 29,823	$ 45,376
Depreciation, depletion and amortization	1,945	9,299	4,186	15,234
Impairment of proved properties		5,821		11,220
Bad debt expense (recovery) and other	171	296	(7,115)	576
Other operating expense	754		9,635
Operating income (loss)	4,573	(1,030)	(2,075)	(36,308)
Interest income (expense), net	(1,470)	(339)	1,243	(645)
Income tax expense	3,001	4,273	7,653	7,638
Additions to properties and equipment	(2,353)	18,885	(2,353)	31,581
Long lived assets	27,080		27,080		$ 33,373
Total assets	91,657		91,657		123,958
Gabon [Member]
Segment Reporting Information [Line Items]
Revenues-oil and natural gas sales			29,672	45,091
Depreciation, depletion and amortization			3,976	14,784
Impairment of proved properties				11,220
Bad debt expense (recovery) and other			514
Other operating expense			9,635
Operating income (loss)			(3,532)	(2,279)
Interest income (expense), net			(1,956)	(650)
Income tax expense			4,579	7,638
Additions to properties and equipment			(2,493)	33,419
Angola [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization			6	6
Bad debt expense (recovery) and other			(7,629)
Operating income (loss)			7,007	(28,844)
Interest income (expense), net			3,201
Income tax expense			3,074
Additions to properties and equipment				(1,973)
Equatorial Guinea [Member]
Segment Reporting Information [Line Items]
Operating income (loss)			(135)	(657)
United States [Member]
Segment Reporting Information [Line Items]
Revenues-oil and natural gas sales			151	285
Depreciation, depletion and amortization			63	327
Bad debt expense (recovery) and other				576
Operating income (loss)			(3)	(414)
Additions to properties and equipment			140	(16)
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization			141	117
Operating income (loss)			(5,412)	(4,114)
Interest income (expense), net			(2)	5
Additions to properties and equipment				$ 151
Operating Segments [Member] | Gabon [Member]
Segment Reporting Information [Line Items]
Revenues-oil and natural gas sales	18,764	26,991
Depreciation, depletion and amortization	1,833	9,078
Impairment of proved properties		5,821
Bad debt expense (recovery) and other	171
Other operating expense	754
Operating income (loss)	8,424	2,266
Interest income (expense), net	(1,468)	(343)
Income tax expense	2,894	4,273
Additions to properties and equipment	(2,493)	17,680
Total assets	75,259		75,259		98,858
Operating Segments [Member] | Angola [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization	3	3
Operating income (loss)	(299)	(978)
Income tax expense	107
Additions to properties and equipment		1,135
Total assets	2,290		2,290		10,304
Operating Segments [Member] | Equatorial Guinea [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	(87)	(418)
Total assets	10,174		10,174		10,200
Operating Segments [Member] | United States [Member]
Segment Reporting Information [Line Items]
Revenues-oil and natural gas sales	83	146
Depreciation, depletion and amortization	42	157
Bad debt expense (recovery) and other		296
Operating income (loss)		(663)
Additions to properties and equipment	140	(16)
Total assets	1,314		1,314		1,470
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization	67	61
Operating income (loss)	(3,465)	(1,237)
Interest income (expense), net	(2)	4
Additions to properties and equipment		$ 86
Corporate And Other [Member] | Corporate And Other [Member]
Segment Reporting Information [Line Items]
Total assets	$ 2,620		$ 2,620		$ 3,126

Segment Information (Narrative)

Segment Information (Narrative) (Detail)	6 Months Ended
	Jun. 30, 2016segment
Segment Information [Abstract]
Number of reportable operating segments	4

Subsequent Events (Detail)

Subsequent Events (Detail) - Subsequent Event [Member]	Jul. 28, 2016
Subsequent Event, Date	Jul. 28, 2016
Working Interest Ownership, Percentage	2.98%