Welcome to our dedicated page for Vaalco Energy news (Ticker: EGY), a resource for investors and traders seeking the latest updates and insights on Vaalco Energy stock.
VAALCO Energy, Inc. (EGY) is an independent energy company engaged in the acquisition, exploration, development and production of crude oil and natural gas, with a portfolio of assets across Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, Nigeria and Canada. The EGY news page on Stock Titan aggregates company-issued updates and related coverage so readers can follow how VAALCO’s operations and financial performance evolve over time.
Company press releases highlight a range of developments, including quarterly and annual operational and financial results, production and sales volumes, and guidance updates. VAALCO regularly reports on drilling campaigns in Gabon and Egypt, such as multi-well development and exploration programs, workovers and optimization activities, and maintenance shutdowns on offshore platforms. Updates also cover projects in Côte d'Ivoire, including the refurbishment of the Baobab FPSO vessel and planned development drilling on Block CI-40, as well as the company’s interests in offshore blocks like CI-705.
News items also describe VAALCO’s activities in Equatorial Guinea, where it holds a working interest in Block P and has completed a Front End Engineering and Design study for the Venus field discovery. Financial news includes information on net income, Adjusted EBITDAX and other non-GAAP measures, changes in production expenses, and the use of a reserves-based credit facility. The company also issues announcements about quarterly cash dividends and investor events such as earnings conference calls and capital markets presentations.
By reviewing the EGY news feed, investors and analysts can see how VAALCO communicates its operational progress, capital programs and portfolio developments across its international asset base. Returning to this page allows readers to monitor new press releases, earnings announcements and operational updates as they are released by the company.
VAALCO Energy announced the successful completion of the South Tchibala 1HB-ST well in Gabon, adding new reserves to its 2P and 1P positions. The company expects stabilized oil flow in the next week, with a total of six wells planned for its 2021/22 drilling program. It achieved record quarterly liftings of 1,871,446 barrels of oil in Q2 2022, maintaining production guidance of 9,500 - 10,500 BOPD. Additionally, the replacement of its FPSO is on schedule, with expected cost savings of $20-25 million annually starting in Q4 2022.
VAALCO Energy Inc. (NYSE: EGY) announced participation in the 8th Annual Roth London Conference from June 21-23, 2022. CEO George Maxwell and CFO Ron Bain will conduct one-on-one investor meetings on June 22. Maxwell expressed excitement about enhancing VAALCO’s visibility in Europe, noting the company's strong financial position with no debt and robust free cash flow. VAALCO operates in West Africa, holding a 63.6% interest in the Etame Marin block offshore Gabon, which has produced over 126 million barrels of crude oil.
VAALCO Energy is set to join the Russell 3000® Index on June 27, 2022, enhancing its visibility within the investment community. This inclusion follows the 2022 Russell Indexes Annual Reconstitution, which ranks companies by market capitalization. CEO George Maxwell expressed optimism about the company's growth prospects in the current favorable commodity price environment, highlighting zero debt and strong free cash flow generation. The Russell indexes are critical for investment managers, with around $12 trillion in assets benchmarked against them.
VAALCO Energy, Inc. (NYSE: EGY) has released its 2021 Environmental, Social, and Governance (ESG) report, detailing ESG initiatives and performance from 2019 to 2021. The report aligns with the Sustainability Accounting Standards Board (SASB) and incorporates recommendations from the Task Force on Climate-related Financial Disclosures (TCFD). CEO George Maxwell highlighted the company’s commitment to monitoring ESG performance and noted the appointment of an ESG Process Engineer to develop a decarbonization strategy. The report is available on VAALCO's website.
VAALCO Energy announced the successful drilling of the South Tchibala 1HB-ST well from the Avouma platform in the Etame field, offshore Gabon. The well discovered significant hydrocarbon-bearing sands, including 18 meters of net hydrocarbons in the Dentale D1 sand and an additional 15 meters in the Dentale D9 sand, which can be tested in the future. This drilling adds new reserves not previously included in VAALCO's 2P reserves, expected to increase upon completion. Initial production is anticipated in June 2022.
VAALCO Energy Inc. (NYSE: EGY) announced a new credit agreement on May 16, 2022, for a five-year Reserve Based Lending (RBL) facility with Glencore Energy UK Ltd. The agreement includes an initial commitment of $50 million, expandable to $100 million, enhancing the company's financial flexibility. The facility matures in 2027 and bolsters VAALCO's debt-free balance sheet. It also provides options for funding future development and acquisition opportunities, alongside crude oil marketing by Glencore.
VAALCO Energy, Inc. (NYSE: EGY) reported a strong Q1 2022 with net income of $12.2 million ($0.20/share) and adjusted net income rising to $21.1 million ($0.36/share). Production increased by 7% to 8,051 NRI BOPD. Adjusted EBITDAX grew 49% to $33.5 million. Operational challenges impacted sales, leading to 616,000 barrels sold. VAALCO's exit production rate in Q1 was approximately 9,500 NRI BOPD. The company announced a dividend of $0.0325/share and maintained a solid balance sheet with $18.9 million in cash. Plans are in place for further drilling and lower operational costs through FSO conversion.
VAALCO Energy Inc. (NYSE: EGY) has announced a quarterly cash dividend of $0.0325 per share, totaling $0.13 annually, payable on June 24, 2022 to stockholders of record by the close of business on May 25, 2022. CEO George Maxwell expressed confidence in returning capital to shareholders while enhancing asset value. VAALCO operates primarily in West Africa, holding a significant interest in the Etame Marin block, which has produced over 126 million barrels of crude oil.
VAALCO Energy, Inc. (NYSE: EGY) announced the schedule for its first quarter 2022 earnings release, set for May 3, 2022, post-market close. A conference call to discuss the financial and operational results will occur on May 4, 2022, at 9:00 a.m. Central Time. Interested participants can join via a toll-free number or through a webcast on VAALCO's website. The company holds a significant position in the West African energy sector, notably in the Etame Marin block, which has produced over 126 million barrels of oil.
VAALCO Energy Inc. (NYSE: EGY) announced the successful completion of the Avouma 3H-ST development well in the Etame field, offshore Gabon, with an initial flow rate of approximately 3,100 gross barrels of oil per day (BOPD), exceeding internal expectations. This well confirms the extension of the Avouma reservoir and is expected to enhance overall recovery, paving the way for additional drilling. The company has already commenced drilling the ETBSM 1HB-ST well, which will target both the Gamba and Dentale formations.
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