Vaalco Energy Inc - EGY STOCK NEWS

VAALCO Energy, Inc. (NYSE: EGY) has successfully completed workovers at the Etame field in Gabon, leading to an increase of approximately 1,050 gross barrels of crude oil per day. The workovers included the EEBOM-2H well, boosting production from 500 gross BOPD to 1,400 gross BOPD, and the ET-12H well, which saw production restored to 1,800 gross BOPD. The company utilized a mobile hydraulic workover unit for efficiency and cost-effectiveness. CEO George Maxwell expressed optimism about the enhanced production capacity and its potential in the current oil price environment.

VAALCO Energy, Inc. (NYSE: EGY) announced the schedule for its third quarter 2021 earnings release and conference call. The earnings release will be issued on November 3, 2021, after NYSE trading closes, followed by a conference call on November 4, 2021, at 9:00 a.m. CT. Participants can join via toll-free numbers depending on their region. VAALCO, based in Houston, holds a 58.8% working interest in the Etame Marin Block offshore Gabon, which has produced over 120 million barrels of crude oil to date.

VAALCO Energy, Inc. (NYSE: EGY) has formed a consortium with BW Energy and Panoro Energy, securing provisional awards for two offshore blocks in Gabon during the 12th Offshore Licensing Round. The consortium partners will each hold a 37.5% working interest, with BW Energy as the operator. The blocks, G12-13 and H12-13, cover significant areas and are adjacent to successful production projects. The consortium plans extensive exploration activities, including seismic reprocessing and drilling exploration wells, aiming for resource development in line with VAALCO’s strategic focus on maximizing shareholder returns in West Africa.

VAALCO Energy (NYSE: EGY) announced the approval of new agreements to replace its Floating Production, Storage and Offloading (FPSO) unit with a Floating Storage and Offloading (FSO) unit. This transition, effective immediately, is expected to reduce storage and offloading costs by nearly 50% and increase storage capacity by over 50%. The CEO highlighted that this change will extend the economic life of the Etame field, enhancing recovery and reserves. The FSO is projected to be operational by September 2022, prior to the expiration of the current FPSO contract.

VAALCO Energy, Inc. (NYSE: EGY) announced a binding letter of intent with World Carrier Offshore Services to operate a Floating Storage and Offloading (FSO) unit at its Etame Marin field in Gabon. This new agreement is projected to reduce storage and offloading costs by nearly 50% and lower overall operating costs by about 17-20% through 2030. The transition is expected to extend the economic life of the field and improve operational flexibility. VAALCO will prepay $2 million in 2021 and $5 million in 2022, aiming to fund capital costs through cash from operations.

VAALCO Energy (NYSE: EGY) will participate in EnerCom’s The Oil and Gas Conference on August 16, 2021, in Denver, Colorado. CEO George Maxwell is scheduled to present at 2:20 PM Mountain Time. The event will include one-on-one meetings with investors, and the presentation will be available via live webcast on VAALCO's website, alongside an updated investor slide deck. VAALCO, founded in 1985, operates in West Africa, holding a 58.8% interest in the Etame Marin Block offshore Gabon, which has produced over 120 million barrels of crude oil.

VAALCO Energy reported a net income of $5.9 million ($0.10 per diluted share) for Q2 2021, with Adjusted Net Income of $8.4 million ($0.14 per diluted share). The company generated Adjusted EBITDAX of $21.9 million, up 22% from Q1 2021. VAALCO sold 642,000 barrels of oil, a 4% increase from the previous quarter, and produced an average of 8,018 BOPD, reflecting a 55% increase. The company maintained a strong balance sheet with $22.9 million in cash and no debt, while fully preparing for its upcoming drilling campaign.

VAALCO Energy, Inc. (NYSE: EGY) has announced the date for its second quarter 2021 earnings release, which will take place on August 11, 2021, after the market closes. A conference call to discuss the results is scheduled for the following day, August 12, 2021, at 9:00 a.m. Central Time. The call can be accessed toll-free from the U.S. and U.K., and will also be available as a webcast on VAALCO's website. The company operates in the West African region, holding a significant interest in the Etame Marin Block, which has produced over 120 million barrels of crude oil.

VAALCO Energy (NYSE: EGY) released its 2020 Environmental, Social and Governance (ESG) report, now available on its website. This report elaborates on ESG initiatives and key performance indicators from 2018 to 2020, aligning with standards set by the Sustainability Accounting Standards Board (SASB) and the United Nations' Sustainable Development Goals. CEO George Maxwell emphasized the company's commitment to safety and environmental stewardship as foundational to its operations in West Africa. VAALCO, an independent energy company, operates the Etame Marin Block offshore Gabon, with over 120 million barrels produced.