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 has filed a $150 million shelf registration statement with the SEC, allowing the potential issuance of various securities over a three-year period. This move is intended to provide financial flexibility for future growth and capital market access. CEO George Maxwell emphasized that while there are no immediate plans for issuing additional securities, the company aims to focus on its offshore Gabon interests and consider strategic acquisitions to enhance shareholder value. The registration is not yet effective, and no securities can be sold until it is approved.
VAALCO Energy announces the commencement of its 2021/2022 drilling campaign offshore Gabon with the Etame 8H-ST well. This initiative aims to enhance production by targeting previously unproduced hydrocarbons in the Etame field. The drilling, utilizing a jack-up rig supplied by Borr Drilling, is expected to add 7,000 to 8,000 barrels of oil per day and is anticipated to conclude by January 2022. VAALCO holds a 63.6% interest in the Etame Marin block, which has produced over 123 million barrels to date.
VAALCO Energy reported a strong Q3 2021 net income of $31.7 million or $0.53 per diluted share, significantly higher than $5.9 million in Q2 2021. Key highlights include 741,000 barrels of oil sold, a 15% increase from the previous quarter, and a realized oil price of $73.02 per barrel. The company has adopted a quarterly cash dividend policy of $0.0325 per share starting in Q1 2022. Cash reserves grew to $52.8 million, and the company is positioned for a drilling campaign in December 2021 aimed at increasing production by 7,000 to 8,000 BOPD.
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.
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