VAALCO Energy reports news on its independent oil and gas business, including production, development and exploration activity across an African-focused portfolio. Recurring updates cover offshore Gabon operations at the Etame field and related drilling activity, portfolio developments in Egypt and Côte d’Ivoire, and broader operational results tied to crude oil, natural gas and natural gas liquids sales.
Company announcements also address quarterly earnings releases, conference calls, capital-structure matters, governance updates and capital allocation themes such as dividends and share repurchases. VAALCO’s news flow commonly links field activity, production performance and cash-generation priorities with its multi-country asset base.
VAALCO Energy, Inc. (NYSE: EGY) announced its second quarter 2022 earnings release scheduled for August 10, 2022, after the market close. The company will hold a conference call on August 11, 2022, at 9:00 a.m. Central Time to discuss financial and operational results. VAALCO operates in West Africa, holding a 63.6% interest in the Etame Marin block offshore Gabon, with over 126 million barrels of crude oil produced to date. Interested parties can join via phone or webcast.
VAALCO Energy and TransGlobe Energy have entered into a definitive agreement for a stock-for-stock acquisition valued at US$307 million. VAALCO will acquire each TransGlobe share for 0.6727 of a VAALCO share, reflecting a 24.9% premium. The combined entity will enhance production capacity to 19,100 boepd and reserves of 32 MMboe (1P) and 51 MMboe (2P). VAALCO's stockholders will own 54.5% and TransGlobe's 45.5% of the new company. The transaction is expected to close in the second half of 2022, pending shareholder approvals.
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.