Vaalco Energy Inc - EGY STOCK NEWS

VAALCO Energy (NYSE: EGY) announced the schedule for its fourth quarter and full year 2020 earnings release, set for March 9, 2021, after market close. A conference call to discuss financial and operational results will follow on March 10, 2021, at 9 a.m. CT. Interested participants can join via toll-free numbers or through a webcast on VAALCO's website. The company operates in the West African region, notably holding a 58.8% interest in the Etame Marin Block offshore Gabon, which has produced over 120 million barrels of crude oil.

VAALCO Energy, Inc. (NYSE: EGY) has completed its acquisition of Sasol Gabon S.A.'s 27.8% working interest in the Etame Marin block, raising its total working interest to 58.8%. This strategic move nearly doubles VAALCO's production and reserves, with an expected increase in free cash flow starting in 2021. The acquisition, costing $29.6 million, was fully funded from cash on hand. A contingent payment of up to $5 million may apply if Brent oil prices exceed $60 per barrel for 90 consecutive days between July 2020 and June 2022.

VAALCO Energy (NYSE: EGY) announced crude oil commodity swap agreements for 709,262 barrels at a Dated Brent price of $53.10 per barrel, covering February 2021 to January 2022. This hedging strategy aims to secure cash flow to fund its drilling program for 2021/2022. CEO Cary Bounds noted recent rises in oil prices could enhance free cash flow margins. The company anticipates reviewing its hedging positions after acquiring Sasol's interest in the Etame field, expected in February.

VAALCO Energy, Inc. (NYSE: EGY) announced the successful move forward with its acquisition of a 27.8% working interest in the Etame Marin block offshore Gabon from Sasol Gabon S.A. Following a lack of exercised pre-emptive rights by other joint owners, VAALCO is set to nearly double its production and reserves. The acquisition, valued at $44 million, will enhance free cash flow significantly in 2021, reducing operational costs while eliminating a $1 million contingency obligation. CEO Cary Bounds expresses confidence in the company's future growth potential.

VAALCO Energy, Inc. announced a significant acquisition of Sasol Gabon S.A.'s 27.8% interest in the Etame Marin block, increasing VAALCO's working interest to 58.8%. The company will almost double its production and reserves, boosting daily output from 4,850 to 9,150 barrels of oil per day (BOPD) and increasing SEC reserves from 5.0 million to 9.4 million barrels. The $44 million deal is expected to enhance free cash flow per barrel by 23% and is set to close within 90 days, funded through cash on hand and operations.

VAALCO Energy reported a net income of $7.6 million, or $0.13 per diluted share, for Q3 2020, showcasing strong production of 4,405 BOPD despite maintenance shutdowns and OPEC+ mandates. The company sold 412,000 barrels of oil, up from 279,000 in Q3 2019. Per-unit production costs decreased by 35% year-over-year, supported by a cash balance of $42 million and no debt. VAALCO announced plans to acquire 3-D seismic data for future drilling optimization, indicating a focus on long-term growth while managing costs effectively.

VAALCO Energy, Inc. (NYSE: EGY) announced the release date for its third quarter 2020 earnings report, set for November 5, 2020, after market close. A conference call to discuss the financial and operational results will follow on November 6, 2020, at 9:00 a.m. Central Time. The call will be accessible via toll-free numbers in the US and UK, as well as an international line, and can also be streamed online. VAALCO operates in the West African region, holding a 31.1% interest in the Etame Marin Block, which has produced over 117 million barrels of crude oil.

VAALCO Energy reported strong Q2 2020 results, exceeding production guidance with 5,410 NRI BOPD. The company sold 631,000 barrels, a significant increase from Q1's 294,000. Net income reached $0.6 million ($0.01/share), while adjusted net income was $5.3 million ($0.09/share). Production costs fell 17% to $19.31 per barrel. VAALCO maintains a solid balance sheet with no debt and $44.8 million in cash. The full-year production guidance was raised to 4,850 NRI BOPD despite expected reductions in Q3 due to planned maintenance and OPEC+ cuts.