Vaalco Energy Inc Stock Price, News & Analysis

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.

VAALCO Energy, Inc. (NYSE: EGY) has announced its compliance with NYSE listing standards following a notification received on July 1, 2020. After previously falling below the required average closing price of $1.00 per share, the company confirmed that it is now in full compliance. This compliance ensures that VAALCO's common stock continues to trade without interruption on both the NYSE and LSE. VAALCO operates primarily in West Africa, holding a significant working interest in the Etame Marin Block offshore Gabon, which has produced over 116 million barrels of crude oil.

VAALCO Energy, Inc. (NYSE: EGY) announced the election of new independent directors Catherine Stubbs and George Maxwell, enhancing its Board with strong industry experience. Stubbs, a veteran with over 30 years in the energy sector, will chair the Audit Committee, while Maxwell, with 25 years of oil and gas expertise, will lead the Compensation Committee. Bradley Radoff also joins the Board, bringing investment management experience. This Board refresh aims to support VAALCO's strategic goals and diversify perspectives, while recognizing the contributions of outgoing members John Knapp and Steve Pully.

VAALCO Energy, Inc. (NYSE: EGY) announced key developments during its 2020 Annual General Meeting. CEO Cary Bounds highlighted the company's operational resilience amid global challenges, with production reaching approximately 4,944 barrels per day in Q1 2020. The firm successfully completed its drilling program on time and on budget, enhancing production capabilities. The company maintains a robust financial position with zero debt and $61 million in cash. VAALCO’s dual-listing on the London Stock Exchange aims to attract diverse capital sources for future growth. Their commitment to ESG is reflected in the inaugural Sustainability Report.

VAALCO Energy reported its first quarter 2020 results, achieving production of 4,944 BOPD, a 35% increase from Q4 2019. However, the company faced a net loss of $52.8 million due to non-cash impairment charges related to falling oil prices. Despite these challenges, VAALCO maintained a strong balance sheet with $61 million in cash and no debt. The company deferred discretionary capital expenditures and successfully completed its drilling campaign with a 100% success rate. Looking ahead, production guidance remains between 4,400 to 5,000 BOPD for 2020.