Vaalco Energy Inc Stock Price, News & Analysis

VAALCO Energy (NYSE: EGY; LSE: EGY) has provided updated information regarding its acquisition of Svenska Petroleum Exploration AB. Key highlights include:

• Updated SEC net proved reserves as of December 31, 2023, of 16.9 MMBOE (93% oil), higher than previous estimates
• Increased 2P WI CPR reserves to 22.5 MMBOE (93% oil)
• Significant upside potential with Best Estimate Working Interest Contingent Resources of 20.4 MMBOE

The acquisition, closed on April 30, 2024, includes a 27.39% non-operated working interest in the Baobab field offshore Côte d'Ivoire. The net purchase price of $40.2 million was fully funded by cash on hand. On a pro-forma basis, VAALCO's year-end 2023 SEC net proved reserves totaled 45.6 MMBOE, a 59% increase from previously reported figures. The company paid approximately $2.37 per net proved barrel of reserves.

VAALCO Energy (NYSE: EGY; LSE: EGY) has provided positive additional information regarding its acquisition of Svenska Petroleum Exploration AB. Key highlights include:

• Updated SEC net proved reserves as of December 31, 2023: 16.9 MMBOE (93% oil), higher than previous estimates
• Increased 2P WI CPR reserves to 22.5 MMBOE (93% oil)
• Significant upside potential with Best Estimate Working Interest Contingent Resources of 20.4 MMBOE

The acquisition, closed on April 30, 2024, includes a 27.39% non-operated working interest in the Baobab field, offshore Côte d'Ivoire. The net purchase price of $40.2 million was fully funded by cash on hand. This strategic move expands VAALCO's West African presence and is expected to support future growth.

VAALCO Energy (NYSE: EGY; LSE: EGY) announced its participation in the Water Tower Research Fireside Chat on June 4, 2024. CEO George Maxwell will discuss the company's development portfolio, including projects in Côte d'Ivoire and Equatorial Guinea, and operational excellence in Gabon, Egypt, and Canada. Topics will also cover the company's strategy for sustainable growth and cash returns to shareholders. The event is accessible via pre-registration and will be webcast on VAALCO's website.

VAALCO Energy (NYSE: EGY; LSE: EGY) has successfully drilled, completed, and brought into production four long lateral wells in Canada. Each well has a lateral length of 2.75 miles. Initial production rates are strong, with three wells producing approximately 500 barrels of oil per day (BOPD) and the fourth well producing 350 BOPD before being shut in for regulatory pressure build-up. The average cycle time from rig release to first production was 65 days. The company plans to target an appraisal well in Southern Canada in Q3 2024 to potentially develop more long lateral wells. CEO George Maxwell highlighted the project's completion on budget and schedule, with total early production results nearing 1,850 BOPD. VAALCO aims to continue optimizing their Canadian prospects and enhancing their development program's economics.

VAALCO Energy, Inc. reported strong Q1 2024 results highlighted by the acquisition of Svenska, high production rates, robust earnings, and a favorable pricing environment. The company achieved net income of $7.7 million, Adjusted EBITDAX of $61.7 million, and significant sales volumes near guidance. VAALCO also closed the accretive Svenska acquisition ahead of schedule, enhancing its portfolio and shareholder value.

VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) has declared a quarterly cash dividend of $0.0625 per share of common stock for the second quarter of 2024 ($0.25 annualized). The dividend will be payable on June 21, 2024, to stockholders of record on May 17, 2024. The company's CEO, George Maxwell, highlighted the consistent financial success that enables them to return cash to shareholders through dividends.

VAALCO Energy, Inc. has successfully completed the acquisition of Svenska Petroleum Exploration AB, a company based in Stockholm, Sweden, with a significant interest in the Baobab field offshore Cote d’Ivoire. The acquisition was funded by cash on hand, with no additional debt or equity issued. The transaction is expected to be immediately accretive to shareholders, providing VAALCO with a substantial producing asset and future growth opportunities in a well-established market.

VAALCO Energy, Inc. announced the release of its 2023 Sustainability Report, focusing on environmental, social, and governance initiatives. The report highlights the appointment of new leadership to enhance accountability, global standards, and sustainability practices. CEO George Maxwell emphasized the importance of strategic objectives post the TransGlobe Energy merger. COO Thor Pruckl discussed the 19% reduction in Scope 1 emissions and the company's commitment to decarbonization.