TIDMEGY
RNS Number : 9757Z
Vaalco Energy Inc
17 January 2024
THIS ANNOUCEMENT CONTAINS INSIDE INFORMATION
VAALCO ENERGY, INC. PROVIDES OPERATIONAL AND FINANCIAL UPDATE
INCLUDING PRODUCTION AND SALES VOLUMES FOR FOURTH QUARTER 2024
HOUSTON - January 17, 2024 - VAALCO Energy, Inc. (NYSE: EGY;
LSE: EGY) ("VAALCO" or the "Company") today provided an operational
and financial update with production and sales volumes for the
fourth quarter and full year of 2023 as well as its increased cash
and cash equivalents balance as of December 31, 2023.
Highlights and Key Items:
-- Continued solid operational performance in Gabon, Egypt and
Canada drove production and sales volumes in Q4 2023;
-- Recorded full year 2023 sales volumes of 23,900 to 24,000
working interest ("WI") barrels of oil equivalent per day ("BOEPD")
at the top of its guidance range of 23,050 to 24,000 WI BOEPD;
o Full year 2023 sales volumes were 18,700 to 18,800 net revenue
interest ("NRI") BOEPD above the top end of the Company's guidance
range of 17,900 to 18,500 NRI BOEPD;
-- Generated sales volumes of about 27,400 to 27,550 WI BOEPD in
Q4 2023 or 21,725 to 22,125 NRI BOEPD;
-- Produced between 23,900 and 24,000 WI BOEPD for full year
2023, above the midpoint of its full year guidance range of 23,450
to 24,400 WI BOEPD;
o Full year 2023 production volumes were 18,700 to 18,800 NRI
BOEPD at the top end of the Company's guidance range of 18,300 to
18,900 NRI BOEPD;
-- Delivered Q4 2023 production of 23,100 to 23,500 WI BOEPD or 17,900 to 18,200 NRI BOEPD; and
-- Grew cash and cash equivalents to over $120 million at
December 31, 2023 after returning $12.5 million in dividends and
share buybacks in Q4 2023.
George Maxwell, VAALCO's Chief Executive Officer commented, "We
finished 2023 with solid production driven by our capital programs
in Egypt and Canada and the continued strong operational uptime in
Gabon. In 2023, we raised our full year production and sales
guidance following excellent first half 2023 results and our
continued outstanding performance has allowed us to achieve the top
end of our sales guidance and our production was also above the
midpoint of the increased guidance range. Our high-quality asset
base, combined with our exceptional operational and financial
teams, have helped us to deliver this strong performance that
exceeded expectations. We have grown our cash by more than $80
million in 2023 and ended the year with over $120 million in cash.
VAALCO was able to accomplish this even after funding our capital
program, paying out $27 million in dividends and repurchasing $21
million of VAALCO stock. We remain committed to maximizing
shareholder value, generating meaningful cash flow and growing our
production and reserves across a larger, diversified portfolio. We
have entered 2024 with a clean balance sheet, growing cash position
and robust operational performance, underpinning management's
confidence in achieving our strategic objectives."
About VAALCO
VAALCO, founded in 1985 and incorporated under the laws of
Delaware, is a Houston, Texas, USA based, independent energy
company with production, development and exploration assets in
Africa and Canada.
Following its business combination with TransGlobe Energy
Corporation ("TransGlobe") in October 2022, VAALCO owns a diverse
portfolio of operated production, development and exploration
assets across Gabon, Egypt, Equatorial Guinea and Canada.
For Further Information
VAALCO Energy, Inc. (General and Investor Enquiries) +00 1 713 623 0801
Website: www.vaalco.com
Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
Al Petrie / Chris Delange
Buchanan (UK Financial PR) +44 (0) 207 466 5000
Ben Romney / Barry Archer VAALCO@buchanan.uk.com
Forward Looking Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act") and Section 21E of the Securities
Exchange Act of 1934, as amended, which are intended to be covered
by the safe harbors created by those laws and other applicable laws
and "forward-looking information" within the meaning of applicable
Canadian securities laws. Where a forward-looking statement
expresses or implies an expectation or belief as to future events
or results, such expectation or belief is expressed in good faith
and believed to have a reasonable basis. All statements other than
statements of historical fact may be forward-looking statements.
The words "anticipate," "believe," "estimate," "expect," "intend,"
"forecast," "outlook," "aim," "target," "will," "could," "should,"
"may," "likely," "plan" and "probably" or similar words may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements in this press release include, but are
not limited to, statements relating to (i) estimates of production
and sales volumes and cash position as of, and for the quarter
ended, December 31, 2023; (ii) estimates of future drilling,
production, sales and costs of acquiring crude oil, natural gas and
natural gas liquids; (iii) expectations of future commodity prices;
(iii) expectations on future capital expenditures; and (iv)
expectations regarding future exploration and the development,
growth and potential of VAALCO's operations, project pipeline and
investments, and schedule and anticipated benefits to be derived
therefrom. Such forward-looking statements are subject to risks,
uncertainties and other factors, which could cause actual results
to differ materially from future results expressed, projected or
implied by the forward-looking statements. These risks and
uncertainties include, but are not limited to: risks relating to
any unforeseen liabilities of VAALCO or TransGlobe; the ability to
generate cash flows that, along with cash on hand, will be
sufficient to support operations and cash requirements; the impact
and costs of compliance with laws and regulations governing oil and
gas operations; the risks described under the caption "Risk
Factors" in VAALCO's 2022 Annual Report on Form 10-K filed with the
SEC on April 6, 2023.
Inside Information
This announcement contains inside information as defined in
Regulation (EU) No. 596/2014 on market abuse which is part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR") and is made in accordance with the Company's obligations
under article 17 of MAR. The person responsible for arranging the
release of this announcement on behalf of VAALCO is Matthew Powers,
Corporate Secretary of VAALCO.
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