VAALCO Energy, Inc. Declares First Quarter 2025 Dividend
19 February 2025 - 6:00PM
VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the
“Company”) today announced that it declared its quarterly cash
dividend of $0.0625 per share of common stock for the first quarter
of 2025 ($0.25 annualized), which is payable on March 28, 2025, to
stockholders of record at the close of business on February 28,
2025. Future declarations of quarterly dividends and the
establishment of future record and payment dates are subject to
approval by the Board of Directors.
George Maxwell, Vaalco’s Chief Executive
Officer, commented, “We are pleased to announce our first quarter
2025 dividend, marking the beginning of the fourth year of paying a
meaningful cash dividend to our shareholders. While we plan an
active investment program in 2025, our ongoing operational and
financial success has allowed us to continue returning cash to our
shareholders. We remain committed to paying a sustainable,
meaningful dividend to our shareholders while we grow Vaalco
through both organic development activities across our diversified
portfolio and inorganic growth opportunities.”
About Vaalco
Vaalco, founded in 1985 and incorporated under
the laws of Delaware, is a Houston, Texas, USA based, independent
energy company with a diverse portfolio of production, development
and exploration assets across Gabon, Egypt, Cote d’Ivoire,
Equatorial Guinea, Nigeria and Canada.
For Further Information
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Vaalco Energy, Inc. (General and Investor
Enquiries) |
+00 1 713 543 3422 |
Website: |
www.vaalco.com |
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Al Petrie Advisors (US Investor Relations) |
+00 1 713 543 3422 |
Al Petrie / Chris Delange |
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Buchanan (UK Financial PR) |
+44 (0) 207 466 5000 |
Ben Romney / Barry Archer |
VAALCO@buchanan.uk.com |
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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 may also include “forward-looking information”
within the meaning of applicable Canadian securities laws
(collectively, “forward-looking statements”). 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 expectations of future dividends to stockholders. 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; the ability to generate cash flows that,
along with cash on hand, will be sufficient to support operations
and cash requirements; risks relating to the timing and costs of
completion for scheduled maintenance of the FPSO servicing the
Baobab field; and the risks described under the caption “Risk
Factors” in Vaalco’s 2023 Annual Report on Form 10-K filed with the
SEC on March 15, 2024 and subsequent Quarterly Reports on Form 10-Q
filed with the SEC.
Dividends beyond the first quarter of 2025 have
not yet been approved or declared by the Board of Directors. The
declaration and payment of future dividends remain at the
discretion of the Board of Directors and will be determined based
on Vaalco’s financial results, balance sheet strength, cash and
liquidity requirements, future prospects, crude oil and natural gas
prices, and other factors deemed relevant by the Board of
Directors. The Board of Directors reserves all powers related to
the declaration and payment of dividends. Consequently, in
determining the dividend to be declared and paid on Vaalco’s common
stock, the Board of Directors may revise or terminate the payment
level at any time without prior notice.
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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