REG - Vaalco Energy Inc - Operational Update

VAALCO EnergyAnnouncement

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RNS Number : 8417V  Vaalco Energy Inc  09 March 2026

 

THIS RELEASE CONTAINS INSIDE INFORMATION

VAALCO ENERGY, INC. PROVIDES OPERATIONAL UPDATE ON

OFFSHORE GABON DRILLING PROGRAM

 

HOUSTON - March 9, 2026 - VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) ("Vaalco"
or the "Company") today provided an operational update on its Phase Three
Drilling Program offshore Gabon. Vaalco has completed drilling the Etame West
ET-14P exploration well.  While the well encountered 10 meters of
high-quality Gamba sands, in line with pre-drill predictions, the target zone
was water-bearing.  The lower portion of the well will be plugged and
abandoned but the well bore will be utilized and sidetracked in the upper
portion of the well to drill the ET-14H development well in the Main Fault
Block of Etame, pending partner approval.    Operations are expected to be
completed in April.

 

George Maxwell, Vaalco's Chief Executive Officer, commented, "When we
committed to drilling the Etame West exploration well, we knew there was the
geologic risk of not encountering commercial sands but the size of the
potential reservoir made it a risk worth taking.  Furthermore, we purposely
designed the well so we could still utilize the well bore to drill a
development well into a known productive area if the sands were
non-commercial.  This side-tracked well should be completed in April. "

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, Côte
d'Ivoire, Equatorial Guinea, and Nigeria.

Vaalco's Legal Entity Identifier (LEI) is 549300CFHFVIWB8M6T24.

For Further Information

 Vaalco Energy, Inc. (General and Investor Enquiries)  +00 1 713 543 3422
 Website:                                              www.vaalco.com

 Al Petrie Advisors (US Investor Relations)            +00 1 713 543 3422
 Al Petrie / Chris Delange

 Burson Buchanan (UK Financial PR)                     +44 (0) 207 466 5000
 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 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(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 (i) estimates of future drilling,
production, sales and costs of acquiring crude oil, natural gas and natural
gas liquids; (ii) 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;
(iii) expectations regarding future acquisitions, investments or divestitures;
(iv) expectations of future dividends; (v) expectations of future balance
sheet strength; and (vi) expectations of future equity and enterprise value.

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 most recent Annual
Report on Form 10-K filed with the SEC on March 17, 2025 and subsequent
Quarterly Reports on Form 10-Q filed with the SEC.

Any forward-looking statement made by Vaalco in this press release is based
only on information currently available to Vaalco and speaks only as of the
date on which it is made. Except as may be required by applicable securities
laws, Vaalco undertakes no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or otherwise.

 

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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