REG - Vaalco Energy Inc - Quarterly Dividend & Investor Events

VAALCO EnergyAnnouncement

09/08/2023 07:00

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RNS Number : 7751I  Vaalco Energy Inc  09 August 2023

THIS ANNOUCEMENT CONTAINS INSIDE INFORMATION

 

 

 

VAALCO ENERGY, INC. DECLARES QUARTERLY DIVIDEND AND ANNOUNCES PARTICIPATION IN

UPCOMING ENERGY INVESTOR CONFERENCES

 

HOUSTON - August 9, 2023 - VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ("VAALCO"
or the "Company") declared its quarterly cash dividend of $0.0625 per share of
common stock for the second quarter of 2023 ($0.25 annualized), which is
payable on September 22, 2023, to stockholders of record at the close of
business on August 25, 2023. 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 pay our third quarterly dividend at the increased rate of $0.0625 per
share, or $0.25 per share annually, which is up 92% from our 2022 dividend
rate. Delivering meaningful value to our stockholders through dividends and
share buybacks are key components of our value creation strategy. We have
premier assets in Gabon, Egypt and Canada generating strong operational
results that allow us to reinvest in our business, while returning significant
cash to our stockholders."

 

Energy Conference Participation

 

VAALCO today also announced its participation in the EnerCom Denver Conference
to be held in Denver, Colorado where Chief Executive Officer George Maxwell is
scheduled to make a presentation on Monday, August 14(th) at 11:20 am Mountain
Time (12:20 pm Central Time.)

 

Senior management will also host one-on-one meetings with investors. The
presentation will be webcast live and archived on VAALCO's website,
www.vaalco.com, in the "Investor Relations" section under "News and Events."
An updated investor slide deck will be posted on the website under
"Presentations" on the day of the event.

 

VAALCO management will also participate in the Seaport Research Partners
Annual Summer Investor Conference on August 22(nd) and 23(rd), 2023 with
virtual meetings with investors.  An investor deck for that Conference will
also be posted the day of the event.

 

 

 

 

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) VAALCO's
ability to realize the anticipated benefits and synergies expected from the
acquisition of TransGlobe; (ii) estimates of future drilling, production,
sales and costs of acquiring crude oil, natural gas and natural gas liquids;
(iii) estimates of future cost reductions, synergies, including pre-tax
synergies, savings and efficiencies; (iv) expectations regarding VAALCO's
ability to effectively integrate assets and properties it acquired as a result
of the acquisition of TransGlobe into its operations; (v) the amount and
timing of stock buybacks, if any, under VAALCO's stock buyback program and
VAALCO's ability to enhance stockholder value through such plan; (vi)
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; (vii) expectations
regarding future acquisitions, investments or divestitures; (viii)
expectations of future dividends, buybacks and other potential returns to
stockholders; (ix) expectations of future balance sheet strength; (x)
expectations of future equity and enterprise value; (xi) expectations of the
continued listing of VAALCO's common stock on the NYSE and LSE and (xii)
VAALCO's ability to finalize documents and effectively execute the POD for the
Venus development in Block P.

 

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 tax treatment of
the business combination in the United States and Canada; declines in oil or
natural gas prices; the level of success in exploration, development and
production activities; adverse weather conditions that may negatively impact
development or production activities; the right of host governments in
countries where we operate to expropriate property and terminate contracts
(including the Egypt PSCs, the Etame production sharing contract and the Block
P production sharing contract) for reasons of public interest, subject to
reasonable compensation, determinable by the respective government in its
discretion; the final terms of the agreements pertaining to Block P in
Equatorial Guinea, which remain under negotiation; the timing and costs of
exploration and development expenditures; inaccuracies of reserve estimates or
assumptions underlying them; revisions to reserve estimates as a result of
changes in commodity prices; impacts to financial statements as a result of
impairment write-downs; the ability to generate cash flows that, along with
cash on hand, will be sufficient to support operations and cash requirements;
the ability to attract capital or obtain debt financing arrangements; currency
exchange rates and regulations; actions by joint venture co-owners; hedging
decisions, including whether or not to enter into derivative financial
instruments; international, federal and state initiatives relating to the
regulation of hydraulic fracturing; failure of asses to yield oil or gas in
commercially viable quantities; uninsured or underinsured losses resulting
from oil and gas operations; inability to access oil and gas markets due to
market conditions or operational impediments; the impact and costs of
compliance with laws and regulations governing oil and gas operations; the
ability to replace oil and natural gas reserves; any loss of senior management
or technical personnel; competition in the oil and gas industry; the risk that
the business combination with TransGlobe may not increase VAALCO's relevance
to investors in the international E&P industry, increase capital market
access through scale and diversification or provide liquidity benefits for
stockholders; and other risks described under the caption "Risk Factors" in
VAALCO's 2022 Annual Report on Form 10-K filed with the SEC on April 6, 2022.

 

Dividends beyond the third quarter of 2023 have not yet been approved or
declared by the Board of Directors for VAALCO. The declaration and payment of
future dividends and the terms of share buybacks remains at the discretion of
the Board of Directors of VAALCO 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 of VAALCO. The Board of Directors of VAALCO
reserves all powers related to the declaration and payment of dividends and
the terms of share buybacks. Consequently, in determining the dividend to be
declared and paid on VAALCO common stock or the terms of share buybacks, the
Board of Directors of VAALCO may revise or terminate the payment level or
buyback terms 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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