REG - Vaalco Energy Inc - 2022 ESG Report

VAALCO EnergyAnnouncement

26/04/2023 07:00

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RNS Number : 5101X  Vaalco Energy Inc  26 April 2023

 

VAALCO ANNOUNCES PUBLICATION OF 2022 ENVIRONMENTAL, SOCIAL AND GOVERNANCE
REPORT

HOUSTON - April 26, 2023 - VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ("VAALCO"
or the "Company") today announced that it has issued its 2022 Environmental,
Social and Governance ("ESG") report, which is now available on VAALCO's web
site, www.vaalco.com (http://www.vaalco.com) , under the "Sustainability"
tab.

 

The report covers VAALCO's ESG initiatives and related key performance
indicators for the calendar year 2022. During 2022, the Company completed a
materiality study, led by its ESG Engineer with input from key personnel
across the organization with responsibility for engaging with its key
stakeholder groups. Working with an external consultancy, VAALCO created an
ESG materiality framework against which it plotted material topics informed by
the Global Reporting Initiative (GRI) and Sustainability Accounting Standards
Board (SASB). Each of these was assessed based upon the perceived level of
risk to the business and the level of management control in place.

 

Commenting on the newly issued ESG report, Chief Executive Officer George
Maxwell said, "In Q4 2022, we completed our strategic combination with
TransGlobe Energy Corporation, which increased production and reserves,
diversified our production portfolio, reduced risk, and increased our cash
flow which will continue to be key to our long-term sustainability. To
effectively combine the two businesses, a variety of integration strategies
were designed; critical systems have been either fully integrated or are  on
their way to completion."

 

"Last year we adopted the framework of the Task Force on Climate related
Financial Disclosures (TCFD) to drive our focus and response to climate change
risks and opportunities. In accordance with our objective to reduce our
emissions footprint, we have taken significant steps to progress our approach.
We developed a decarbonization program, which was reviewed and approved by our
Board. This has established a Decarbonization Steering Group which is
comprised of senior management that is responsible for setting the direction
for our carbon reduction efforts. Early-stage projects are currently being
scoped and we look forward to updating our stakeholders on progress in due
course."

 

"We continue to place great emphasis on capturing, monitoring, analyzing and
ultimately sharing our ESG performance with our stakeholders. We believe our
2022 ESG Report successfully communicates the progress we have made to date on
our ESG journey."

 

About VAALCO

VAALCO, founded in 1985 and incorporated under the laws of Delaware, is a
Houston, U.S.-based, independent energy company with production, development
and exploration assets in Africa and Canada.

Following its business combination with 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 (http://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 / Jon Krinks / Chris Judd (ESG)            VAALCO@buchanan.uk.com (mailto: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 and natural gas; (iii) estimates of
future cost reductions, 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;
(vii) the amount and timing of stock repurchases, if any, under the VAALCO's
stock buyback program and VAALCO's ability to enhance stockholder value
through such plan; (v) 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;
(vi) expectations regarding future acquisitions, investments or divestitures;
(vii) expectations of future dividends and returns to stockholders; (viii)
expectations of future balance sheet strength; (ix) expectations of the
continued listing of VAALCO's common stock on the NYSE and LSE; and (x)
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; 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 PSC and the Block P PSC) 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, 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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