REG - Vaalco Energy Inc - Commencement of Drilling Program Offshore Gabon

VAALCO EnergyAnnouncement

Tue 07:00

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RNS Number : 7311K  Vaalco Energy Inc  09 December 2025

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

VAALCO ENERGY, INC. SPUDS FIRST WELL IN PHASE THREE DRILLING PROGRAM OFFSHORE
GABON

 

HOUSTON - December 9, 2025 - VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY)
("Vaalco" or the "Company") today announced that it has commenced its Phase
Three Drilling Program offshore Gabon with the spudding of the ET-15 infill
well on the Etame platform.

 

George Maxwell, Vaalco's Chief Executive Officer, commented, "We are excited
to commence our drilling campaign in offshore Gabon and are beginning the
near-term series of value creation catalysts that we outlined to the market in
our Capital Markets Day presentation this past May.  The drilling rig arrived
in late November, and we have spud our first well, the ET-15. We are
initiating  the program at the Etame platform with this infill well and the
pilot holes. After drilling at the Etame platform, we expect to move the rig
to the SEENT and Ebouri platforms where we have several wells and workovers
planned to enhance production, lower costs and potentially add reserves. As we
enter 2026, with major projects underway in both Gabon and Côte d'Ivoire, we
are looking to drive meaningful growth that we believe will translate into
value for our shareholders for the remainder of the decade."

As previously announced, the Company secured a drilling rig in December 2024
in conjunction with its Phase Three Drilling Program, with an affiliate of
Borr Drilling.

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, Nigeria and Canada.

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
 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 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) impact of the first well being
spud on the Etame platform; (ii) plans related to the future of Vaalco's Phase
Three Drilling Program; (iii) estimates of future drilling, production, sales
and costs of acquiring crude oil, natural gas and natural gas liquids; (iv)
expectations regarding Vaalco's ability to effectively integrate assets and
properties it has acquired as a result of the Svenska acquisition into its
operations; (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; (viii) expectations of future balance sheet
strength; and (ix) 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 and subsequent Quarterly Reports on Form 10-Q filed with
the Securities and Exchange Commission.

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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