REG - Vaalco Energy Inc - FINALIZATION OF AGREEMENTS IN EQUATORIAL GUINEA

VAALCO EnergyAnnouncement

25/03/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240325:nRSY0577Ia&default-theme=true

RNS Number : 0577I  Vaalco Energy Inc  25 March 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

 

 

VAALCO ENERGY, INC. ANNOUNCES FINALIZATION OF AGREEMENTS IN EQUATORIAL GUINEA

 

 

HOUSTON - March 25, 2024 - VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ("VAALCO"
or the "Company") today announced that all partners have signed the final
documents and the Government of Equatorial Guinea has approved the Joint
Operating agreement ("JOA") related to the previously approved Venus-Block P
Plan of Development ("POD"). The Block P Production Sharing Contract ("PSC")
provides for a development and production period of 25 years from the date of
approval of the POD.

 

George Maxwell, VAALCO's Chief Executive Officer, commented, "With final
documents for Block P signed, we are very excited to proceed with our plans to
develop, operate, and begin producing from the discovery in Block P offshore
Equatorial Guinea over the next few years. We will now proceed with our
Front-End Engineering Design ("FEED" ) study. We anticipate the completion of
the FEED study will lead to an economic Final Investment Decision or "FID"
which will enable the development of the Venus POD. Over the past two years,
we have greatly diversified our portfolio, which has expanded our ability to
generate operational cash flow, all while growing our cash position and
remaining bank-debt free. The Block P development will further enhance our
portfolio by adding yet another strong producing asset to VAALCO's global
portfolio.  VAALCO is  well placed to execute our projects in our enhanced
portfolio, and  has a proven operating track record for a development of this
type."

 

Additional information will be provided in VAALCO's upcoming first quarter
2024 earnings release and Form 10Q in early May.

 

About VAALCO

 

VAALCO, founded in 1985 and incorporated under the laws of Delaware, is a
Houston, USA based, independent energy company with production, development
and exploration assets in Africa and Canada. 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 1 713 543 3422
 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 announcement 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
announcement include, but are not limited to, statements relating to
 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.  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  the risks
described under the caption "Risk Factors" in VAALCO's most recent Annual
Report on Form 10-K and the risks described in VAALCO's subsequent public
filings.

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDVZLFLZXLEBBL