REG - Vaalco Energy Inc - FOURTH QUARTER 2024 DIVIDEND

VAALCO EnergyAnnouncement

11/11/2024 07:00

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RNS Number : 6460L  Vaalco Energy Inc  11 November 2024

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

 

VAALCO ENERGY, INC. DECLARES FOURTH QUARTER 2024 DIVIDEND

 

 

HOUSTON - November 11, 2024 - VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY)
("Vaalco" or the "Company") today declared its quarterly cash dividend of
$0.0625 per share of common stock for the fourth quarter of 2024 ($0.25
annualized), which is payable on December 20, 2024, to stockholders of record
at the close of business on November 22, 2024. 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 announce our fourth quarter 2024 dividend which is underpinned by our
ongoing operational and financial success that has allowed us to continue
returning cash to our shareholders through 12 consecutive dividends since
early 2022. We paid $0.13 per share in 2022, $0.25 per share in 2023 and with
this declaration, we are delivering another $0.25 per share in 2024. The
successful execution of our strategy has allowed us to pay a sustainable,
meaningful dividend to our shareholders while we grow Vaalco with both organic
development activities and inorganic growth."

 

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, Cote
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

 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 may also include "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 expectations of future
dividends to stockholders. 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
2023 Annual Report on Form 10-K filed with the SEC on March 15, 2024 and
subsequent Quarterly Reports on Form 10-Q.

 

Dividends beyond the fourth quarter of 2024 have not yet been approved or
declared by the Board of Directors. The declaration and payment of future
dividends remain at the discretion of the Board of Directors 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. The Board
of Directors reserves all powers related to the declaration and payment of
dividends. Consequently, in determining the dividend to be declared and paid
on Vaalco's common stock, the Board of Directors may revise or terminate the
payment level 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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