REG - Vaalco Energy Inc - RECORD PRODUCTION AND SALES VOLUMES FOR 2024

VAALCO EnergyAnnouncement

21/01/2025 07:00

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RNS Number : 0977U  Vaalco Energy Inc  21 January 2025

 

VAALCO ENERGY, INC. ANNOUNCES RECORD PRODUCTION AND SALES VOLUMES FOR 2024

 

HOUSTON - January 21, 2025 - VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY)
("Vaalco" or the "Company") today provided an operational update that included
record production and sales volumes for 2024.

 

Highlights and Key Items:

 

•     Recorded full year 2024 sales volumes of 24,100 to 24,600 working
interest ("WI") barrels of oil equivalent per day ("BOEPD"), at the midpoint
of its guidance range of 23,500 to 25,100 WI BOEPD;

o Full year 2024 sales volumes were 19,400 to 19,800 net revenue interest
("NRI") BOEPD, at the midpoint of the Company's guidance range of 18,800 to
20,300 NRI BOEPD;

•     Generated Q4 2024 sales volumes of about 23,600 to 24,000 WI
BOEPD, or 19,100 to 19,500 NRI BOEPD, both within guidance;

•     Produced between 24,550 and 25,050 WI BOEPD for full year 2024, in
line with the midpoint of its full year guidance range of 24,100 to 25,400 WI
BOEPD;

o Full year 2024 production volumes were 19,800 to 20,200 NRI BOEPD, above the
midpoint of the Company's guidance range of 19,300 to 20,600 NRI BOEPD; and

·    Delivered Q4 2024 production of about 25,100 to 25,600 WI BOEPD, or
20,600 to 21,000 NRI BOEPD, in line with guidance.

 

George Maxwell, Vaalco's Chief Executive Officer commented, "We completed
another successful year in 2024 where the Company achieved record operational
performance. As we look forward to 2025, we are excited about the major
projects that we have planned which are expected to deliver a step-change in
organic growth across our portfolio in the coming years.  I am proud of what
we have accomplished over the past several years and believe that we are
well-positioned to take Vaalco to another level with the opportunities we plan
to pursue. We remain focused on maximizing value and generating strong
operational cash flow to fund our numerous organic opportunities moving
forward, all while continuing to return capital to our shareholders through
the quarterly dividend policy."

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 "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) estimates
of future drilling, production, sales and costs of acquiring crude oil,
natural gas and natural gas liquids; (ii) expectations regarding Vaalco's
ability to effectively integrate assets and properties it has acquired as a
result of the Svenska acquisition into its operations; (iii) 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; (iv) expectations regarding
future acquisitions, investments or divestitures; (v) expectations of future
dividends; (vi) expectations of future balance sheet strength; and (vii)
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 2023 Annual Report on
Form 10-K filed with the SEC on March 15, 2024 and subsequent Quarterly
Reports on Form 10-Q filed with the SEC.

 

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