REG - Vaalco Energy Inc - Response to Media Speculation

VAALCO EnergyAnnouncement

27/02/2024 11:30

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RNS Number : 6314E  Vaalco Energy Inc  27 February 2024

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

 

RESPONSE TO MEDIA SPECULATION

 

HOUSTON - February 27, 2024 - The board of directors of VAALCO Energy, Inc.
(NYSE: EGY; LSE: EGY) ("VAALCO" or the "Company") notes the recent media
speculation in Africa Intelligence and confirms that the Company is in
discussions with the owner of Svenska Petroleum Exploration AB ("Svenska")
regarding a possible debt-free corporate transaction to acquire Svenska whose
primary asset is a 27.39% interest in Block CI-40, offshore Cote d'Ivoire,
which has current working interest production of approximately 4,500 boepd net
to Svenska.

 

Should the possible acquisition proceed, it is expected to be funded by cash
on hand. The possible acquisition is also expected to be subject to a number
of customary closing conditions, including regulatory and government
approvals.

 

There can be no assurance that a definitive agreement for the possible
acquisition will be entered into or, if a definitive agreement is entered
into, that the possible acquisition will proceed to completion, and the
Company will issue a further statement as appropriate.

 

For Further Information

 

 VAALCO Energy, Inc (General and Investor Enquiries)       +00 1 713 623 0801

 Website:                                                  www.vaalco.com
 Stifel, Nicolaus & Company, Inc. (Financial Adviser)      +44 (0) 20 7710 7600

 Callum Stewart / Simon Mensley
 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

 

Important notice

 

This announcement is not intended to, and does not, constitute, represent or
form part of any offer, invitation or solicitation of an offer to purchase,
otherwise acquire, subscribe for, sell or otherwise dispose of, any securities
whether pursuant to this announcement or otherwise.

 

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 production and sales volumes and cash position as of, and for the quarter
ended, December 31, 2023; (ii) estimates of future drilling, production, sales
and costs of acquiring crude oil, natural gas and natural gas liquids; (iii)
expectations of future commodity prices; (iii) expectations on future capital
expenditures; and (iv) 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: risks relating
to any unforeseen liabilities of VAALCO or Svenska; the ability to generate
cash flows that, along with cash on hand, will be sufficient to support
operations and cash requirements; the impact and costs of compliance with laws
and regulations governing oil and gas operations; the 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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