VAALCO Announces Receipt of $19 Million Payment From Angolan Partner
March 14 2016 - 06:42PM
VAALCO Energy, Inc. (NYSE:EGY) announced that today it
received cash funds totaling $19 million from its partner in
Angola, Sonangol P&P, which represents the full amount due for
its share of past costs outstanding at December 31, 2015, including
interest which was not previously recorded. The Company is
temporarily delaying the filing of its 2015 Form 10-K to update its
financial statements to reflect this positive development which
meaningfully enhances liquidity.
VAALCO intends to file a Form 12b-25
Notification of Late Filing for the year ended December 31, 2015 no
later than tomorrow to obtain an automatic 15 day extension to file
its Form 10-K. As a result, VAALCO has postponed the issuance
of its earnings release and the hosting of its conference call to
discuss fourth quarter 2015 results. A release will be issued
when the date and time are rescheduled.
Because of the delays discussed above, VAALCO
will not participate in the 28th Annual ROTH Conference on March 16
as previously announced.
About VAALCO
VAALCO Energy, Inc. is a Houston-based
independent energy company principally engaged in the acquisition,
exploration, development and production of crude oil. The Company's
properties and exploration acreage are located primarily in Gabon,
Equatorial Guinea and Angola in West Africa.
Investor Contacts
Don McCormack
Chief Financial Officer
713-212-1038
Al Petrie
Investor Relations Coordinator
713-543-3422
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