VAALCO Energy, Inc. Receives Continued Listing Standard Notice from NYSE
April 24 2020 - 4:45PM
VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the
“Company”) today announced that on April 22, 2020, the Company was
notified by the New York Stock Exchange (the “NYSE”) that the price
of the Company’s common stock has fallen below the NYSE’s continued
listing standards. The NYSE requires that the average closing price
of a listed company’s common stock not be less than $1.00 per share
for a period of over 30 consecutive trading days.
Under the NYSE rules, VAALCO can regain
compliance if on the last trading day in any calendar month the
common stock has (i) a closing price of at least $1.00 per share
and (ii) an average closing price of at least $1.00 per share over
the 30 consecutive trading-day period ending on the last trading
day of such month. As required by the NYSE, the Company plans to
notify the NYSE of its intent to cure the deficiency and restore
its compliance with the NYSE continued listing standards. The
Company is committed to working with the NYSE to regain compliance
and maintain the listing of its common stock. The Company has until
January 1, 2021 to regain compliance with the NYSE’s continued
listing standards under recently adopted rules by the NYSE that
permit listed companies additional time to regain compliance due to
the current economic environment.
The notice has no immediate impact on the
listing of the common stock, which will continue to be listed and
traded on the NYSE during this period, subject to the Company’s
compliance with the other listing requirements of the NYSE. The
NYSE notification does not affect VAALCO’s business operations, its
Securities and Exchange Commission reporting requirements or its
listing on the London Stock Exchange.
About VAALCO
VAALCO, founded in 1985, is a Houston, USA
based, independent energy company with production, development and
exploration assets in the West African region.
The Company is an established operator within
the region, holding a 31.1% working interest in the Etame Marin
Block, located offshore Gabon, which to date has produced over 114
million barrels of crude oil and of which the Company is the
operator.
For Further Information
VAALCO Energy, Inc. (General and Investor
Enquiries) |
+00 1 713 623 0801 |
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 / Kelsey
Traynor / James Husband |
VAALCO@buchanan.uk.com |
Forward Looking StatementsThis
press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical facts, included
in this press release that address activities, events, plans,
expectations, objectives or developments that VAALCO expects,
believes or anticipates will or may occur in the future are
forward-looking statements. Forward-looking statements include all
statements regarding well results, wells anticipated to be drilled
and placed on production, future levels of drilling and operational
activity and associated expectations, future levels of revenues,
the implementation of the Company's business plans and strategy,
prospect evaluations, prospective resources and reserve growth, the
Company’s ability to regain compliance with the NYSE’s continued
listing standards and the continued trading of the Company’s common
stock on the NYSE, as well as statements including the words
"believe," "expect," "plans" and words of similar meaning. These
statements are based on assumptions made by VAALCO based on its
experience and perception of historical trends, current conditions,
expected future developments and other factors it believes are
appropriate in the circumstances. Actual future results, including
project plans and schedules and resource recoveries could differ
materially due to changes in market conditions affecting the oil
and gas industry or long-term oil and gas price levels, political
or regulatory developments, reservoir performance, the outcome of
future exploration and development efforts, technical or operating
factors, inflation, general economic conditions, the Company's
success in discovering, developing and producing reserves,
production and sales differences due to timing of liftings,
decisions by future lenders, the risks associated with liquidity,
lack of availability of goods, services and capital, environmental
risks, drilling risks, foreign regulatory and operational risks,
and regulatory changes. There are no assurances the Company can
develop probable or possible reserves, or that if developed,
probable reserves will become producing reserves to the level of
estimates.
These and other risks are further described in
VAALCO's annual reports on Form 10-K and quarterly reports on Form
10-Q and other reports filed with the U.S. Securities and Exchange
Commission (“SEC”) which can be reviewed at http://www.sec.gov, or
which can be received by contacting VAALCO at 9800 Richmond Avenue,
Suite 700, Houston, Texas 77042, (713) 623-0801. VAALCO disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise, except as required by law.
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