VAALCO Provides Comments From Chief Executive Officer During 2020 Annual General Meeting Scheduled for June 25, 2020
June 24 2020 - 4:45PM
VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) today provided the
comments Cary Bounds, Chief Executive Officer will make during its
upcoming 2020 Annual General Meeting that is being held at 9:00 am
central time in Houston, Texas on Thursday, June 25, 2020.
“First and foremost I would like to take this
moment to extend my thanks to all our staff, in particular our
operations personnel, who have worked tirelessly to enable VAALCO
to continue to operate effectively during this challenging time of
uncertainty. The fact that our operations remain largely unaffected
by recent global developments is testament to the commitment and
professionalism of our team and further validates our status as a
quality international operator.
This past year has been highly transformational
for VAALCO. The success of our 2019/2020 drilling program, that was
completed on-time and on-budget, is a clear indicator of the
long-term opportunities at Etame and our continued ability to
realise value from this asset through the drill-bit. This drilling
campaign surpassed pre-drill expectations in terms of enhancing
production and identifying new opportunities to pursue with future
drilling campaigns. The programme increased our production to
4,944 net revenue interest barrels of crude oil per day in the
first quarter of 2020, and despite the operational challenges
caused by the global pandemic, our production guidance for the
second quarter and full-year remains unchanged.
VAALCO’s transformation was further reflected in
our successful dual-listing on the London Stock Exchange; a
corporate move designed to provide a platform for long-term growth
by diversifying the shareholder register and accessing a deeper
pool of capital as required. Other key achievements during
the year included a share buy-back, demonstrating the Board’s
confidence in the value proposition and long-term outlook for the
Company, and the publication of our inaugural Sustainability Report
that showcases our commitment and adherence to the themes that
comprise ESG investment.
The industry and global economies remain
challenging and this is reflected in the volatility of crude prices
through the current quarter. Financial discipline remains our
key priority at present and VAALCO has successfully reduced costs
through various measures to maximize profitability. To
this end, our strong balance sheet with no debt, and a cash balance
of $61.0 million as of 31 March 2020 (including $11.3 million of
joint owner advances), ensures the Company is enviably placed to
remain resilient during this volatile environment. Furthermore,
VAALCO is well positioned to capitalise on opportunities presented
by the sector backdrop and continues to consider opportunities
consistent with our inorganic growth strategy. Importantly,
following completion of the 2019/20 drilling campaign, the Company
does not have any material capital expenditure requirements on the
near-term horizon so we can focus on cash preservation and assess
market conditions with regards to planning the next drilling
campaign at Etame.
As noted at the beginning, our staff has been
integral in ensuring our success over the past year, particularly
in the way in which they ensured continuity of operations despite
the pandemic, which has in turn enabled VAALCO to maintain
full-year guidance. I also want to thank our employees, management
and Board who have made compensation sacrifices as part of our
efforts to reduce costs.
In summary, this has been a year that saw
material operational and corporate achievements, and despite the
challenging backdrop, VAALCO remains particularly well placed to
deliver long-term growth for its shareholders by delivering its
stated strategic objectives.”
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 116
million barrels of crude oil and of which the Company is the
operator.
For further information: |
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VAALCO Energy, Inc.
(General and Investor Enquiries) |
+00 1 713 623 0801 |
Website: |
www.vaalco.com |
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Cary Bounds, CEO / Elizabeth
Prochnow, CFO |
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Buchanan (UK Financial
PR) |
+44 (0) 207 466 5000 |
Ben Romney / Kelsey Traynor /
James Husband |
VAALCO@buchanan.uk.com |
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Al Petrie Advisors (US
Investor Relations) |
+00 1 713 543 3422 |
Al Petrie / Chris Delange |
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Canaccord Genuity
(Corporate Broker) |
+44 (0) 207 523
8000 |
Henry Fitzgerald-O’Connor /
James Asensio |
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