VAALCO Energy Inc. (NYSE: EGY; LSE: EGY) ("
VAALCO"
or the "
Company") declared its quarterly cash
dividend of $0.0325 per share of common stock for the fourth
quarter of 2022 ($0.13 annualized), which is payable December 22,
2022, to stockholders of record at the close of business on
November 22, 2022. Future declarations of quarterly dividends and
the establishment of future record and payment dates are subject to
approval by the Board of Directors.
George Maxwell, VAALCO’s Chief Executive
Officer, commented, "We continue to return value to shareholders
and we believe that it is important for E&P companies to
deliver sustainable shareholder returns. We closed on our strategic
combination with TransGlobe Energy, Inc. on October 13, 2022 and
remain committed to nearly doubling our target annualized dividend
to $0.25 per share beginning in the first quarter of 2023, the
first quarter immediately following the closing of the transaction.
The combination of VAALCO and TransGlobe is expected to generate
robust cash flow in 2023 and beyond, enabling us to significantly
increase our dividend. We have premier assets in Gabon, Egypt and
Canada generating strong operational results, which coupled with
strong pricing, allows us to return meaningful cash to our
shareholders through dividends, share buybacks and potentially
through special distributions in the future.”
About VAALCO
VAALCO, founded in 1985 and incorporated under
the laws of Delaware, is a Houston, USA based, independent energy
company with production, development and exploration assets in
Africa and Canada.
Following its business combination with
TransGlobe in October 2022, VAALCO owns a diverse portfolio of
operated production, development and exploration assets across
Gabon, Egypt, Equatorial Guinea and Canada.
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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Al Petrie Advisors (US
Investor Relations) |
+00 1 713 543 3422 |
Al Petrie / Chris Delange |
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Buchanan (UK Financial
PR) |
+44 (0) 207 466 5000 |
Ben Romney / Jon Krinks |
VAALCO@buchanan.uk.com |
Forward Looking Statements
This document 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 document 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. These statements may
include statements related to the impact of the COVID-19 pandemic,
including the recent sharp decline in the global demand for and
resulting global oversupply of crude oil and the resulting steep
decline in oil prices, production quotas imposed by Gabon,
disruptions in global supply chains, quarantines of our workforce
or workforce reductions and other matters related to the pandemic,
well results, wells anticipated to be drilled and placed on
production, future levels of drilling and operational activity and
associated expectations, the implementation of the Company’s
business plans and strategy, prospect evaluations, prospective
resources and reserve growth, its activities in Equatorial Guinea,
expected sources of and potential difficulties in obtaining future
capital funding and future liquidity, its ability to restore
production in non-producing wells, our ability to find a
replacement for the FPSO or to renew the FPSO charter, future
operating losses, future changes in crude oil and natural gas
prices, future strategic alternatives, future and pending
acquisitions, capital expenditures, future drilling plans,
acquisition and interpretation of seismic data and costs thereof,
negotiations with governments and third parties, timing of the
settlement of Gabon income taxes, and expectations regarding
processing facilities, production, sales and financial projections.
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. Such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond VAALCO’s control. These risks include, but are
not limited to, crude oil and natural gas price volatility, the
impact of production quotas imposed by Gabon in response to
production cuts agreed to as a member of OPEC, inflation, general
economic conditions, the outbreak of COVID-19, 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.
The declaration and payment of future dividends
remains at the discretion of the Board of Directors of VAALCO 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 of Directors of VAALCO. The Board of Directors of
VAALCO 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 of Directors of
VAALCO may revise or terminate the payment level at any time
without prior notice.
Investors are cautioned that forward-looking
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
in the forward-looking statements. 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.
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.
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