VAALCO Energy, Inc. Declares Quarterly Dividend
November 07 2023 - 2:00AM
VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the
“Company”) declared its quarterly cash dividend of $0.0625 per
share of common stock for the fourth quarter of 2023 ($0.25
annualized), which is payable on December 21, 2023, to stockholders
of record at the close of business on November 24, 2023. 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, “Our continued focus on operational excellence
and enhancing the productivity of our diverse asset base has
allowed us to continue to deliver on our promise to pay an
increased dividend rate in 2023. With this declaration, we will now
pay $0.25 per share in 2023 compared to $0.13 per share in 2022.
While we are returning meaningful cash flow to our shareholders
through dividends and share buybacks, we continue to grow our cash
position and had over $100 million in cash on hand at September 30,
2023. We are excited about the future and the ability of our
premier assets in Gabon, Egypt and Canada to continue generating
strong operational results into 2024 and beyond.”
About VAALCO
VAALCO, founded in 1985 and incorporated under
the laws of Delaware, is a Houston, Texas, USA based, independent
energy company with production, development and exploration assets
in Africa and Canada.
Following its business combination with
TransGlobe Energy Corporation (“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
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 / Barry Archer |
VAALCO@buchanan.uk.com |
|
|
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 future drilling, production, sales and
costs of acquiring crude oil, natural gas and natural gas liquids;
(ii) the amount and timing of stock buybacks, if any, under
VAALCO’s stock buyback program and VAALCO’s ability to enhance
stockholder value through such plan; (iii) 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; (iv) expectations
regarding future acquisitions, investments or divestitures; (v)
expectations of future dividends, buybacks and other potential
returns to stockholders; (vi) expectations of future balance sheet
strength; (vii) expectations of future equity and enterprise value;
and (viii) VAALCO’s ability to finalize documents and effectively
execute the POD for the Venus development in Block P.
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 TransGlobe; the level of
success in exploration, development and production activities; the
right of host governments in countries where we operate to
expropriate property and terminate contracts (including the Etame
production sharing contract and the Block P production sharing
contract) for reasons of public interest, subject to reasonable
compensation, determinable by the respective government in its
discretion; the final terms of the agreements pertaining to Block P
in Equatorial Guinea, which remain under negotiation; ability to
generate cash flows that, along with cash on hand, will be
sufficient to support operations and cash requirements; actions by
joint venture co-owners; failure of assets to yield oil or gas in
commercially viable quantities; impact and costs of compliance with
laws and regulations governing oil and gas operations; the ability
to replace oil and natural gas reserves; 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.
Dividends beyond the fourth quarter of 2023 have
not yet been approved or declared by the Board of Directors for
VAALCO. The declaration and payment of future dividends and the
terms of share buybacks 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 and the terms
of share buybacks. Consequently, in determining the dividend to be
declared and paid on VAALCO common stock or the terms of share
buybacks, the Board of Directors of VAALCO may revise or terminate
the payment level or buyback terms at any time without prior
notice.
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.
Vaalco Energy (NYSE:EGY)
Historical Stock Chart
From Jul 2024 to Aug 2024
Vaalco Energy (NYSE:EGY)
Historical Stock Chart
From Aug 2023 to Aug 2024