VAALCO Energy, Inc. Declares Third Quarter 2024 Dividend
August 06 2024 - 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 third quarter of 2024 ($0.25
annualized), which is payable on September 20, 2024, to
stockholders of record at the close of business on August 23, 2024.
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 are pleased to announce our third quarter
2024 dividend which is strongly supported by our ongoing
operational and financial success allowing us to continue returning
cash to our shareholders through a dividend since early 2022. We
paid $0.13 per share in 2022, $0.25 per share in 2023 and with this
declaration, we are on track to deliver another $0.25 per share in
2024. The successful execution of our strategy has allowed us to
continue paying a meaningful dividend while we grow VAALCO with
both organic development activities and inorganic growth, as we did
recently with the Svenska acquisition.”
About VAALCO
VAALCO, founded in 1985 and incorporated under
the laws of Delaware, is a Houston, Texas, USA based, independent
energy company with a diverse portfolio of production, development
and exploration assets across Gabon, Egypt, Cote d’Ivoire,
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 / 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 expectations of future dividends to stockholders. 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 the risks described under the
caption “Risk Factors” in VAALCO’s 2023 Annual Report on Form 10-K
filed with the SEC on March 15, 2024 and subsequent Quarterly
Reports on Form 10-Q.
Dividends beyond the third quarter of 2024 have
not yet been approved or declared by the Board of Directors. The
declaration and payment of future dividends remain at the
discretion of the Board of Directors 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. The Board of Directors reserves all powers related to
the declaration and payment of dividends. Consequently, in
determining the dividend to be declared and paid on VAALCO’s common
stock, the Board of Directors may revise or terminate the payment
level 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.
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