TIDMEGY
RNS Number : 6225S
Vaalco Energy Inc
07 November 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
VAALCO ENERGY, INC. DECLARES QUARTERLY DIVIDEND
HOUSTON - November 7, 2023 - 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.
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END
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November 07, 2023 02:00 ET (07:00 GMT)
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