VAALCO Energy, Inc. Provides Operational and Financial Update Including Production and Sales Volumes for Third Quarter 2023
16 Ottobre 2023 - 8:00AM
VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the
“Company”) today provided an operational and financial update,
including production and sales volumes for the third quarter 2023
and its increased cash and cash equivalents balance as of September
30, 2023.
Highlights and Key Items:
- Strong operational performance in
Gabon, Egypt and Canada continued to drive robust production and
sales volumes in Q3 2023;
- Produced nearly 19,000 net revenue
interest (“NRI”) barrels of oil equivalent per day (“BOEPD”), at
the upper end of VAALCO’s third quarter guidance range of 17,500 to
19,200 NRI BOEPD;
- Recorded sales volumes of almost
19,900 NRI BOEPD, also at higher end of its guidance range of
18,400 to 20,600 NRI BOEPD;
- Completed an additional crude sales
lifting in Gabon of about 600,000 gross barrels of oil in the first
week of October; and
- Grew cash and cash equivalents to
over $100 million at September 30, 2023, more than double cash and
cash equivalents as of June 30, 2023.
George Maxwell, VAALCO’s Chief Executive Officer
commented, “The good performance of our 2023 capital program in
Egypt and Canada, coupled with the strong operational uptime in
Gabon have driven our robust production. We raised production and
sales guidance after our first half 2023 results and our continued
strong performance has carried into the third quarter with both
production and sales at the high end of our guidance ranges.
Additionally, after completing the majority of our capex programs
for 2023 in the second quarter, we forecast meaningful cash flow
generation in the second half of 2023. As clearly evidenced from
the more than doubling of our cash on hand to over $100 million at
September 30, 2023, we are delivering this cash flow growth. In
early October we also had another lifting in Gabon of about 600,000
gross barrels, which will add to our healthy cash position. We
expect our ability to grow cash flow in the current high commodity
price environment to continue through year-end. This robust cash
reserve will allow us to fund our 2024 capital program, continue to
return cash to shareholders through dividends and buybacks and
provides meaningful financial optionality for the future.”
“It’s now been a year since the combination with
TransGlobe occurred and we have focused on returning cash to
shareholders, generating meaningful cash flow, maintaining and
growing our production base, evaluating a larger portfolio of
opportunities across multiple countries and continuing to drill our
prospects. We continue to not only deliver on all of these
accounts, but we have also exceeded expectations while building
size and scale for the future. We are excited about 2024 and beyond
with a clean balance sheet, growing cash position and robust
operational performance.”
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 production and sales volumes and cash
position as of, and for the quarter ended, September 30, 2023; (ii)
estimates of future drilling, production, sales and costs of
acquiring crude oil, natural gas and natural gas liquids; (iii)
expectations of future commodity prices; (iii) expectations on
future capital expenditures; and (iv) 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. 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 ability to generate cash flows that, along with
cash on hand, will be sufficient to support operations and cash
requirements; the impact and costs of compliance with laws and
regulations governing oil and gas operations; the 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.
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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