Vaalco Energy Inc CONTINUED LISTING STANDARD NOTICE (8825K)
27 Aprile 2020 - 8:00AM
UK Regulatory
TIDMEGY
RNS Number : 8825K
Vaalco Energy Inc
27 April 2020
VAALCO ENERGY, INC. RECEIVES CONTINUED LISTING STANDARD NOTICE
FROM NYSE
HOUSTON - April 27, 2020 - VAALCO Energy, Inc. (NYSE: EGY; LSE:
EGY) ("VAALCO" or the "Company") today announced that on April 22,
2020, the Company was notified by the New York Stock Exchange (the
"NYSE") that the price of the Company's common stock has fallen
below the NYSE's continued listing standards. The NYSE requires
that the average closing price of a listed company's common stock
not be less than $1.00 per share for a period of over 30
consecutive trading days.
Under the NYSE rules, VAALCO can regain compliance if on the
last trading day in any calendar month the common stock has (i) a
closing price of at least $1.00 per share and (ii) an average
closing price of at least $1.00 per share over the 30 consecutive
trading-day period ending on the last trading day of such month. As
required by the NYSE, the Company plans to notify the NYSE of its
intent to cure the deficiency and restore its compliance with the
NYSE continued listing standards. The Company is committed to
working with the NYSE to regain compliance and maintain the listing
of its common stock. The Company has until January 1, 2021 to
regain compliance with the NYSE's continued listing standards under
recently adopted rules by the NYSE that permit listed companies
additional time to regain compliance due to the current economic
environment.
The notice has no immediate impact on the listing of the common
stock, which will continue to be listed and traded on the NYSE
during this period, subject to the Company's compliance with the
other listing requirements of the NYSE. The NYSE notification does
not affect VAALCO's business operations, its Securities and
Exchange Commission reporting requirements or its listing on the
London Stock Exchange.
About VAALCO
VAALCO, founded in 1985, is a Houston, USA based, independent
energy company with production, development and exploration assets
in the West African region.
The Company is an established operator within the region,
holding a 31.1% working interest in the Etame Marin Block, located
offshore Gabon, which to date has produced over 114 million barrels
of crude oil and of which the Company is the operator.
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 / Kelsey Traynor / James Husband 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, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical facts,
included in this press release 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. Forward-looking statements include
all statements regarding well results, wells anticipated to be
drilled and placed on production, future levels of drilling and
operational activity and associated expectations, future levels of
revenues, the implementation of the Company's business plans and
strategy, prospect evaluations, prospective resources and reserve
growth, the Company's ability to regain compliance with the NYSE's
continued listing standards and the continued trading of the
Company's common stock on the NYSE, as well as statements including
the words "believe," "expect," "plans" and words of similar
meaning. 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. Actual future
results, including project plans and schedules and resource
recoveries could differ materially due to changes in market
conditions affecting the oil and gas industry or long-term oil and
gas price levels, political or regulatory developments, reservoir
performance, the outcome of future exploration and development
efforts, technical or operating factors, inflation, general
economic conditions, 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. There are
no assurances the Company can develop probable or possible
reserves, or that if developed, probable reserves will become
producing reserves to the level of estimates.
These and other risks are further described in VAALCO's annual
reports on Form 10-K and quarterly reports on Form 10-Q and other
reports filed with the U.S. Securities and Exchange Commission
("SEC") which can be reviewed at http://www.sec.gov, or which can
be received by contacting VAALCO at 9800 Richmond Avenue, Suite
700, Houston, Texas 77042, (713) 623-0801. 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, except as required by law.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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