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 second quarter of 2023 ($0.25
annualized), which is payable on September 22, 2023, to
stockholders of record at the close of business on August 25, 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, “We are pleased to pay our third quarterly
dividend at the increased rate of $0.0625 per share, or $0.25 per
share annually, which is up 92% from our 2022 dividend rate.
Delivering meaningful value to our stockholders through dividends
and share buybacks are key components of our value creation
strategy. We have premier assets in Gabon, Egypt and Canada
generating strong operational results that allow us to reinvest in
our business, while returning significant cash to our
stockholders.”
Energy Conference
Participation
VAALCO today also announced its participation in
the EnerCom Denver Conference to be held in Denver, Colorado where
Chief Executive Officer George Maxwell is scheduled to make a
presentation on Monday, August 14th at 11:20 am Mountain Time
(12:20 pm Central Time.)
Senior management will also host one-on-one
meetings with investors. The presentation will be webcast live and
archived on VAALCO’s website, www.vaalco.com, in the “Investor
Relations” section under “News and Events.” An updated investor
slide deck will be posted on the website under “Presentations” on
the day of the event.
VAALCO management will also participate in the
Seaport Research Partners Annual Summer Investor Conference on
August 22nd and 23rd, 2023 with virtual meetings with investors. An
investor deck for that Conference will also be posted the day of
the event.
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) VAALCO’s ability to realize the anticipated
benefits and synergies expected from the acquisition of TransGlobe;
(ii) estimates of future drilling, production, sales and costs of
acquiring crude oil, natural gas and natural gas liquids; (iii)
estimates of future cost reductions, synergies, including pre-tax
synergies, savings and efficiencies; (iv) expectations regarding
VAALCO’s ability to effectively integrate assets and properties it
acquired as a result of the acquisition of TransGlobe into its
operations; (v) 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; (vi) 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;
(vii) expectations regarding future acquisitions, investments or
divestitures; (viii) expectations of future dividends, buybacks and
other potential returns to stockholders; (ix) expectations of
future balance sheet strength; (x) expectations of future equity
and enterprise value; (xi) expectations of the continued listing of
VAALCO’s common stock on the NYSE and LSE and (xii) 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 tax
treatment of the business combination in the United States and
Canada; declines in oil or natural gas prices; the level of success
in exploration, development and production activities; adverse
weather conditions that may negatively impact development or
production activities; the right of host governments in
countries where we operate to expropriate property and terminate
contracts (including the Egypt PSCs, 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; the timing and costs of
exploration and development expenditures; inaccuracies of reserve
estimates or assumptions underlying them; revisions to reserve
estimates as a result of changes in commodity prices; impacts to
financial statements as a result of impairment write-downs; the
ability to generate cash flows that, along with cash on hand, will
be sufficient to support operations and cash requirements; the
ability to attract capital or obtain debt financing arrangements;
currency exchange rates and regulations; actions by joint venture
co-owners; hedging decisions, including whether or not to enter
into derivative financial instruments; international, federal and
state initiatives relating to the regulation of hydraulic
fracturing; failure of asses to yield oil or gas in commercially
viable quantities; uninsured or underinsured losses resulting from
oil and gas operations; inability to access oil and gas markets due
to market conditions or operational impediments; the impact and
costs of compliance with laws and regulations governing oil and gas
operations; the ability to replace oil and natural gas reserves;
any loss of senior management or technical personnel; competition
in the oil and gas industry; the risk that the business combination
with TransGlobe may not increase VAALCO’s relevance to investors in
the international E&P industry, increase capital market access
through scale and diversification or provide liquidity benefits for
stockholders; and other risks described under the caption “Risk
Factors” in VAALCO’s 2022 Annual Report on Form 10-K filed with the
SEC on April 6, 2022.
Dividends beyond the third 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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