THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATION
VAALCO ENERGY, INC. DECLARES QUARTERLY
DIVIDEND
HOUSTON - February
26, 2024 - 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 first quarter of 2024
($0.25 annualized), which is payable on March 28, 2024, to
stockholders of record at the close of business on March 8, 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, "Our ongoing focus on operational excellence and
enhancing the productivity of our diverse asset base has allowed us
to continue returning cash to our shareholders through a dividend.
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. 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 $120 million in cash on hand at
December 31, 2023. We are excited about the future and the ability
of our premier assets to generate strong operational and financial
results allowing us to successfully execute on our strategic
vision."
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.
VAALCO owns a diverse portfolio of
operated production, development and exploration assets across
Gabon, Egypt, Equatorial Guinea and Canada.
For Further
Information
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VAALCO Energy, Inc. (General and Investor
Enquiries)
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+00 1 713 623 0801
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Website:
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www.vaalco.com
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Al
Petrie Advisors (US Investor Relations)
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+00 1 713 543 3422
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Al Petrie / Chris Delange
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Buchanan (UK Financial PR)
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+44 (0) 207 466 5000
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Ben Romney / Barry Archer
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VAALCO@buchanan.uk.com
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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, buybacks and other potential returns 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 2022 Annual Report on Form 10-K
filed with the SEC on April 6, 2023.
Dividends beyond the first quarter
of 2024 have not yet been approved or declared by the Board of
Directors. The declaration and payment of future dividends and the
terms of share buybacks remains 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 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
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.