Core Points - Vaalco Energy, Inc. declared a quarterly cash dividend of $0.0625 per share for Q1 2025, amounting to an annualized dividend of $0.25, payable on March 28, 2025, to stockholders of record as of February 28, 2025 [1] - The CEO of Vaalco expressed satisfaction with the dividend announcement, highlighting the company's commitment to returning cash to shareholders while pursuing growth through both organic and inorganic opportunities [2] Company Overview - Vaalco, founded in 1985 and incorporated in Delaware, is an independent energy company based in Houston, Texas, with a diverse portfolio of production, development, and exploration assets across multiple countries including Gabon, Egypt, Cote d'Ivoire, Equatorial Guinea, Nigeria, and Canada [3]

Company Overview - VAALCO Energy, Inc. (EGY) is currently experiencing significant activity in the options market, particularly with the April 17, 2025 $2 Call option showing high implied volatility, indicating potential for a major price movement [1] Implied Volatility Insights - Implied volatility reflects market expectations for future price movements, suggesting that investors anticipate a significant change in VAALCO Energy's stock price, possibly due to an upcoming event [2] Analyst Sentiment - VAALCO Energy holds a Zacks Rank of 4 (Sell) within the Oil and Gas - Exploration and Production - International industry, which is positioned in the bottom 21% of the Zacks Industry Rank [3] - Over the past 60 days, there have been no increases in earnings estimates for the current quarter, with one analyst reducing estimates, leading to a decline in the Zacks Consensus Estimate from 11 cents per share to 5 cents [3] Trading Strategy Implications - The high implied volatility may indicate a trading opportunity, as options traders often seek to sell premium on options with elevated implied volatility, aiming to benefit from the decay of option value if the stock does not move as expected [4]

Core Points - Vaalco Energy, Inc. has announced a significant milestone in its Côte d'Ivoire Floating Production Storage and Offloading vessel (FPSO) Dry Dock Refurbishment Project [1] - The FPSO Baobab Ivoirien MV10 ceased hydrocarbon production as scheduled on January 31, 2025, with the final lifting of crude oil expected around February 6, 2025 [2] - The project team has begun mobilization efforts for the safe disconnection of the FPSO, which is planned to be wet towed to Dubai for refurbishment after departing the field on March 24, 2025 [3] - The CEO of Vaalco expressed satisfaction with the project's progress, indicating that the refurbishment will allow production to continue until at least 2038, pending regulatory approvals [4] - The company has already recouped 1.8 times its initial net investment in Côte d'Ivoire within eight months of closing the acquisition, with asset performance exceeding expectations [4][11] Company Overview - Vaalco Energy, Inc. is an independent energy company based in Houston, Texas, with a diverse portfolio of production, development, and exploration assets across multiple countries including Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, Nigeria, and Canada [5]

Core Insights - Vaalco Energy, Inc. has announced a significant milestone in its Côte d'Ivoire Floating Production Storage and Offloading vessel (FPSO) Dry Dock Refurbishment Project [1] - The FPSO Baobab Ivoirien MV10 has ceased hydrocarbon production as scheduled on January 31, 2025, with the final lifting of crude oil expected around February 6, 2025 [2] - The vessel will be wet towed to shipyards in Dubai for refurbishment after its departure from the field on March 24, 2025 [3] - The CEO of Vaalco expressed satisfaction with the project's progress, indicating that the refurbishment will allow production to continue until at least 2038, pending regulatory approvals [4] - The company has already achieved a payback of 1.8 times its initial net investment in Côte d'Ivoire within eight months of closing the acquisition, with performance exceeding expectations [4][11] Company Overview - Vaalco Energy, Inc. is an independent energy company based in Houston, Texas, with a diverse portfolio of production, development, and exploration assets across multiple countries including Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, Nigeria, and Canada [5]

Group 1 - The article discusses the analysis of oil and gas companies, specifically Vaalco Energy, focusing on identifying undervalued companies in the sector [1] - The analysis includes a breakdown of essential aspects such as balance sheets, competitive positions, and development prospects of these companies [1] - The author emphasizes the cyclical nature of the oil and gas industry, highlighting the need for patience and experience in navigating this market [2] Group 2 - The article mentions that the author has a beneficial long position in the shares of EGY, indicating a personal investment interest in the company [3] - It is noted that the article reflects the author's own opinions and is not influenced by compensation from any company mentioned [3] - The content does not provide specific investment advice or recommendations, urging investors to conduct their own research [4][5]

HOUSTON, Jan. 21, 2025 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE:EGY, LSE: EGY)) ("Vaalco" or the "Company") today provided an operational update that included record production and sales volumes for 2024. Highlights and Key Items: Recorded full year 2024 sales volumes of 24,100 to 24,600 working interest ("WI") barrels of oil equivalent per day ("BOEPD"), at the midpoint of its guidance range of 23,500 to 25,100 WI BOEPD; Full year 2024 sales volumes were 19,400 to 19,800 net revenue interest ("NRI") B ...

VAALCO Energy Inc. (EGY) , an independent exploration and production firm, has signed a contract with Borr Jack-Up XIV Inc., an affiliate of Borr Drilling Limited, to execute its 2025/2026 drilling schedule. The company’s 2025/2026 drilling program will be conducted in Gabon. It is anticipated to start in mid-2025.The contract with Borr Drilling involves drilling many development wells alongside appraisal and exploration wells. It also includes workovers to be performed by VAALCO and options for drilling ad ...

HOUSTON, Dec. 11, 2024 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced that, in conjunction with its 2025/2026 drilling program planned to begin mid-2025 in Gabon, it has executed a contract with Borr Jack-Up XIV Inc., an affiliate of Borr Drilling Limited (“Borr”), to drill multiple development wells and appraisal/exploration wells, as well as perform workovers, with options to drill additional wells. George Maxwell, Vaalco’s Chief Executive Officer ...

HOUSTON, Nov. 18, 2024 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced its participation in an investor event hosted by Water Tower Research (“WTR”) on Tuesday, November 19, 2024 at 11:00 a.m. Eastern (10:00 a.m. central and 4 p.m. London). As part of WTR’s ongoing Fireside Chat Series, Jeff Robertson, Managing Director at WTR, will lead a conversation with George Maxwell, Vaalco’s Chief Executive Officer and Director to discuss the Company’s prelimi ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)](index=4&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(unaudited)) The statements show increased assets and net income, reflecting the recent Svenska acquisition [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $937.9 million, driven by oil properties, while liabilities and equity also increased | Account | Sep 30, 2024 (in thousands) | Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Total current assets** | $236,799 | $228,141 | | **Crude oil, natural gas and NGLs properties and equipment, net** | $531,589 | $459,786 | | **Total assets** | **$937,903** | **$823,216** | | **Total current liabilities** | $176,247 | $127,475 | | **Total liabilities** | **$436,871** | **$344,434** | | **Total shareholders' equity** | **$501,032** | **$478,782** | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Net income surged for Q3 and the nine-month period, boosted by higher revenues and a bargain purchase gain | Metric | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Nine Months 2024 (in thousands) | Nine Months 2023 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $140,334 | $116,269 | $357,267 | $305,912 | | **Operating income** | $44,083 | $35,548 | $97,989 | $77,718 | | **Bargain purchase gain** | - | - | $19,898 | ($1,412) | | **Net income** | $10,990 | $6,141 | $46,827 | $16,363 | | **Diluted EPS** | $0.10 | $0.06 | $0.45 | $0.15 | [Condensed Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders%27%20Equity) Shareholders' equity grew to $501.0 million, driven by net income partially offset by dividends and buybacks - Key changes in shareholders' equity for the nine months ended Sep 30, 2024 include: net income of **$46.8 million**, dividend distributions of **$19.6 million**, and treasury stock purchases of **$6.8 million**[12](index=12&type=chunk)[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased due to working capital changes, while investing and financing activities used cash | Cash Flow Activity | Nine Months 2024 (in thousands) | Nine Months 2023 (in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $69,185 | $171,811 | | **Net cash used in investing activities** | ($61,118) | ($77,365) | | **Net cash used in financing activities** | ($32,264) | ($42,382) | | **Net change in cash** | ($24,201) | $51,743 | | **Cash at end of period** | $104,977 | $111,519 | [Notes to Condensed Consolidated Financial Statements (unaudited)](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) Notes detail the Svenska acquisition, segment revenues, credit facility, and key financial commitments - On April 30, 2024, the Company acquired Svenska Petroleum for a net purchase price of **$40.2 million**, funded with cash-on-hand, resulting in a bargain purchase gain of **$19.9 million**[32](index=32&type=chunk)[33](index=33&type=chunk)[36](index=36&type=chunk) | Segment | Revenue Q3 2024 (in thousands) | Revenue 9M 2024 (in thousands) | | :--- | :--- | :--- | | Gabon | $47,608 | $158,786 | | Egypt | $34,544 | $106,986 | | Canada | $8,387 | $24,460 | | Cote d'Ivoire | $49,795 | $67,035 | - The company has a senior secured reserve-based revolving credit facility (RBL Facility) for up to **$50.0 million**, with **$37.5 million** available and no outstanding borrowings as of September 30, 2024[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) - The company completed its share buyback program on March 12, 2024, purchasing **6,797,711 shares** at an average price of **$4.41 per share**[64](index=64&type=chunk) [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=25&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses strong revenue and income growth driven by acquisitions, alongside operational updates and liquidity [Recent Developments and Operational Updates](index=27&type=section&id=Recent%20Developments%20and%20Operational%20Updates) The company declared a quarterly dividend and provided updates on drilling and workover programs across its assets - The Board of Directors declared a quarterly cash dividend of **$0.0625 per common share**, payable on December 20, 2024[86](index=86&type=chunk) - Operational highlights include: - **Gabon:** Planning for the next drilling campaign to begin in early 2025[88](index=88&type=chunk) - **Egypt:** A workover rig is in place to slow decline, with a new drilling program expected to start in late November 2024[90](index=90&type=chunk) - **Canada:** The 2024 four-well drilling campaign is complete, and all wells were producing as of September 30, 2024[96](index=96&type=chunk) - **Cote d'Ivoire:** The operator is advancing the FPSO dry dock project, which remains on target for 2025[99](index=99&type=chunk) [Capital Resources and Liquidity](index=30&type=section&id=Capital%20Resources%20and%20Liquidity) The company maintains strong liquidity with significant cash reserves, no debt, and sufficient operating cash flow - As of September 30, 2024, the company had **$89.1 million in unrestricted cash** and **no outstanding debt**[119](index=119&type=chunk)[67](index=67&type=chunk) - For the nine months ended September 30, 2024, net cash from operating activities decreased by **$102.6 million** year-over-year, primarily due to changes in operating assets and liabilities[110](index=110&type=chunk) - Material cash requirements include annual **$10.0 million** modernization payments to EGPC in Egypt through February 2026 and ongoing funding for asset abandonment in Gabon[127](index=127&type=chunk)[128](index=128&type=chunk)[131](index=131&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Revenue and net income increased significantly, driven by the Cote d'Ivoire acquisition offsetting other declines | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | **Net Revenue** | $140.3M | $116.3M | +21% | | **Net Income** | $11.0M | $6.1M | +80% | | **Net Sales Volume (MBoe)** | 2,134 | 1,812 | +322 | | Metric | 9M 2024 | 9M 2023 | Change | | :--- | :--- | :--- | :--- | | **Net Revenue** | $357.3M | $305.9M | +17% | | **Net Income** | $46.8M | $16.4M | +185% | | **Net Sales Volume (MBoe)** | 5,388 | 4,839 | +549 | - The Cote d'Ivoire segment, acquired in 2024, was a primary driver of revenue growth, contributing **$49.8 million in Q3** and **$67.0 million** in the first nine months of the year[154](index=154&type=chunk)[169](index=169&type=chunk) - Production expenses for the nine months ended September 30, 2024 increased by **$20.1 million (19%)** year-over-year, due to the addition of Cote d'Ivoire, new withholding tax regulations in Gabon, and general inflationary pressures[170](index=170&type=chunk) [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=41&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risks are commodity price volatility, foreign exchange rates, and counterparty risk - The company's main market risk is the price of crude oil, natural gas, and NGLs; a hypothetical **$5 per barrel decrease** in crude oil price is estimated to reduce quarterly revenues by **$10.7 million**[188](index=188&type=chunk)[192](index=192&type=chunk) - The company is exposed to foreign currency risk; a **10% weakening** of the Central African CFA Franc (XAF) relative to the USD would reduce the value of net monetary assets by **$3.2 million**[182](index=182&type=chunk) - To manage commodity price volatility, the company had derivative instruments covering approximately **710 MBbls** of production through March 2025, with additional contracts added post-quarter-end[198](index=198&type=chunk)[199](index=199&type=chunk) [CONTROLS AND PROCEDURES](index=43&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls were effective, noting changes related to the Svenska acquisition - The principal executive and financial officers concluded that disclosure controls and procedures were **effective** as of September 30, 2024[201](index=201&type=chunk) - Following the Svenska Acquisition on April 30, 2024, new processes and internal controls were implemented; this acquisition will be **excluded** from the year-end assessment of internal control over financial reporting[202](index=202&type=chunk) [PART II. OTHER INFORMATION](index=43&type=section&id=PART%20II.%20OTHER%20INFORMATION) [LEGAL PROCEEDINGS](index=43&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is not subject to any material legal proceedings - Management states that there are **no material legal proceedings** against the company[203](index=203&type=chunk) [RISK FACTORS](index=43&type=section&id=ITEM%201A.%20RISK%20FACTORS) Key risks include acquisition discouragement provisions, non-operated assets, and Cote d'Ivoire PSC uncertainty - The company highlights several key risks: - **Acquisition Discouragement:** Provisions in agreements could make a third-party acquisition more difficult or expensive[206](index=206&type=chunk) - **Non-Operated Assets:** Limited control over assets not operated by the company[207](index=207&type=chunk) - **Cote d'Ivoire PSC Extension:** No assurance that the Block CI-40 PSC will be extended beyond its April 2028 expiration[209](index=209&type=chunk) - **FPSO Maintenance:** The FPSO in Côte d'Ivoire is scheduled for maintenance in January 2025, which will halt production and revenues from that block until its expected return in 2026[211](index=211&type=chunk) [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=44&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No unregistered sales of equity securities were reported during the quarter - **No unregistered sales** of equity securities occurred during the third quarter of 2024[212](index=212&type=chunk) [OTHER INFORMATION](index=44&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No directors or officers modified Rule 10b5-1 trading arrangements during the quarter - No company directors or officers modified any Rule 10b5-1 trading arrangements during the three months ended September 30, 2024[213](index=213&type=chunk) [EXHIBITS](index=45&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the report, including required officer certifications and XBRL documents