Core Viewpoint - VAALCO Energy, Inc. has reported significant increases in its proved and probable reserves following the acquisition of Svenska Petroleum Exploration AB, indicating strong growth potential and strategic expansion in West Africa [6][7][8]. Reserves and Resources - As of December 31, 2023, VAALCO's SEC net proved reserves totaled 16.9 million barrels of oil equivalent (MMBOE), a notable increase from the previous 1P working interest (WI) CPR reserves of 13.0 MMBOE as of October 1, 2023 [6][8]. - The 2P WI CPR reserves increased to 22.5 MMBOE from 21.7 MMBOE, reflecting a 3.7% growth [6][14]. - The contingent resources at the Baobab field are estimated at 20.4 MMBOE, indicating further upside potential [6][14]. Acquisition Details - VAALCO completed the acquisition of Svenska on April 30, 2024, for a net purchase price of $40.2 million, fully funded by cash on hand [7][9]. - The acquisition includes a 27.39% non-operated working interest in the deepwater producing Baobab field offshore Côte d'Ivoire, which is expected to provide considerable future development opportunities [7][9]. Financial Metrics - The Standardized Measure of the proved reserves as of December 31, 2023, is valued at $107.1 million, with a pro-forma total of 45.6 MMBOE, representing a 59% increase from the previously reported 28.6 MMBOE [8][9]. - VAALCO's cost per net proved barrel of reserves is approximately $2.37, calculated based on the net cash purchase price [8][9]. Management Commentary - The CEO of VAALCO expressed satisfaction with the reserve calculations, highlighting the strategic nature of the acquisition and its potential to enhance shareholder value [7].

Most of us have heard the dictum "the trend is your friend." And this is undeniably the key to success when it comes to short-term investing or trading. But it isn't easy to ensure the sustainability of a trend and profit from it. Investors looking to make a profit from stocks that are currently on the move may find our "Recent Price Strength" screen pretty useful. This predefined screen comes handy in spotting stocks that are on an uptrend backed by strength in their fundamentals, and trading in the upper ...

These three penny stocks have performed tremendously in the past couple of weeks and, for keen analysts, are poised to outperform market expectations. The performance of these penny stocks is favored by the prevailing market, political, technological and economic conditions that guarantee their upward movement in the foreseeable future. VAALCO Energy (EGY) The company has ramped up its production since 2022, witnessing a YOY growth of 20% in 2023 and reporting a revenue jump of 25% in its most recent quarte ...

Though risky, there are certainly plenty of penny stocks to buy that have the potential to significantly boost portfolio returns. Of course, patience and a growth-friendly market are required for the kind of major upside most growth investors are looking for over a five year time frame. But it's precisely these companies' volatility and upside potential that many seek out, in the higher-risk portion of portfolios. Source: GrAl / Shutterstock.com VAALCO Energy (EGY) Over the past month, the stock declined ap ...

Vaalco Energy, Inc. (NYSE:EGY) shares have gained more than 59% over the last year, outperforming the S&P 500 by a margin of more than 34.51%. Company Overview The company also has a history of successful exploration and production in Africa, cementing its track record in the region. Its properties such as the Etame Marin block offshore Gabon have delivered consistent solid production, which is a testament to the company's strategic operations. Since its establishment, it has produced over 120 million barre ...

HOUSTON, June 03, 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 June 4, 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 an indepth conversation with George Maxwell, VAALCO's Chief Executive Officer and Director to discuss the Company's development ...

HOUSTON, June 03, 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 June 4, 2024 at 11:00 a.m. Eastern (10:00 a.m. central and 4 p.m. London). Investors and other interested parties can access the event by registering in advance at https://us06web.zoom.us/webinar/register/WN_x2hWP7EOSqyL6Zggds97kA. (Please note that the web address is being provided as a courtesy; inf ...

HOUSTON, May 29, 2024 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ("VAALCO" or the "Company") today announced that it has drilled, completed and brought onto production four wells in Canada. Highlights: George Maxwell, VAALCO's Chief Executive Officer commented, "In Canada, we successfully and safely drilled and completed four wells in 2024, all of which were longer laterals at 2.75 miles. Based on our learnings from last year's program and to better optimize our Canadian prospects, we are ...

| VAALCO Energy, Inc. (General and Investor Enquiries) | +00 1 713 543 3422 | | --- | --- | | 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 | HOUSTON, May 29, 2024 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ("VAALCO" or the "Company") today announced that it has drilled, completed and brought onto produ ...

The top U.S. stock market indices continue to notch fresh highs, with the heightened enthusiasm surrounding potential interest rate cuts this year. Market analysts are pricing in a couple of rate cuts later this year of 25 basis points each. Moreover, we're also seeing gold prices rally to all-time highs, signaling that rate cuts may be around the corner. Hence, amidst this positivity, it's an excellent time to consider investing in high-potential penny stocks to buy. Wagering on the penny stocks to buy can ...