In the time that Vaalco Energy (NYSE:EGY) has had since the acquisition with TransGlobe Energy back in fiscal year 2022, this management has done a lot in roughly one and one half years with that acquisition. Management also closed on the Svenska acquisition since then as well. Not only is production increasing as a result of these activities, but the company has also maintained a debt-free balance sheet with a sizable cash balance throughout the whole time. With some sizable projects on the horizon, manage ...

Updated SEC net proved reserves as of December 31, 2023 of 16.9 million barrels of oil equivalent ("MMBOE") (93% oil), significantly higher than previous 1P working interest ("WI") CPR reserves of 13.0 MMBOE (99% oil) as of October 1, 2023; Increased 2P WI CPR reserves as of December 31, 2023 to 22.5 MMBOE (93% oil) from 21.7 MMBOE (97% oil) estimate; and Significant further upside identified from contingent resources at the Baobab field with Best Estimate Working Interest Contingent Resources ("2C") of 20. ...

Core Insights - VAALCO Energy, Inc. has successfully calculated its proved reserves for the acquisition of Svenska Petroleum Exploration AB, revealing higher reserves than initially disclosed, which enhances its strategic position in West Africa [2][9] - The acquisition includes significant producing assets in Côte d'Ivoire, with substantial future development opportunities, and was funded entirely by cash on hand without incurring debt or equity issuance [10][19] Reserves and Financial Metrics - As of December 31, 2023, VAALCO's SEC net proved reserves are reported at 16.9 million barrels of oil equivalent (MMBOE), which is a significant increase from the previously reported 1P working interest (WI) CPR reserves of 13.0 MMBOE as of October 1, 2023 [9][19] - The total 2P WI CPR reserves as of December 31, 2023, have increased to 22.5 MMBOE from 21.7 MMBOE, with a discounted value of future cash flows from these reserves totaling $240.9 million [11][19] - The acquisition price of $40.2 million translates to approximately $2.37 per net proved barrel of reserves, indicating a cost-effective acquisition strategy [19] Contingent Resources - The independent engineer's report identifies contingent resources at the Baobab field, estimating a best estimate working interest contingent resources (2C) of 20.4 MMBOE, which could potentially be reclassified as reserves if development plans are approved [9][11][6] - The report emphasizes that the contingent resources are subject to uncertainties and may not be realized as expected, highlighting the importance of addressing development contingencies [6][19] Pricing Assumptions - The pricing assumptions for the reserves calculations include $79.79 per barrel of oil for 2024, $69.79 for 2025, with a 2% inflation rate thereafter, which contrasts with the SEC's flat pricing methodology [11][24] - The BOE conversion ratios used for the reserves estimates differ, with a ratio of 5,800 cubic feet of natural gas to one barrel of oil equivalent applied for the December 31, 2023 estimates [7][11]

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].

Core Insights - The article emphasizes the importance of identifying and sustaining trends in short-term investing, particularly through the use of predefined screens to spot stocks with upward momentum [1][2]. Group 1: Stock Performance - Vaalco Energy (EGY) has shown a solid price increase of 2% over the past 12 weeks, indicating investor confidence in its potential upside [3]. - EGY is currently trading at 80.1% of its 52-week high-low range, suggesting it may be on the verge of a breakout [4]. - The stock has experienced a price increase of 6% over the past four weeks, confirming that the upward trend is still intact [10]. Group 2: Ratings and Recommendations - EGY holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [11]. - The average broker recommendation for EGY is 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [12]. Group 3: Investment Strategies - The article mentions that there are over 45 Zacks Premium Screens available for investors to identify potential winning stocks based on their investing style [6]. - The Zacks Rank stock-rating system has a strong historical performance, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988, indicating the reliability of this approach [5].

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 ...