VAALCO Energy(US:EGY)2023-05-11 03:24Operational Highlights - Q1 2023 production increased to 18,306 net BOEPD, up 27% from Q4 2022 and up 127% from Q1 2022[3] - Strong drilling results in Egypt added over 1,000 BO/d in early May[3] - VAALCO finalized documents for Block P in Equatorial Guinea, including the Venus development[3] Financial Highlights - The company paid a quarterly cash dividend of $0.0625 per share for Q1 2023, a 92% increase from $0.0325 per share in 2022[4] - Q1 2023 net income was $3.5 million ($0.03 per diluted share), and Adjusted Net Income was $7.3 million ($0.07 per diluted share)[4] - VAALCO returned $10.5 million to shareholders through share buybacks from November 2022 to May 9, 2023[4] - Adjusted EBITDAX for Q1 2023 was $47.8 million[10] - The company had a strong, bank debt-free balance sheet with $52.1 million in unrestricted cash and $40.2 million in Adjusted Working Capital[10] Production and Sales - VAALCO sold 1,224,000 NRI BOE in Q1 2023, with Q2 2023 NRI BOE sales guidance of 1,420,000 to 1,570,000[7]