VAALCO Announces Update at Equatorial Guinea
November 26 2019 - 5:00PM
VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or “Company”)
today provided an update on Equatorial Guinea. VAALCO Energy
Mauritius (EG) Limited (“VAALCO EG”), a subsidiary of the Company,
currently holds a 31% participating interest in Block P, located
offshore Equatorial Guinea.
On November 26, 2019, the Equatorial Guinea
Ministry of Mines and Hydrocarbons announced the results of the
EGRONDA 2019 bid round. VAALCO EG is in preliminary
commercial discussions with Levene Hydrocarbon Limited (“Levene”)
regarding VAALCO EG serving as a contract operator for recently
awarded onshore Blocks 3 and 4 and offshore Block 19 in Equatorial
Guinea. VAALCO EG would not possess a participating interest
in Blocks 3, 4 and 19.
VAALCO EG potentially serving as contract
operator on Blocks 3, 4 and 19 is subject to further commercial
arrangements and to Levene acquiring a portion of VAALCO EG’s
existing 31% working interest in Block P. VAALCO EG and
Levene have executed a Memorandum of Understanding and are engaging
in preliminary discussions regarding a potential commercial
relationship in Equatorial Guinea. However, the parties have
not executed any binding agreements, and there can be no certainty
that a transaction will be forthcoming.
Further announcements will be made as
appropriate.
About VAALCO
VAALCO, founded in 1985, is a Houston, USA
based, independent energy company with production, development and
exploration assets in the West African region.
The Company is an established operator within
the region, holding a 31.1% working interest in the Etame Marin
Block, located offshore Gabon, which to date has produced over 110
million barrels of crude oil and of which the Company is the
operator.
For Further Information
VAALCO Energy, Inc.
(General and Investor Enquiries) |
+00 1 713 623 0801 |
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 / Chris
Judd / James Husband |
VAALCO@buchanan.uk.com |
|
|
NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR
INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION.
Forward Looking StatementsThese and other risks
are further described in VAALCO's annual reports on Form 10-K and
quarterly reports on Form 10-Q and other reports filed with the
U.S. Securities and Exchange Commission (“SEC”) which can be
reviewed at http://www.sec.gov, or which can be received by
contacting VAALCO at 9800 Richmond Avenue, Suite 700, Houston,
Texas 77042, (713) 623-0801. VAALCO disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise.This press release includes "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical
facts, included in this press release that address activities,
events, plans, expectations, objectives or developments that VAALCO
expects, believes or anticipates will or may occur in the future
are forward-looking statements. Forward-looking
statements include all statements regarding well results, wells
anticipated to be drilled and placed on production, future levels
of drilling and operational activity and associated expectations,
the implementation of the Company's business plans and
strategy, prospect evaluations, prospective resources and
reserve growth, as well as statements including the words
"believe," "expect," "plans" and words of similar meaning. These
statements are based on assumptions made by VAALCO based on its
experience and perception of historical trends, current conditions,
expected future developments and other factors it believes are
appropriate in the circumstances. Actual future results, including
project plans and schedules and resource recoveries could differ
materially due to changes in market conditions affecting the oil
and gas industry or long-term oil and gas price levels, political
or regulatory developments, reservoir performance, the outcome of
future exploration and development efforts, technical or operating
factors, inflation, general economic conditions, the Company's
success in discovering, developing and producing reserves,
production and sales differences due to timing of liftings,
decisions by future lenders, the risks associated with liquidity,
lack of availability of goods, services and capital, environmental
risks, drilling risks, foreign regulatory and operational risks,
and regulatory changes. There are no assurances the Company can
develop probable or possible reserves, or that if developed,
probable reserves will become producing reserves to the level of
estimates.
Inside Information
This announcement contains inside information as defined in
Regulation (EU) No. 596/2014 on market abuse (“MAR”) and is made in
accordance with the Company’s obligations under article 17 of
MAR.
Vaalco Energy (NYSE:EGY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Vaalco Energy (NYSE:EGY)
Historical Stock Chart
From Apr 2023 to Apr 2024