VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY), (“VAALCO” or the
“Company”), an independent energy company focused on development
and production assets in West Africa, is pleased to announce that
its common shares (“Common Shares”) will be admitted to the
standard listing segment of the Official List and the London Stock
Exchange’s Main Market for listed securities (“Admission”) under
the ticker EGY at 08:00 a.m. BST today. The ISIN of the Common
Shares is US91851C2017 and the SEDOL number is BK5V2S9.
ProspectusA copy of the Prospectus published by
the Company on 23 September 2019 is available on the Company’s
website (www.vaalco.com) and for inspection (subject to securities
laws) at the National Storage Mechanism
at www.morningstar.co.uk/uk/NSM. Hard copies of the
Prospectus are also available at the offices of Memery Crystal LLP,
at 165 Fleet Street, London EC4A 2DY.
Investment Highlights
- VAALCO is an established operator with a proven track record in
West Africa
- Operator of the Etame Marin Block located offshore Gabon (31.1%
working interest), that has produced more than 110 million barrels
of oil (“MMBBL”) since first sale of oil in November 2002
- Average net production (after royalty deduction) of 3,664
barrels of oil per day for Q2 2019
- Strategic focus on generating free cash flow from a low risk
reserve base
- Active 2019/2020 work programme at Etame recently underway to
grow production and reserves, with up to three development wells
and two appraisal wellbores that the Company expects to be drilled
within the next 12 months
- Reserves and resources of approximately 123 MMBBL at Etame,
based on a combination of internal estimates and estimates by the
Company’s third party engineering firm, Netherland Sewell and
Associates
- VAALCO believes that it has significant development
opportunities and leads at or near existing platforms where
infrastructure is in place to bring new production online quickly,
further enhancing economics
- Diversified portfolio with exploration and development
potential from Block P, offshore Equatorial Guinea (31.0% working
interest)
- Solid financial footing with no debt and $48.6 million of cash
and cash equivalents at 30 June 2019
- Actively pursuing M&A opportunities within strategic focus
areas
Cary Bounds, VAALCO's Chief Executive Officer
commented: “This morning is a significant milestone for VAALCO and
reflects several years of hard work by the Board and management
team to strengthen the Company and set it on a path for sustainable
long-term growth. Our listing on the LSE will complement our
existing listing on the NYSE and provide another strategic platform
to support our goals for growth. We look forward to continuing to
build on our track record of operational excellence and value
creation as we carry out our active work programme and seek
inorganic opportunities in line with our strategic focus.”
About the Company 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
MMBBL of crude oil and of which the Company holds operational
control.
For further
information: |
|
|
|
VAALCO Energy, Inc.
(General and Investor Enquiries) |
+00 1 713 623 0801 |
Website: Cary Bounds, CEO
Elizabeth Prochnow, CFO |
www.vaalco.com |
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Buchanan (UK Financial
PR) |
+44 (0) 207 466 5000 |
Ben Romney / Chris Judd / James
Husband |
VAALCO@buchanan.uk.com |
|
|
Al Petrie Advisors (US
Investor Relations) |
+00 1 713 543 3422 |
Al Petrie / Chris Delange |
|
|
|
GMP First Energy
(Financial Adviser and Joint Corporate Broker) |
+44 (0) 207 448 0200 |
Jonathan Wright / Hugh
Sanderson |
|
|
|
Canaccord Genuity (Joint
Corporate Broker) |
+44 (0) 207 523 8000 |
Henry
Fitzgerald-O'Connor / James Asensio |
This announcement is an advertisement for the
purposes of the Prospectus Regulation Rules of the Financial
Conduct Authority (“FCA”) and not a prospectus and not an offer to
sell, or a solicitation of an offer to subscribe for or to acquire,
securities in any jurisdiction.
Neither this announcement nor anything contained
herein shall form the basis of, or be relied upon in connection
with, any offer or commitment whatsoever in any jurisdiction.
Investors should not purchase or subscribe for any shares referred
to in this announcement other than solely on the basis of
information that is contained in the prospectus (“Prospectus”)
published by VAALCO Energy, Inc. (“VAALCO” or “Company”) on 23
September 2019 in connection with the proposed admission of its
common shares to the standard listing segment of the Official List
of the FCA and to trading on the Main Market for listed securities
of the London Stock Exchange plc (“London Stock Exchange” or
“LSE”).
The estimates of reserves and resources used in
this announcement do not meet the rules and guidelines (including
those relating to pricing) of the US Securities and Exchange
Commission (“SEC”), and the Company is strictly prohibited from
including such estimates in filings with the SEC. These estimates
include reserves with substantially less certainty than estimates
prepared in accordance with SEC rules. U.S. investors are urged to
consider closely the disclosure in the Company’s annual report on
Form 10-K for the year ended 31 December 2018 and in the Company’s
other filings with the SEC, available from the SEC on its website
at www.sec.gov.
Important InformationThe information contained
in this announcement is for background purposes only and does not
purport to be full or complete. Any purchase of Common Shares on
Admission should be made solely on the basis of the information
contained in the Prospectus. No reliance may or should be placed by
any person for any purpose on the information contained in this
announcement or its accuracy, fairness or completeness.
This announcement does not constitute or form
part of an offer to sell or issue, or a solicitation of an offer to
subscribe for or buy any Common Shares, and investors should not
purchase or subscribe for any Common Shares referred to in this
announcement except on the basis of information in the Prospectus.
Before any purchase of Common Shares, persons viewing this
announcement should ensure that they fully understand and accept
the risks set out in the Prospectus.
Neither this announcement nor anything contained
herein shall form the basis of, or be relied upon in connection
with, any offer or commitment whatsoever in any jurisdiction.
This announcement contains “forward-looking
statements” and “forward-looking information” that are based on the
Company’s expectations, estimates and projections as of the date on
which the statements were made. This forward-looking information
includes, among other things, statements with respect to the
Company’s business strategy with respect to the Etame Marin Block
and Block P (“Projects”), plan, development, objectives,
performance, outlook, growth, cash flow, projections, targets and
expectations, oil and gas reserves and resources, results of
exploration, the price and demand for oil and gas and acts by the
Company’s partners to the respective Projects. Generally, this
forward looking information can be identified by the use of
forward-looking terminology such as ‘‘outlook’’, ‘‘anticipate’’,
‘‘project’’, ‘‘target’’, ‘‘likely’’, ‘‘believe’’, ‘‘estimate’’,
‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘would’’, ‘‘could’’, ‘‘should’’,
‘‘scheduled’’, ‘‘will’’, ‘‘plan’’, ‘‘forecast’’, ‘‘evolve’’ and
similar expressions. Persons reading this announcement are
cautioned that such statements are only predictions, and that the
Company’s actual future results or performance may be materially
different.
Forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause
the Company’s actual results, level of activity, performance or
achievements to be materially different from those expressed or
implied by such forward-looking information. These statements speak
only as of the date of this announcement. Actual operational and
financial results or events may differ materially from the
Company’s expectations contained in the forward-looking statements
as a result of various factors, many of which are beyond the
control of the Company.
FirstEnergy Capital LLP (trading as “GMP
FirstEnergy”) is authorised and regulated in the United Kingdom by
the FCA and is acting exclusively for the Company and no one else
in connection with Admission. GMP FirstEnergy will not regard any
other person (whether or not a recipient of this announcement) as
its client in relation to Admission and will not be responsible to
anyone other than the Company for providing the protections
afforded to clients of GMP FirstEnergy or for providing any advice
in relation to Admission, the contents of this announcement or any
transaction or arrangement referred to herein.
Canaccord Genuity Limited (“Canaccord Genuity”)
is authorised and regulated in the United Kingdom by the FCA and is
acting exclusively for the Company and no one else in connection
with Admission. Canaccord Genuity will not regard any other person
(whether or not a recipient of this announcement) as its client in
relation to Admission and will not be responsible to anyone other
than the Company for providing the protections afforded to clients
of Canaccord Genuity or for providing any advice in relation to
Admission, the contents of this announcement or any transaction or
arrangement referred to herein.
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