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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Vaalco Energy Inc. | EGY | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 537.50 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 537.50 | 537.50 | 537.50 | 537.50 | 537.50 |
| Industry Sector |
|---|
| MINING |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 26/02/2024 | Interim | USD | 0.0625 | 07/03/2024 | 08/03/2024 | 28/03/2024 |
| 14/02/2023 | Interim | USD | 0.0625 | 23/11/2023 | 24/11/2023 | 21/12/2023 |
| 09/08/2023 | Interim | USD | 0.0625 | 24/08/2023 | 25/08/2023 | 22/09/2023 |
| 09/05/2023 | Interim | USD | 0.0625 | 23/05/2023 | 24/05/2023 | 23/06/2023 |
| 14/02/2023 | Interim | USD | 0.0625 | 23/03/2023 | 24/03/2023 | 31/03/2023 |
| 31/10/2022 | Final | USD | 0.0325 | 21/11/2022 | 22/11/2022 | 22/12/2022 |
| 05/08/2022 | Interim | USD | 0.0325 | 23/08/2022 | 24/08/2022 | 23/09/2022 |
| 02/05/2022 | Interim | USD | 0.0325 | 24/05/2022 | 25/05/2022 | 24/06/2022 |
| 28/01/2022 | Interim | USD | 0.0325 | 17/02/2022 | 18/02/2022 | 18/03/2022 |
| Top Posts |
|---|
Posted at 04/10/2006 14:55 by appassaw Aritlce found here |
Posted at 22/2/2006 09:41 by mdchand incase anyone still follows these.........Energy XXI - Acquisition Corporation (Bermuda) Limited floated on AIM in October 2005 (AIM: EGY) and is the first UK-listed Special Purpose Acquisition Corporation (SPAC) to make an acquisition and draw down the money raised and placed in the irrevocable Trust at the time of flotation. Energy XXI was formed with a proven management team to maximise returns to shareholders through the global acquisition, exploitation and optimisation of producing energy assets and companies. Analysis Energy XXI is very much a low risk E&P oil investment opportunity, not pursuing high risk speculative greenfield exploration activity. Instead Energy XXI's strategy is pursuit of short-life, stable producing assets, which allows immediate access to cash flow and the ability to financially leverage and substantially hedge returns, a particularly attractive model in today's energy pricing environment. This approach is fully reflected in the Group's first acquisition, agreement with Marlin Energy, L.L.C. to acquire 100% of the membership interests in Marlin Energy Offshore, L.L.C. and Marlin Texas GP, L.L.C. and the limited partner interest in Marlin Texas, L.P. (collectively, the "Marlin Entities"). Energy XXI is paying US$421.1m to acquire the Marlin Entities. Following financing which is going into place on this deal, the Group will be left with further facilities of US$60m, providing opportunity for further acquisition or development in due course. The Marlin Entities to be acquired have interests in various oil and gas properties located on the Outer Continental Shelf in shallow waters of the U.S. Gulf of Mexico ("GOM") and onshore the U.S. Gulf Coast. These properties fit the Group's short reserve life orientated strategy. At present the proven reserves acquired are on the order of 26 million BOE. There are multiple opportunities for increasing the Group's reserves. At the acquisition price of c.US$16.2 per proven barrel, the price Energy XXI is paying is attractive to recent US Gulf of Mexico transactions. The assets being acquired produced 2.9mmboe in the eleven months to November 2005 (a period materially impacted by hurricanes as of today the majority of these wells have returned to "production") and revenue in the eleven months was US$155m and proforma EBITDA was $107m. The asset parcel Energy XXI is acquiring is a relatively low risk, established producing portfolio, with substantial exploitation upside developed by an established management team which is well known to Energy XXI management. Approximately sixty percent of the proven reserves are oil and seventy percent of are operated, which suits the Energy XXI model of actively seeking operatorship of short life reserves and accelerating value. Production from the assets being acquired before the two hurricanes last season was running at 11.8mboe per day (which would annualise at gross cash of US$280m per annum at $65 per barrel oil) and by the end of this year we are looking at daily production of over 11.6mboe (in January, production was 10.8mboe per day). We anticipate that production will peak at over 14mboepd in 2008. In terms of reserve split, exactly two-thirds of proven barrelage is in the South Timbalier 21 field, which has produced over 300mmboe in its life to date. At South Timbalier the intention is to drill a further 4 development wells this year and additionally facilitate 4 redrills for wells which were suspended due to hurricanes. We anticipate that average production from the ST21 field for 2006 will be in the order of 5.9mboepd, increasing all the time towards pre-hurricane levels of over 7mboepd. On an unrisked basis we believe that the proven assets being acquired will produce total end-of-life operating cash flow of around three times their acquisition cost, assuming the current oil price environment is maintained. Using a 10% discount rate, Netherland Sewell's estimate of current value of the properties approximates US$700m, or upside of roughly two-thirds from the purchase price. As Energy XXI's management team successfully exploit these assets and begin to develop the Group into a leading mid-tier E&P company, we believe that the shares will reflect the significant prospects ahead for the company, rather than current valuation at close to the 'near-cash' value. The effect of financial leverage also substantially offers enhanced returns for shareholders in the longer term. Given attractive strip prices, there is considerable certainty that the Group can lock into the high oil price environment for a significant proportion of its production. Action This isn't the end game for Energy XXI. It is just the start of the company's development strategy. This transaction leaves Energy XXI conservatively geared. The SPAC structure also conveniently gives a further US$500m of potential equity through the exercise of warrants, which given that Energy XXI is effectively 'de-SPAC'-ing and becoming a fully-fledged medium sized E&P player, is likely to become a feature of the Group's capital structure going forward. Energy XXI's ordinary shares and warrants have been suspended until the reverse takeover document has been posted. On this date we will initiate full forecasts following the acquisition completion. It is our belief, however, that there is considerable upside in the shares when they return from suspension. |
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