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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vaalco Energy Inc | NYSE:EGY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.03 | 0.48% | 6.28 | 6.32 | 6.17 | 6.25 | 974,305 | 00:59:28 |
Highlights and Recent Key Items:
Cary Bounds, Chief Executive Officer commented, “We are realizing significant cash flow generation due to the strong improvement in Brent oil prices with no hedges currently in place. This is allowing us to eliminate all of our outstanding debt and strengthen our balance sheet. We are improving our financial position in anticipation of a development drilling campaign on our offshore Gabon asset in 2019. In addition, our workover operations to restore production from two shut-in wells on the Avouma platform have commenced. We are hopeful that modifications to the design of the downhole ESP equipment, improvements in the installation procedures and upgrades to the surface control systems on the platform will result in improved operational reliability. With the additional 750 net BOPD of production that these wells could bring back online if the workover operations are successful, coupled with higher Brent pricing, we will continue to enhance our ability to generate cash in 2018.”
At March 31, 2018, debt, net of deferred financing costs, totaled $7.0 million. The total payoff amount for the principal and accrued interest since March 31, 2018 was approximately $7.2 million. VAALCO now has no debt on the balance sheet for the first time since June 30, 2014.
About VAALCO
VAALCO Energy, Inc. is a Houston-based independent energy company principally engaged in the acquisition, development and production of crude oil. The Company's properties and acreage are located primarily in Gabon and Equatorial Guinea in West Africa.
Investor Contact Phil Patman, Jr. 713-623-0801
1 Year Vaalco Energy Chart |
1 Month Vaalco Energy Chart |
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