Vaalco Receives $19 Million Payment from Sonangol

Source: www.gulfoilandgas.com 3/14/2016, Location: Africa

VAALCO Energy, Inc. received cash funds totaling $19 million from its partner in Angola, Sonangol P&P, which represents the full amount due for its share of past costs outstanding at December 31, 2015, including interest which was not previously recorded. The Company is temporarily delaying the filing of its 2015 Form 10-K to update its financial statements to reflect this positive development which meaningfully enhances liquidity.

VAALCO intends to file a Form 12b-25 Notification of Late Filing for the year ended December 31, 2015 no later than tomorrow to obtain an automatic 15 day extension to file its Form 10-K. As a result, VAALCO has postponed the issuance of its earnings release and the hosting of its conference call to discuss fourth quarter 2015 results. A release will be issued when the date and time are rescheduled.

Because of the delays discussed above, VAALCO will not participate in the 28th Annual ROTH Conference on March 16 as previously announced.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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