VAALCO Hosts Annual General Meeting Outlining Refreshed Strategic Targets

Source: www.gulfoilandgas.com 6/8/2021, Location: Africa

VAALCO Energy, Inc. held its Annual General Meeting on Thursday, June 3 and outlined near-term value drivers to support accretive growth and generate shareholder returns.

Key Highlights of the refreshed strategy outlined at the Annual General Meeting:
- Execute 2021/2022 drilling and workover program offshore Gabon at Etame targeting an increase of 7,000 – 8,000 gross barrels of oil per day with significant recoverable reserves conversion;
- Maintain operational excellence, cost discipline and strong balance sheet:
- Replacing the existing FPSO with an FSO at Etame in Q3 2022 could reduce VAALCO’s annual operating costs by 15% to 25%;
- Materially de-risking funding of 2021/2022 drilling program and forecasted FSO conversion costs through hedging;
- Unlock meaningful potential in Equatorial Guinea by reviewing near-term production development opportunities on Block P; and
- Continue to pursue value accretive opportunities within VAALCO’s strategic focus area in West Africa.

George Maxwell, Chief Executive Officer, commented, “We recently held our Annual General Meeting where we outlined the pillars for our strategic vision. We plan to continue to profitably develop our world-class Etame asset offshore Gabon and successfully execute our upcoming 2021/2022 drilling and workover campaign. We have several initiatives underway geared toward maximizing our netbacks including our proposed FSO conversion and other cost saving initiatives. Through our hedging program, our capital commitments over the next 12 months are expected to be fully funded through our cash flow and cash on hand. We are reviewing near-term production development opportunities on Block P in Equatorial Guinea. As you can see, we are firmly focused on maximizing shareholder returns while we progress our refreshed strategic objectives focused on accretive growth.”


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