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Egypt needs the hard $USD cash that comes from oil exports
Vaalco had the leverage to make huge progress on the “tax” vs “social program” payments
TGA couldn’t get paid (credit for oil delivered to government) and was put in an untenable situation
Vaalco pulled their carcass out of the fire and turned it into a profitable division
spec
$EGY pushing thru $6
Should have plenty of support to prevent a rollback
spec
Well, Gabon has performed reliably and there are new efficiencies that begin to trickle down after the one-off charges for the acquisitions roll off
spec
Roth MKM puts a price target of $8 on $EGY
Someone here agrees
spec
$EGY Vaalco presentation today 11AM Eastern, check website for registration details on upcoming live event (with replay available later)
EGY belongs north of $8 yet it’s hovering at $6 currently
Cheers
spec
Good to get confirmation of favorable support from the post-coup leadership in Gabon
That removes a huge chunk of risk in the Gabon operation
Very informative conference call, worth a listen, IMO
EGY finally getting a little more recognition for its solid balance sheet (free of bank debt) and free cash flow
Nice acquisition with immediately accretive assets and broader diversification of revenue streams/forward strategies across several countries
Looking to see a continuation of this bullish trend as appreciation grows for their performance in growing Vaalco shareholder value
spec
VAALCO Energy, Inc. Provides Operational and Financial Update Including Production and Sales Volumes for Third Quarter 2023
October 16 2023 - 02:00AM
GlobeNewswire Inc.
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VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Company”) today provided an operational and financial update, including production and sales volumes for the third quarter 2023 and its increased cash and cash equivalents balance as of September 30, 2023.
Highlights and Key Items:
Strong operational performance in Gabon, Egypt and Canada continued to drive robust production and sales volumes in Q3 2023;
Produced nearly 19,000 net revenue interest (“NRI”) barrels of oil equivalent per day (“BOEPD”), at the upper end of VAALCO’s third quarter guidance range of 17,500 to 19,200 NRI BOEPD;
Recorded sales volumes of almost 19,900 NRI BOEPD, also at higher end of its guidance range of 18,400 to 20,600 NRI BOEPD;
Completed an additional crude sales lifting in Gabon of about 600,000 gross barrels of oil in the first week of October; and
Grew cash and cash equivalents to over $100 million at September 30, 2023, more than double cash and cash equivalents as of June 30, 2023.
George Maxwell, VAALCO’s Chief Executive Officer commented, “The good performance of our 2023 capital program in Egypt and Canada, coupled with the strong operational uptime in Gabon have driven our robust production. We raised production and sales guidance after our first half 2023 results and our continued strong performance has carried into the third quarter with both production and sales at the high end of our guidance ranges. Additionally, after completing the majority of our capex programs for 2023 in the second quarter, we forecast meaningful cash flow generation in the second half of 2023. As clearly evidenced from the more than doubling of our cash on hand to over $100 million at September 30, 2023, we are delivering this cash flow growth. In early October we also had another lifting in Gabon of about 600,000 gross barrels, which will add to our healthy cash position. We expect our ability to grow cash flow in the current high commodity price environment to continue through year-end. This robust cash reserve will allow us to fund our 2024 capital program, continue to return cash to shareholders through dividends and buybacks and provides meaningful financial optionality for the future.”
“It’s now been a year since the combination with TransGlobe occurred and we have focused on returning cash to shareholders, generating meaningful cash flow, maintaining and growing our production base, evaluating a larger portfolio of opportunities across multiple countries and continuing to drill our prospects. We continue to not only deliver on all of these accounts, but we have also exceeded expectations while building size and scale for the future. We are excited about 2024 and beyond with a clean balance sheet, growing cash position and robust operational performance.”
About VAALCO
VAALCO, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with production, development and exploration assets in Africa and Canada.
Following its business combination with TransGlobe Energy Corporation (“TransGlobe”) in October 2022, VAALCO owns a diverse portfolio of operated production, development and exploration assets across Gabon, Egypt, Equatorial Guinea and Canada.
For Further Information
VAALCO Energy, Inc. (General and Investor Enquiries) +00 1 713 623 0801
Website: www.vaalco.com
futr
Seems like some folks are finally getting their vision back on the prospects of net neutral 2050
A fun little fantasy for kids to play with but the adults and realists are looking toward cleaner and more efficient use of fossil fuels and other natural resources that are essential for modern civilization
My V-ger project has popped up a flag for Gabon and BW Energy
They’re a partner with Vaalco and the operator of the 2 new blocks related to the partnership (PR dated 11 Oct, 2021) and it looks like they will be drilling an exploration well late 2023 with the Borr Norve
Gabon needs the production for the majority of the country’s tax revenue so I don’t see it getting interrupted by the coup fallout
Haven’t had the opportunity to dig into the details (and confirmation) yet
spec
About as stunning as Cal being shut down
and EIA still reported flat fuel
use for that week...
Hard to trust anything...
Egypt, last night also, announced big
plans to increase natural gas well
drilling with a big, ample supply
worldwide...
Snuck that bad news in when the
Gabon unrest news broke...
So we watch...LJ
On a positive note-
Flights to Gabon that are packaged with vacation accommodations are on sale this week …. deep discounts
Sheesh! This is exactly the geopolitical instability that I was hoping to avoid in Vaalco’s Gabon operations
A little bit of piracy offshore and a hefty government/social tax was plenty to deal with already
As long as the citizens of Gabon are sufficiently aligned with the military. it shouldn’t create much disruption in exports of crude because it brings in essential revenue
They won’t kill the golden goose
But they’ll need to keep the supply lines and labor market fully operational to maintain that cash flow
Plus, these days, you never know if the whole story is getting out
Looks like the swoon has paused at the $4 level, a 20% drop since last week
spec
I'm backkk...post any caution
to watch for now...
so we watch...LJ
How soon till $100.00 WTI ?
My guess end of August 2023
jmho
What a shittie report , no production numbers on completed wells Egypt or Canada , The CC will be a joke
jmho
something is wrong here
Something is wrong here ! They made $ 48 M in the quarter that included a reversal of $26 M. And $8 m gain due to some kind of agreement with Egypt ! The new TGA agrement was we pay Egypt 26 million up front and i think 10 million a year for 5 years ! Now if this was changed last year and not reported to stockholders someone is in trouble !
jmho
...'You want to believe'...
Several analysts are very confident of a return to >$100 crude this year
But on the balance, there are supply and trade issues putting significant pressure on the demand side that are keeping prices range bound ~$70-80 ish
Seems like a bottom has been put in for EGY
GOM lease auction coming up
The last Alaska (Cook inlet) sale had 1 bidder on 1 block
That’s a pretty stark statement on the viability of upstream drilling in AK under this administration
A decent round of awarded blocks would certainly boost domestic exploration
Until then, EGY is now better positioned geographically to reap the rewards of policy aligned for progress
spec
thanks WTIC now $68
I have funds headed to Schwab will be picking up more here also voc
both have nice div. so can wait for a rebound.
IMO oil/gas will be aroud a lot longer than many think. Farmers need diesel. So many other
products come from the oil industry. Even some power plants and fertilizer. Many house hold items even plastic is made from oil.
NT filed today
New deadline for late 10-K is March 31 eob
The bean counters need more time (must be an hourly rate, LOL)
Not a good market atmosphere to be late
Brent down to $73, a drop of $10 since Monday
EGY should post some good numbers for Q1 but the 10-K will be a chunk of data that’ll take a bit more deciphering regarding the accounting related to the merger and the FSO/field changes
spec
did I miss something we bougt Transglobal?
Light reading for a quiet board...
https://oilprice.com/Latest-Energy-News/World-News/Goldman-Sachs-Warns-Of-An-Imminent-Oil-Supply-Shortage.html
So we watch...LJ
Was this a merger or what ?
Back on 12/23, Vaalco issued the following news release: Vaalco says its indirect wholly-owned subsidiary TransGlobe Energy Corp terminated its lending facility with ATB Financial.
What is interesting, is the term "indirect wholly-owned subsidiary".
In order to be a subsidiary, another corporation must own more than 50 percent of its stock. If it’s a wholly-owned/direct subsidiary, then another company owns 100 percent of its stock. Regardless of the percentage of ownership, a subsidiary must be a separate entity and not merely a division of the company operating under a separate name.
This might be the reason that TGA stockholder will be paying taxes on this so call merger. Secondly, TGA as a company still exist. Looking forward to seeing how the quarterly financial reports are handled.
From another site
JMHO
Thought it was a firework on Thursday,
but it says EGY up 5%...
https://finance.yahoo.com/quote/EGY/?p=EGY
So we watch...LJ
Has any TGA holders talked to the tax man yet , somehow it seems you got the shaft ! Broker reports show this was not a stock takeover but a outright sale !
better check your broker statements
jmho
Ohh, interesting alert on EGY
from my AI assistant, V-ger
Should be seeing a sustained uptic in volume and whale alerts to follow
Opec+ cuts, if they happen in Q1, will only delay the run
Locked and loaded, gonna get played hard before the 10K is filed
after that, it’ll be off the hook
sooner if good news
spec
EGY on sale @$4.19
These are super cheap prices for the value and positive shareholder returns via divi and inevitable share price rise
The merger with TransGlobe added value but also added ambiguity in some part due to differences in reporting regulations
Q1 will be the bellwether but the annual report should be a fairly good indicator
March 10 for last year’s 10K
Here we go 2023
spec
Merry Christmas to all and a happy New Year
If you’re warm and well fed tonight, be thankful
Be thoughtful of others
Be aware of your freedoms, don’t infringe upon others
In regards to energy, remember the significant contribution of affordable fossil fuels on your everyday lives
It powers the global economy and …
It is needed for a true transitional evolution in energy, free of political gamesmanship
But for now, Merry Christmas
Remember why
spec
Here ya go -
https://www.sec.gov/edgar/searchedgar/companysearch
Start there, bookmark it
Edgar is up, it’s the horse’s mouth
Time to do your own homework
Merry Christmas
spec
Hey what is in this new filing today ?
Nothing come up for me
could it have to do with under reported production ????
JMHO
Here is a link for you
https://www.vaalco.com/investors/news-events/press-releases/detail/360/vaalco-energy-inc-announces-third-quarter-2022-results
For anyone interested, the subsequent presentations and updates are all on the investor relations section of their website
GLTY
spec
Hey post a link
computer is mad at me and i just have major surgery
jmho
no you are proving my point
Why would EGY go after TGA if tga no no production , no reserves and no cash !
Hey i tryed to listen to the CC and nope not on website anymore , wonder why
jmho
You are proving my point , EGY sucks NO PRODUCTION NO RESERVES AND BULL SHIT MANAGEMENT
NEELY AND IDIOT DREAMER ARE GOOD PAIR and may they choke in hell
jmho
I know the answer for you
TGA should have had 2 lifting out of Egypt and that should have been about 100 million dollars and what did we get ?
Not one but TWO dusters
what a bunch of ass holes , look to me like they could not pour pisss out of a boot
jmho
Just can’t get your numbers right?
One well underperforming
Worst case, it never reaches the full predicted production rate
More likely is a recompletion to alleviate the flow problems in the lower zones
You got your bad news to keep the giggles fresh
But will you buy the dip??
EGY $4.50
I’m buying it up
spec
caan you say DUSTER
what a bunch of pure jackass , 20,000 no 5000 , no just duster
man going to be a bad day for TGA and shit hole EGY
jmho
where is the report on that last well !
Hey that last well was completed weeks ago and no report !!!
Hey the well before this last well was a dud [ production what 200 barrel crude ] and everyone expected what 5000 barrel
DUSTERSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS
my guess several big TGA holders are pissed
Hey better check your basis at your broker
jmho
Still slinging the fake “duster” story?
Spoiler alert- no duster at Vaalco as far back as I have been a shareholder (years)
Good luck to you but you’ll need to start vetting your info a lot better if you expect a better result
Like I said, we’ll see in a quarter or 2 how the merger is working out
GLTY
spec
Talk about a pile of bull shit
just keep on drilling dusters and sitting on the shit to boot
jmho
Good luck to you
Check back in a several months and one of us should get a chuckle
Hey spec machine
I will make more money on ERHE than i can ever dream of with EGY !
I see you are still waiting on the last duster well
jmho
Are you happy to be aboard the winning team ?
I see solid performance ahead on the Gabon side and look forward to hearing the plans for other areas
spec
Robust is a nice word to hear
Continuing delivery on objectives, Vaalco mgmt doing it right
spec
HOUSTON, Oct. 31, 2022 (GLOBE NEWSWIRE) -- VAALCO Energy Inc. (NYSE: EGY; LSE: EGY) ("VAALCO" or the "Company") declared its quarterly cash dividend of $0.0325 per share of common stock for the fourth quarter of 2022 ($0.13 annualized), which is payable December 22, 2022, to stockholders of record at the close of business on November 22, 2022. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.
George Maxwell, VAALCO’s Chief Executive Officer, commented, "We continue to return value to shareholders and we believe that it is important for E&P companies to deliver sustainable shareholder returns. We closed on our strategic combination with TransGlobe Energy, Inc. on October 13, 2022 and remain committed to nearly doubling our target annualized dividend to $0.25 per share beginning in the first quarter of 2023, the first quarter immediately following the closing of the transaction. The combination of VAALCO and TransGlobe is expected to generate robust cash flow in 2023 and beyond, enabling us to significantly increase our dividend. We have premier assets in Gabon, Egypt and Canada generating strong operational results, which coupled with strong pricing, allows us to return meaningful cash to our shareholders through dividends, share buybacks and potentially through special distributions in the future.”
futr
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