Tuesday, March 01, 2022 9:44:44 AM
March 01 2022 - 02:00AM
GlobeNewswire Inc.
VAALCO Energy Inc. (NYSE: EGY; LSE: EGY) ("VAALCO" or the "Company") today provided an update on the Etame field reconfiguration in conjunction with the replacement of the existing Floating Production, Storage and Offloading unit (“FPSO”) with a Floating Storage and Offloading vessel (“FSO”) offshore Gabon.
VAALCO anticipates that all of the associated engineering, long-lead equipment and significant contracts are proceeding in-line with the project timelines and expected delivery schedules for the deployment of the FSO in the third quarter of 2022. Field reconfiguration activities are expected to begin in March 2022, as planned. The Cap Diamant, a double-hull crude tanker built in 2001 that is being re-engineered as the new FSO, arrived at a shipyard in Bahrain in late February 2022 on schedule, for the final modifications and certifications. VAALCO expects the vessel will begin sea trials in late June before being mobilized to Gabon.
Compared to the current FPSO agreement, the new FSO will reduce storage and offloading costs by almost 50%, increase effective capacity for storage by over 50%, and is expected to lead to an extension of the economic field life, resulting in a corresponding increase in recovery and reserves at Etame. Current total field level capital conversion estimates are $40 to $50 million gross ($26 to $32 million net to VAALCO). This capital investment is projected to save approximately $20 to $25 million gross per year ($13 to $16 million net to VAALCO) in operational costs through 2030, giving the project a very attractive payback period of less than two and a half years.
George Maxwell, VAALCO’s Chief Executive Officer, commented, "We are pleased that the field reconfiguration and FSO conversion are moving along on time and within budget. This new FSO, which is scheduled to be online in September 2022, costs almost 50% less than the current FPSO and is expected to reduce our overall costs by approximately 17% to 20%. This will significantly improve our margins, enhance our cash flow generation and sustain our operational excellence and robust financial performance at Etame through 2030."
About VAALCO
VAALCO, founded in 1985, is a Houston, USA based, independent energy company with production, development and exploration assets in the West African region.
The Company is an established operator within the region, holding a 63.6% participating interest in the Etame Marin block, located offshore Gabon, which to date has produced over 125 million barrels of crude oil and of which the Company is the operator.
---------------------------
spec
Recent EGY News
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 10:15:12 AM
- VAALCO Energy, Inc. Declares Quarterly Dividend • GlobeNewswire Inc. • 05/07/2024 06:00:00 AM
- VAALCO Energy, Inc. Announces Closing of Accretive All Cash Svenska Acquisition • GlobeNewswire Inc. • 04/30/2024 10:30:03 AM
- VAALCO Energy, Inc. Announces Publication Of 2023 Sustainability Report • GlobeNewswire Inc. • 04/29/2024 08:45:00 PM
- VAALCO Schedules First Quarter 2024 Earnings Release and Conference Call • GlobeNewswire Inc. • 04/25/2024 06:00:00 AM
- VAALCO Energy, Inc. Announces Finalization of Agreements in Equatorial Guinea • GlobeNewswire Inc. • 03/25/2024 07:00:00 AM
- VAALCO Energy, Inc. Announces Fourth Quarter and Full Year 2023 Financial and Operating Results • GlobeNewswire Inc. • 03/13/2024 09:44:43 PM
- Mixed Futures Amidst Quiet Economic Schedule; Oil Prices Climb • IH Market News • 03/13/2024 11:03:39 AM
- VAALCO Announces Participation in 36th Annual Roth Conference • GlobeNewswire Inc. • 03/12/2024 07:00:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 09:59:22 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 09:58:51 PM
- VAALCO Schedules Fourth Quarter and Full Year 2023 Earnings Release and Conference Call • GlobeNewswire Inc. • 03/04/2024 07:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/29/2024 11:05:12 AM
- VAALCO Energy, Inc. Announces Accretive All Cash Acquisition Expanding Its West African Footprint • GlobeNewswire Inc. • 02/29/2024 07:00:00 AM
- VAALCO Response to Media Speculation • GlobeNewswire Inc. • 02/27/2024 01:35:25 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/26/2024 11:15:11 AM
- VAALCO Energy, Inc. Declares Quarterly Dividend • GlobeNewswire Inc. • 02/26/2024 07:00:00 AM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 02/09/2024 09:33:42 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/17/2024 09:51:23 PM
- VAALCO Energy, Inc. Provides Operational and Financial Update Including Production and Sales Volumes for Fourth Quarter 2024 • GlobeNewswire Inc. • 01/17/2024 07:00:00 AM
- VAALCO Energy, Inc. Announces Third Quarter 2023 Results • GlobeNewswire Inc. • 11/07/2023 10:47:56 PM
- VAALCO Energy, Inc. Declares Quarterly Dividend • GlobeNewswire Inc. • 11/07/2023 07:00:00 AM
- VAALCO Schedules Third Quarter 2023 Earnings Release and Conference Call • GlobeNewswire Inc. • 10/25/2023 06:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/16/2023 01:15:17 PM
- VAALCO Energy, Inc. Provides Operational and Financial Update Including Production and Sales Volumes for Third Quarter 2023 • GlobeNewswire Inc. • 10/16/2023 06:00:00 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM