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VAALCO Energy, Inc. (EGY.L)

LSE - LSE Delayed price. Currency in GBp
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115.00+30.00 (+35.29%)
At close: 3:38PM GMT
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  • R
    Rock
    EGY Wow...Latest news release on 11/17/20

    Highlights



    Acquiring an additional 27.8% working interest in the Etame Marin block offshore Gabon, increasing VAALCO’s total working interest to 58.8%;

    • Latest earning were excellent

    Nearly doubles VAALCO’s total net production and reserves !!!



    Increases net revenue interest (“NRI”) production from 4,850 to 9,150 barrels of oil per day (“BOPD”) based on current month production



    Increases year-end 2019 SEC reserves(2) from 5.0 million to 9.4 million barrels of oil (“MMBO”)



    Increases year-end 2019 independent 2P CPR reserves(3) from 9.2 MMBO to 17.5 MMBO



    Immediately accretive to VAALCO, with estimated increase of 23% in free cash flow per barrel(4) from approximately $10.90 to $13.30 at $45 realized oil price;



    Adds optionality from acquisition of Sasol’s 40% non-operated participating interest in Block DE-8 offshore Gabon;


    Doubling Reserves and Production !

    Funding for the acquisition will be from cash on hand and cash from operations.
    EGY NO Debt should be trading $ 3.. + to $ 5.. plus a share. It will come, a well manage no risk oil stock.
  • G
    Gasnotoil
    The other asset in the deal ... a New JV

    VAALCO is acquiring a 40% non-operated participating interest in Block DE-8 offshore Gabon, with Perenco, the operator, holding the remaining 60%. Block DE-8 is in shallow waters and encompasses multiple producing fields that are not part of the transaction and are carved out of the contract area that VAALCO is acquiring. The SPA includes an interest in the Akoum-B discovery on Block DE-8 that was drilled in 2003 and has a potential appraisal well planned for 2021. If the appraisal well is successful, it could be tied back through a subsea completion to a Perenco-operated existing platform on Block DE-8.
  • S
    Saved by grace
    Start the day with the LORD.
  • G
    Gasnotoil
    i posted about this deal being in the works three months ago, glad it is finally done. I think we have all suffered long enough waiting on this!
  • R
    Ranga
    October Liftings?
    Don't see any liftings from october, it is good if it is delayed and do it now with better pricing but hope it is included in the fourth quarter.
  • G
    Gasnotoil
    size matters when looking at future M&A beyond this deal. In a world where oil is back above $50, the $44m would be replaced rather fast. 2021 will be about maintaining production on ETAME and taking a risk on a new well in Block DE-8. If this is successful and EGY can gain production from this new play, I believe share price will rise more on that news then this current event.
  • J
    John
    Higher oil prices and last quarter made 13 cents and now double the oil production this stock should go substantially highrt
  • J
    JASON
    Excellent News!....Double production while adding on no new debt and only minimal incremental expenses. ...This is a far more effective investment than stock buybacks, which proved folly.
  • m
    mike
    new target price of $2.78. let's see it please bullish here. the new 3d seismic should be interesting when it is completed and processed sometime next year.
  • S
    Saved by grace
    Start the day with the LORD. ☦️
  • D
    Disa Sadi
    I had a chance to buy more under 1 but didnt do it ... 😂😂 ... Arent I smart
  • D
    Donna
    $2.50 calls are being bought
  • ,
    ,
    Great quarterly results. It's absurd that this company is debt-free and selling at only slightly more than cash value - absolutely bananas!
  • C
    Chapman_ice
    Finally something meaningful. Excellent move.
  • D
    Disa Sadi
    Skimmed through the results ... Well done it seems. The managment here is rock solid.
  • d
    ducette
    Check out (http://Pick-stocks.com). They just mentioned EGY in the daily newsletter.
  • w
    winmore
    1/5 of all shares exchanged hands today. Welcome new owners. Try and stay for the ride.
  • D
    Donna
    am I correct net profit for next year $70 + million and esp $ 1.10
  • S
    Stock
    2$+ Coming
  • D
    Dave
    My 2.6 av has a long way to go and have been waiting for over 2 years. What's another 2-3 more years of waiting