Vaalco Energy

VAALCO Energy is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston, Texas with operations primarily in the Etame Marin block offshore Gabon.

VAALCO Energy, Inc.
TypePublic company
NYSE: EGY
Russell Microcap Index component
IndustryPetroleum industry
Founded1985 (1985)
HeadquartersHouston, Texas, United States
Key people
 Cary Bounds, CEO
Andrew L. Fawthrop, Chairman
Phil Patman, CFO
ProductsPetroleum
Production output
3,752 barrels of oil equivalent (22,950 GJ) per day (2019)
Revenue $84 million (2019)
$2 million (2019)
Total assets $211 million (2019)
Total equity $109 million (2019)
Number of employees
111, including 75 in Gabon (2019)
Websitewww.vaalco.com
Footnotes / references
[1]

As of December 31, 2019, the company had 4,966 million barrels of oil equivalent (3.038×1010 GJ) of proved reserves, all of which was petroleum.[1]

The company’s primary source of revenue is from its 31.1% interest, via a production sharing contract, in operations in the 750,000 acre (3,000 km²) Etame Marin block, offshore Gabon. The company also owns a 31% working interest in an undeveloped portion of a block offshore Equatorial Guinea.[1]

History

In 2000, the company sold a 32.5% interest in the Etame Marin permit offshore Gabon to PanAfrican Energy Corp.[2]

In November 2012, the company acquired a 31% non-operating working interest in a production and development area offshore Equatorial Guinea from Petronas for $10 million.[3]

In November 2016, the company acquired an additional 3.23% participating interest (2.98% working interest) in the Etame Marin permit offshore Gabon.[4]

In December 2016, Cary Bounds was named chief executive officer of the company.[5][6]

References
  1. "VAALCO Energy, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Vaalco sells interest in Etame Marin Permit". American City Business Journals. December 15, 2000.
  3. "VAALCO Energy Acquires Working Interest Offshore Equatorial Guinea" (Press release). PR Newswire. November 1, 2012.
  4. "VAALCO Energy Announces Closing of Acquisition of Additional Working Interest in the Etame Marin Permit Offshore Gabon" (Press release). GlobeNewswire. November 28, 2016.
  5. "VAALCO Energy Announces the Appointment of Cary Bounds as Chief Executive Officer and Board Member and Closing of Hefley Lease Sale in North Texas" (Press release). GlobeNewswire. January 3, 2017.
  6. "Interim tag removed from Vaalco CEO Bounds". Oil & Gas Journal. January 6, 2017.
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