VAALCO pursues London listing to accelerate growth targets

Sept. 17, 2019

Offshore staff

HOUSTONVAALCO Energy Inc. intends to seek a standard listing on the main market of the London Stock Exchange, to complement its existing listing on the New York Stock Exchange.

The company operates the Etame Marin block offshore Gabon (31.1% working interest), which has produced around 110 MMbbl of oil since start-up in November 2002.

Recently VAALCO started a new work program to grow production and reserves, and plans to drill up to three development wells and two appraisal wellbores within the next 12 months.

It estimates remaining reserves and resources of ~123 MMbbl at Etame, with development opportunities and leads at or near existing platforms, which would allow new production to be brought online quickly.

In addition, the company has exploration and development potential in block P offshore Equatorial Guinea (31% working interest).

CEO Cary Bounds said: “Since 2017, our strategy has been clearly focused on strengthening the core foundations of the company and preparing it for sustainable, long-term growth…

“VAALCO has an enviable position for a company of its size in terms of its debt-free balance sheet and strong cash position.  This allows us to self-fund our active work program that has recently commenced, and will provide multiple catalysts in the coming year as we look to enhance production and realize upside from our proven reserves and resources…

“We hope to use the listing as a springboard to achieve our ambitious medium-term organic and inorganic growth objectives.”