Continental Focus, International Reach

VAALCO Pays $4.5 Million in Angola Exit

Sunday, July 21, 2019

VAALCO Energy, paid $4.5 million to the Angola National Agency of Petroleum, Gas, and Biofuels (ANPG). The payment falls under a previously announced Settlement Agreement executed earlier this year that finalized the termination of VAALCO’s rights, liabilities and outstanding obligations for Block 5/06 in Angola.

The Settlement Agreement provided for a cash payment of $4.5 million from VAALCO to the National Concessionaire as well as the elimination of the receivable from Sonangol P&P that was related to joint-interest billings.

Cary Bounds, VAALCO’s CEO, commented, “We are extremely pleased to have fulfilled all the terms of our Settlement Agreement to exit Angola and we offer our sincere gratitude to the National Concessionaire for their pragmatic approach to helping us reach this material milestone. Finalizing the Settlement Agreement has removed considerable uncertainty over the financial impact of exiting Angola. As we prepare for our upcoming drilling campaign offshore Gabon, we are at an exciting juncture for the company and remain wholly focused on delivering profitable growth and meaningful value for our shareholders.”