Wednesday, January 17, 2024
Vaalco Energy provided an operational and financial update with production and sales volumes for the fourth quarter and full year of 2023 as well as its increased cash and cash equivalents balance as of December 31, 2023.
Highlights and Key Items:
o Full year 2023 sales volumes were 18,700 to 18,800 net revenue interest (NRI) BOEPD above the top end of the Company’s guidance range of 17,900 to 18,500 NRI BOEPD;
o Full year 2023 production volumes were 18,700 to 18,800 NRI BOEPD at the top end of the Company’s guidance range of 18,300 to 18,900 NRI BOEPD;
George Maxwell, Vaalco’s Chief Executive Officer commented, “We finished 2023 with solid production driven by our capital programs in Egypt and Canada and the continued strong operational uptime in Gabon. In 2023, we raised our full year production and sales guidance following excellent first half 2023 results and our continued outstanding performance has allowed us to achieve the top end of our sales guidance and our production was also above the midpoint of the increased guidance range. Our high-quality asset base, combined with our exceptional operational and financial teams, have helped us to deliver this strong performance that exceeded expectations. We have grown our cash by more than $80 million in 2023 and ended the year with over $120 million in cash. Vaalco was able to accomplish this even after funding our capital program, paying out $27 million in dividends and repurchasing $21 million of Vaalco stock. We remain committed to maximizing shareholder value, generating meaningful cash flow and growing our production and reserves across a larger, diversified portfolio. We have entered 2024 with a clean balance sheet, growing cash position and robust operational performance, underpinning management’s confidence in achieving our strategic objectives.”