Petroleum Africa
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Wednesday, September 18, 2019
VAALCO Energy plans to seek a standard listing on the Main Market of the LSE. The listing will complement its existing listing on the NYSE according to the compay.
The dual-listing will broaden the shareholder base and allow it to access future capital to support its growth strategy. VAALCO expects the listing to occur by September 30. Shares will trade under the ticker symbol EGY, the same as on the NYSE, and the expected market capitalization on admission to the LSE will be around $100 million.
Cary Bounds, VAALCO’s Chief Executive Officer commented “Since 2017, our strategy has been clearly focused on strength ENIng the core foundations of the Company and preparing it for sustainable, long-term growth. We have successfully delivered a number of material developments that have secured and enhanced the future for VAALCO, enabling us to embark on this dual-listing from a position of strength.
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.
The London Listing makes strong strategic sense in terms of obtaining a dual-listing on another leading international exchange with a sophisticated understanding of investment propositions and assets within VAALCO’s West Africa focus. We hope to use the Listing as a springboard to achieve our ambitious medium-term organic and inorganic growth objectives.”
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