LONDON, UK / ACCESSWIRE / June 22, 2018 / If you want access to our free research report on VAALCO Energy, Inc. (NYSE: EGY) ("VAALCO"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=EGY as the Company's latest news hit the wire. On June 20, 2018, the Company announced that it has completed the workover operations and replaced the electrical submersible pump (ESP) system in the Avouma 2H well. The replacement was conducted safely and efficiently with no injuries or environmental incidents. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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The well is online producing at rates in excess of pre-shutdown levels and is expected to stabilize around 2,000 barrels of oil per day (BOPD) gross, or 540 BOPD net to the Company. Additionally, a third workover has commenced to proactively upgrade the ESP system in the South Tchibala 2H well.
VAALCO to Realize Cost Savings by Conducting the South Tchibala 2H Workover
With the proactive replacement of the system, the Company is mitigating the potential for a premature ESP failure by installing a system with design enhancements that are expected to extend the run life of the ESP. VAALCO will also realize cost savings by conducting the South Tchibala 2H well workover, while the hydraulic workover unit is already on the platform. The Company has also executed a hedge swap at a Dated Brent weighted average of $74 per barrel for the period from, and including, June 2018 through June 2019, for a quantity of approximately 400,000 barrels.
VAALCO is Anticipating Possible Development Drilling Campaign on its Offshore Gabon Asset in 2019
Cary Bounds, Chief Executive Officer (CEO) of VAALCO, stated that the Company is pleased to have restored a significant production from the Avouma 2H well. VAALCO is realizing significant cash flow generation at current Brent pricing, and have decided to lock in cash generation at $74 per barrel on approximately 400,000 barrels over the next 13 months, in anticipation of a possible development drilling campaign on its offshore Gabon asset in 2019. Bounds further added that with the recent elimination of all of the Company's outstanding debt, VAALCO will continue to strengthen its balance sheet through cash flow generation and look to future economic development drilling opportunities.
VAALCO Announced Early Repayment of IFC Debt
On May 22, 2018, the Company announced that its subsidiary paid off the outstanding balance on its Amended Term Loan Agreement with the International Finance Corp. (IFC). VAALCO eliminated approximately $7 million of outstanding debt with IFC, with cash on hand. Workover operations began on the Avouma platform on May 17, 2018, to replace ESPs in the Avouma 2H and South Tchibala 1-HB wells.
About VAALCO Energy, Inc.
VAALCO is a Houston-based independent energy organization, principally engaged in the acquisition, exploration, development, and production of crude oil and natural gas. VAALCO's strategy is to increase reserves and production through the exploration of oil and gas properties, with a high emphasis on international opportunities. The Company's properties and exploration acreage are located primarily in Gabon and Angola, West Africa.
Stock Performance Snapshot
June 21, 2018 - At Thursday's closing bell, VAALCO Energy's stock declined 7.69%, ending the trading session at $2.40.
Volume traded for the day: 959.37 thousand shares.
Stock performance in the last month – up 11.63%; previous three-month period – up 163.01%; past twelve-month period – up 183.99%; and year-to-date - up 244.28%
After yesterday's close, VAALCO Energy's market cap was at $138.38 million.
Price to Earnings (P/E) ratio was at 2.11.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
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