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VAALCO Energy, Inc. (EGY)

NYSE - Nasdaq Real Time Price. Currency in USD
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5.24+0.04 (+0.77%)
At close: 04:00PM EDT
5.25 +0.01 (+0.19%)
After hours: 07:43PM EDT
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  • g
    guppy
    they have $123,000,000 in cash
  • D
    Don
    At 10:00 Eastern Time, we are going find out some interesting things from the company and hopefully from some decent questions asked by the callers. Eleven things I hope get some clarification:
    1. Why did they pursued well number 3 and how much did it cost?
    2. What is deal with high tax rate--75%?
    3. What do they think caused the stock price decline when they announced deal?
    4. How much cash do they have on hand now and how much are the outstanding bills?
    5. Is the Gunvor deal still on?
    6. How close is the Venus project?
    7. What was TGA motivation to being combined with Vaalco?
    8. How much money will be paid to TGA management?
    9. What are the internal estimates for next 3 wells?
    10. Will Vaalco promise to keep its stockholders updated at least monthly?
    11. Is Vaalco ok with the Gabon upcoming audits?
    Bullish
  • D
    Don
    George noted in the conference call that he was having conversations with various stockholder concerning the deal with TGA. I am assuming that those discussions contained only information that has been made available to all stockholders. If not, a summary of those conversations needs to be posted on the company website.
    Bullish
  • G
    GARY
    Hang on to your hats...Big rumour out of Houston is Vaalco may be sold. I'm trying to find out who the buyer is but so far the only tidbit I have heard is buyer may be from India. However, I have no idea how accurate info is.
  • c
    chko
    Both sides should vote YES for the merger. In the long run well be both better off and stop complaining.
    I can name at least a DOZEN good reasons and here are a few.
    1) Having more assets to work with a) GABON is like a 3 unit rental property b) Canada 1 unit rental property, EGYPT 2 unit rental property, and Equatorial is currently being remodeled and can be be a 4 unit rental property.
    2) More institution will jump in and buy shares because we're a more stable oil company.
    3) Higher daily volume means well have less of these big stock price swings.
    4) Oil from 6 locations will be much better then 2 or 3 locations
    etc...
    Bullish
  • D
    Don
    The first quarter EPS was destroyed by the losses due to derivatives. The second quarter EPS was destroyed by a 75% tax rate. Can't wait for what will destroy the third quarter EPS.
    Bullish
  • D
    Don
    Since June 30, the short interest in Vaalco has significantly increased. It is now up to 9.5% or 5,360,000 shares. While some of the shorted shares may be attributed to the merger, it is still a rather large number of shares based on the known fact that Vaalco has and will be a cash cow for at least another year. If the price of the stock would happen to rise $.50 -- $1.00, a significant price squeeze would occur if the shorts had to cover. Might be a good time for Vaalco to buy back a few shares in preparation for the merger promise at the low price now being experienced by the stock. Three or four million shares should do the trick and would probably help get the TGA stockholders to get on board with the deal. If Vaalco has the firm belief that the stock value will increase, then it can look at buying its own stock as a secure investment. Management and the board might also want to pick up a few shares to show their support of Vaalco's future.
    Bullish
  • G
    GARY
    The EPS is up almost 300%. What more do you want???
  • J
    Jimmy
    So tga out with 2 quarter earnings not to bad looks like 67.5 million cash on hand I'll have to double check and triple check that Canada well expect put on line in September so that's Great but Canada 🇨🇦 oil 🛢 prices seem extremely low to me in the 50 dollar range
    Bullish
  • G
    GARY
    @Don Taxes are the cost of doing business and also success. Half of that 46 mill was deferred.
  • G
    GARY
    EGY is a bargain at less than 5 bucks. Instead of complaining about the merger, the smart move by TGA holders is to jump in and buy EGY before earnings release. You will profit immediately and subsequently when merger is approved.
  • J
    Jason
    I was not able to make the conference call yesterday and Vaalco has not yet posted it on it's website. Can anyone give me a summary of what Maxwell said about the following: Well 3 results - why they kept drilling/fracking when output was low? Total Well 3 costs?, Gunvor assets - Possible cost? is it accretive?, Status of well 4? Block P - same question? Are they using the Geo mapping that they paid $5 million for 18 months ago? How helpful has it been so far? How are they using it? What is Maxwell's plan regarding more timely and accurate communication to investors or plans?
  • D
    Don
    Interesting that Vaalco accepted one of the posters comments concerning the use of a collar hedge instead of a straight up hedge and has instituted that hedge within the last couple of days. This saved the company a significant amount of money. Thank you whoever posted that information.
  • G
    Gary
    Looking at slide 8 of the presentation the depiction of EBITDA without the merger shows 190-230m. Being the eternal optimist I am going to illustrate 230m. We all know EBITDA is earnings before interest tax depreciation and amortization. We also know that on the last quarterly report we don't have tax. Since we really want to convert EBITDA to cash flow we can ignore interest because we don't have debt. We know from accounting 101 that we have to add depreciation and amortization back to arrive at cash flow. So ironically our EBITDA is very close to our cash flow. Why is this important? It's important because Management is telling us that our best case in 2022 we are cash flowing 3.83 per share this year however we are likely going to cash flow at a higher rate next year because we will have a full year with the teli and a full year of all new wells producing.
  • D
    Don
    New FSO "Teli" is forecasted to arrive on August 12. New piping connections and the FSO installation should be completed in September. Vaalco is predicting a significant cut in operations cost per barrel with the installation of the FSO. Even more profit in the third quarter.
  • Y
    Yaat
    Don't pull a Maxwell, Maxwell...
  • G
    GARY
    I think the deal wilh TGA will go through. The pot has been sweetened with this 30 mill buy back. Merging will send EGY over $10.
  • P
    PeterS
    something big brewing in EG, the TGA merger is to facilitate an asset purchase there and give them increased bargaining power in negotiations with the eg govt. just went from 4.5 to 8k boe/d potential at Venus with increased stake in block P. That’s huge! They just have to re open wells there
  • G
    GARY
    Get on board. EGY will make a huge jump after releasing earnings.
  • D
    Donald
    I am totally fine with either outcome and also understand if TGA shareholders vote no, because they don’t like the deal. If they think Transglobe is better off with their holdings in Canada and Egypt instead of four countries, then they should vote no.
    Personally I think the combination makes sense, and will vote my 3,000 shares
    “For”.
    Bullish
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