VAALCO ENERGY INC /DE/

VAALCO Energy announced its participation in non-deal road show meetings with prospective investors in New York on June 24th and 25th. The company also confirmed that an updated investor presentation has been made available on its website for review by interested parties.

VAALCO Energy announced positive operational updates from its ongoing drilling programs offshore Gabon and onshore Egypt. In Gabon, the Ebouri-5H development well achieved initial flow rates exceeding 8,000 gross barrels of oil per day (BOPD) and the rig has been mobilized to the SEENT platform for further drilling. In Egypt, the HE-9 development well, the first in the 2026 program, was successfully completed and placed on production with an initial flow rate of 529 gross BOPD, surpassing pre-drill expectations. The company anticipates continued success and profitability for the remainder of 2026.

VAALCO Energy's Board of Directors adopted three new forms of award agreements on June 4, 2026, under its 2020 Long Term Incentive Plan. These include a Performance Restricted Stock Award Agreement, a Time-based Restricted Stock Award Agreement, and a Restricted Stock Unit Award Agreement. The agreements detail vesting schedules tied to stock price performance or time, and conditions for accelerated vesting or forfeiture upon various termination events.

VAALCO Energy announced that its Baobab field on the CI-40 block offshore Côte d d Ivoire has successfully restarted production following the refurbishment of its Floating Production Storage and Offloading (FPSO) vessel. The FPSO refurbishment, which took nine months in Dubai, returned to Côte d d Ivoire in early Q2 2026 and is now re-connected to the field infrastructure. Production has resumed from four wells, with the remaining three producers expected to come online shortly, and the field is performing as expected. The company plans a significant Phase 5 development drilling program at Baobab in the second half of 2026, aiming for meaningful production additions.

VAALCO Energy stockholders approved Amendment No. 3 to the 2020 Long Term Incentive Plan, increasing authorized shares by 5,250,000 to a total of 20,000,000 and extending the plan's term by ten years to June 4, 2036. At the Annual Meeting, shareholders also elected five directors, ratified KPMG LLP as the independent auditor for 2026, and approved, on an advisory basis, the compensation of the company's named executive officers. All proposals submitted to a vote were approved by the requisite majority.

VAALCO Energy reported a significant net loss of $(93.8) million for the first quarter of 2026, a sharp decline from a net income of $7.7 million in the prior year period. This was primarily driven by a substantial $(70.6) million net loss on derivative instruments and a 43% decrease in total revenues to $62.6 million. The company also increased its outstanding borrowings under the 2025 RBL Facility to $152.0 million and completed the Canada Assets Divestment, which resulted in a $1.2 million loss.

Vaalco Energy reported a net loss of $93.8 million ($0.90 per diluted share) for Q1 2026, primarily due to hedging losses and exploration expenses. Despite the financial challenges, the company achieved operational successes including successful drilling in Gabon and the planned restart of Côte d'Ivoire production in Q2 2026. Vaalco increased its full year 2026 production and sales guidance while maintaining its capital budget, anticipating a stronger financial performance in the second half of 2026.

VAALCO Energy, Inc. announced its second quarter 2026 cash dividend of $0.0625 per share, totaling $0.25 on an annualized basis. This marks the company's 18th consecutive quarterly dividend, payable on June 26, 2026, to shareholders of record as of May 22, 2026. CEO George Maxwell highlighted the company's commitment to investing in future growth while providing sustainable returns to shareholders.

VAALCO Energy, Inc. announced the schedule for its first quarter 2026 earnings release and conference call. The company plans to release its financial and operational results on Thursday, May 7, 2026, after the close of trading. A conference call to discuss these results will be held the following day, Friday, May 8, 2026, at 8:00 a.m. Central Time, with dial-in and webcast options available for interested parties.

VAALCO Energy announced positive operational updates for the first quarter of 2026. This includes encouraging initial well results from the Etame 14H development well in Gabon, which has been successfully drilled, completed, and placed on production. The company also mobilized the rig to the Ebouri platform and provided updates on bringing the Baobab field in CI-40 block, offshore Côte d'Ivoire, back online.