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NEWS
VAALCO Energy, Inc. Provides Positive Additional Information Regarding Its Acquisition Of Svenska
VAALCO Energy (NYSE: EGY; LSE: EGY) has provided positive additional information regarding its acquisition of Svenska Petroleum Exploration AB. Key highlights include:
Updated SEC net proved reserves as of December 31, 2023: 16.9 MMBOE (93% oil), higher than previous estimates
Increased 2P WI CPR reserves to 22.5 MMBOE (93% oil)
Significant upside potential with Best Estimate Working Interest Contingent Resources of 20.4 MMBOE
The acquisition, closed on April 30, 2024, includes a 27.39% non-operated working interest in the Baobab field, offshore Côte d'Ivoire. The net purchase price of $40.2 million was fully funded by cash on hand. This strategic move expands VAALCO's West African presence and is expected to support future growth.
Updated SEC net proved reserves as of December 31, 2023: 16.9 MMBOE (93% oil), higher than previous estimates
Increased 2P WI CPR reserves to 22.5 MMBOE (93% oil)
Significant upside potential with Best Estimate Working Interest Contingent Resources of 20.4 MMBOE
The acquisition, closed on April 30, 2024, includes a 27.39% non-operated working interest in the Baobab field, offshore Côte d'Ivoire. The net purchase price of $40.2 million was fully funded by cash on hand. This strategic move expands VAALCO's West African presence and is expected to support future growth.
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