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Stock impact report

VAALCO (EGY) Gets the Green Light for Block-P Development [Yahoo! Finance]

VAALCO Energy, Inc. (EGY) 
US:NYSE Investor Relations: vaalco.com/about-us/governance
Company Research Source: Yahoo! Finance
development (“POD”), after receiving the Government of Equatorial Guinea's approval. VAALCO is serving as the operator of the block with a 60% interest. The other partners in the project are state-owned GEPetrol and Atlas Petroleum International Ltd. The Block P Production Sharing Contract outlines a 25-year development and production period from the date when the POD was approved. The POD was approved in 2022. The company will move to develop, operate and produce from the discovery, offshore Equatorial Guinea, in the next few years. VAALCO will move forward with the Front-End Engineering Design study, which, upon completion, will lead to an economic Final Investment Decision (“FID”). The FID will facilitate the development of the Venus POD. VAALCO Energy highlighted that its portfolio diversification efforts over the past two years have enhanced its capability to generate operational cash flows, while also growing its cash position and enabling it to remain free from bank debt. Show less Read more
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