REG - Vaalco Energy Inc - THIRD QUARTER 2024 DIVIDEND

VAALCO EnergyAnnouncement

06/08/2024 07:00

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RNS Number : 2682Z  Vaalco Energy Inc  06 August 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

 

 

VAALCO ENERGY, INC. DECLARES THIRD QUARTER 2024 DIVIDEND

 

 

HOUSTON - August 6, 2024 - VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ("VAALCO"
or the "Company") declared its quarterly cash dividend of $0.0625 per share of
common stock for the third quarter of 2024 ($0.25 annualized), which is
payable on September 20, 2024, to stockholders of record at the close of
business on August 23, 2024. Future declarations of quarterly dividends and
the establishment of future record and payment dates are subject to approval
by the Board of Directors.

 

George Maxwell, VAALCO's Chief Executive Officer, commented, "We are pleased
to announce our third quarter 2024 dividend which is strongly supported by our
ongoing operational and financial success allowing us to continue returning
cash to our shareholders through a dividend since early 2022. We paid $0.13
per share in 2022, $0.25 per share in 2023 and with this declaration, we are
on track to deliver another $0.25 per share in 2024. The successful execution
of our strategy has allowed us to continue paying a meaningful dividend while
we grow VAALCO with both organic development activities and inorganic growth,
as we did recently with the Svenska acquisition."

 

About VAALCO

 

VAALCO, founded in 1985 and incorporated under the laws of Delaware, is a
Houston, Texas, USA based, independent energy company with a diverse portfolio
of production, development and exploration assets across Gabon, Egypt, Cote
d'Ivoire, Equatorial Guinea and Canada.

 

For Further Information

 VAALCO Energy, Inc. (General and Investor Enquiries)  +00 1 713 623 0801
 Website:                                              www.vaalco.com (http://www.vaalco.com)

 Al Petrie Advisors (US Investor Relations)            +00 1 713 543 3422
 Al Petrie / Chris Delange

 Buchanan (UK Financial PR)                            +44 (0) 207 466 5000
 Ben Romney / Barry Archer                             VAALCO@buchanan.uk.com

 

Forward Looking Statements

 

This press release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended (the "Securities Act")
and Section 21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the safe harbors created by those laws and other
applicable laws and "forward-looking information" within the meaning of
applicable Canadian securities laws. Where a forward-looking statement
expresses or implies an expectation or belief as to future events or results,
such expectation or belief is expressed in good faith and believed to have a
reasonable basis. All statements other than statements of historical fact may
be forward-looking statements. The words "anticipate," "believe," "estimate,"
"expect," "intend," "forecast," "outlook," "aim," "target," "will," "could,"
"should," "may," "likely," "plan" and "probably" or similar words may identify
forward-looking statements, but the absence of these words does not mean that
a statement is not forward-looking. Forward-looking statements in this press
release include, but are not limited to, statements relating to expectations
of future dividends to stockholders. Such forward-looking statements are
subject to risks, uncertainties and other factors, which could cause actual
results to differ materially from future results expressed, projected or
implied by the forward-looking statements. These risks and uncertainties
include, but are not limited to the risks described under the caption "Risk
Factors" in VAALCO's 2023 Annual Report on Form 10-K filed with the SEC on
March 15, 2024 and subsequent Quarterly Reports on Form 10-Q.

 

Dividends beyond the third quarter of 2024 have not yet been approved or
declared by the Board of Directors. The declaration and payment of future
dividends remain at the discretion of the Board of Directors and will be
determined based on VAALCO's financial results, balance sheet strength, cash
and liquidity requirements, future prospects, crude oil and natural gas
prices, and other factors deemed relevant by the Board of Directors. The Board
of Directors reserves all powers related to the declaration and payment of
dividends. Consequently, in determining the dividend to be declared and paid
on VAALCO's common stock, the Board of Directors may revise or terminate the
payment level at any time without prior notice.

Inside Information

 

This announcement contains inside information as defined in Regulation (EU)
No. 596/2014 on market abuse which is part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR") and is made in accordance with
the Company's obligations under article 17 of MAR. The person responsible for
arranging the release of this announcement on behalf of VAALCO is Matthew
Powers, Corporate Secretary of VAALCO.

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