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Friday 9 October 2026 · Oil, gas and mining explorers, from their own disclosures

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VAALCO ENERGY INC /DE/

NYSE:EGY · 53 story beats from 2008 to 2026

What it holds, and what it is worth

17mmbbl oil

reserve · P90 11.2 / P50 17 / P10 17

Valued at: VAALCO ENERGY INC /DE/ 100% of volumes already stated netPermit: ETAME MARIN
1 note for review
  • liquids: high case not stated; set equal to P50
2mmbbl oil

prospective · P90 1 / P50 1.5 / P10 2

Valued at: VAALCO ENERGY INC /DE/ 57.2%Permit: ETAME MARIN
1 note for review
  • liquids: no best estimate stated; P50 taken as 1.5 from the low/high midpoint case
2mmbbl oil

prospective · P90 1 / P50 1.5 / P10 2

Valued at: VAALCO ENERGY INC /DE/ 57.2%Permit: ETAME MARIN
2 notes for review
  • liquids: no best estimate stated; P50 taken as 1.5 from the low/high midpoint case
  • liquids: no SPE-PRMS class stated; risked as prospective
50%
Probability of
20
mmbbl
88.8%
Value retained
$71,000,000.00
AUD

Leverage per instrument

NYSE:EGY
8%
$5.79 → $0.47

The story so far

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

2026104m shares · US$536m market cap

  1. 10 Feb

    VAALCO is selling the Canadian assets it gained through its 2022 merger with TransGlobe Energy to Petrus Resources.

    material agreement

    104m shUS$536m

2025104m shares · US$415m market cap

  1. 10 Mar

    VAALCO replaced its Glencore credit facility with a new, broader loan covering its Gabon, Egypt, and Ivory Coast operations, arranged by Standard Bank.

    debt financing

    104m shUS$415m

2024103m shares · US$662m market cap

  1. 30 Apr

    VAALCO completed its Petroswede/Svenska acquisition announced in February, adding a 27.39% stake in the Baobab field to its portfolio.

    asset acquisition disposition

    103m shUS$662m
  2. 29 Feb

    VAALCO agreed to buy Petroswede's Svenska Petroleum unit for $66.5 million, gaining a 27.39% stake in the Baobab field offshore Ivory Coast.

    material agreement

    104m shUS$465m
  3. 26 Feb

    VAALCO nearly doubled its quarterly dividend to $0.0625/share ($0.25 annualized), its first increase since the TransGlobe Energy merger.

    dividend declaration

    104m shUS$445m

2023107m shares · US$486m market cap

  1. 6 Apr

    VAALCO's delayed annual report for fiscal 2022 showed revenue nearly doubling to $354.3 million and net income of about $51.9 million, its first annual report reflecting the TransGlobe Energy merger.

    annual report

    107m shUS$486m

202259.1m shares · US$304m market cap

  1. 2 Nov

    VAALCO's board approved the $30 million share buyback program first flagged when the TransGlobe Energy merger was announced.

    business combination

    59.1m shUS$304m
  2. 14 Oct

    VAALCO completed its acquisition of TransGlobe Energy Corporation, expanded its board from four to seven directors by adding three TransGlobe directors, and raised its authorized share count from 100 million to 160 million shares - closing the merger first announced in mid-2022.

    business combination

    59.1m shUS$258m
  3. 13 Oct

    VAALCO completed its merger with TransGlobe Energy and applied to relist its shares following the deal's close.

    business combination

    59.1m shUS$258m
  4. 12 Oct

    A Canadian court approved VAALCO's TransGlobe Energy merger, clearing the way for VAALCO's shares to resume trading.

    business combination

    59.1m shUS$258m
  5. 30 Aug

    VAALCO filed the final proxy statement for the TransGlobe merger, which it began mailing around 2022-08-30. It sets a virtual special meeting for September 29, 2022 at 11:00 AM Eastern, where stockholders vote on the authorized-share increase (100 million to 160 million) and the share issuance. The board unanimously recommends voting for both, and the deal cannot close unless both pass. This finalises the draft filed on 2022-08-19, with the same terms (0.6727 VAALCO share per TransGlobe share, about 54.5% VAALCO ownership after closing).

    business combination

    59.1m shUS$350m
  6. 19 Aug

    VAALCO filed a preliminary (draft) proxy statement asking its stockholders to vote on the TransGlobe Energy merger. TransGlobe holders would get 0.6727 VAALCO share per TransGlobe share (about $307 million at announcement), leaving VAALCO holders with about 54.5% of the combined company. Stockholders would vote on raising authorized shares from 100 million to 160 million and on issuing the new shares. The meeting date is still blank, and the document says it is subject to completion.

    business combination

    59.1m shUS$350m
  7. 14 July

    VAALCO agreed to acquire Canadian oil producer TransGlobe Energy in an all-share deal, expanding beyond its core Gabon operations for the first time.

    business combination

    59.1m shUS$410m
  8. 20 May

    VAALCO's Gabon subsidiary replaced its IFC loan with a new $50 million revolving credit facility arranged by Glencore.

    debt financing

    58.9m shUS$385m
  9. 11 Mar

    VAALCO's annual report for fiscal 2021, showing revenue roughly tripling to $199.1 million and net income of about $81.8 million, boosted by its February 2021 Sasol Gabon interest acquisition and a recovering oil price.

    annual report

    58.6m shUS$331m

202158.6m shares · US$172m market cap

  1. 12 Oct

    VAALCO, alongside new partners BW Energy and Panoro Energy, was provisionally awarded two offshore exploration blocks in Gabon's 12th Offshore Licensing Round.

    joint venture update

    58.6m shUS$172m
  2. 22 June

    VAALCO named Ronald Bain as Chief Financial Officer effective June 21, 2021, continuing the CFO succession chain after Elizabeth Prochnow's retirement.

    director officer appointment

    57.9m shUS$160m
  3. 12 Apr

    VAALCO named board member George Maxwell as Chief Executive Officer, with Cary Bounds departing under a separation agreement - continuing the CEO succession chain (Guidry to Bounds to Maxwell) and refreshing the company's strategic focus.

    director officer appointment

    57.8m shUS$129m
  4. 19 Mar

    CFO Elizabeth Prochnow announced her retirement effective March 31, 2021, capping six years with VAALCO including its 'financial transformation' and the Etame interest acquisition; Chief Accounting Officer Jason Doornik stepped in as interim principal financial officer.

    director officer appointment

    57.5m shUS$189m
  5. 1 Mar

    VAALCO completed the Sasol acquisition first announced in November 2020, paying a final $29.6 million and bringing its Etame Marin stake to 58.8%.

    asset acquisition disposition

    57.5m shUS$189m

202057.5m shares · US$48.6m market cap

  1. 17 Nov

    VAALCO agreed to buy Sasol's 27.8% stake in Etame Marin (raising its total interest to 58.8%) plus a 40% stake in Block DE-8, for $44 million.

    material agreement

    57.5m shUS$48.6m
  2. 30 June

    VAALCO's board grew as George Maxwell and Cathy Stubbs were elected as new independent directors at the annual meeting, and activist investor Bradley Radoff joined as designee of his BLR Partners/Group 42 entities - the same group VAALCO settled a board dispute with in 2015. Maxwell would go on to become CEO less than two years later.

    director officer appointment

    57.5m shUS$71.2m
  3. 28 Jan

    VAALCO promoted board member William R. Thomas to President effective February 1, 2020, giving him responsibility for the company's M&A strategy.

    director officer appointment

    58.0m shUS$129m

201958.6m shares · US$119m market cap

  1. 22 Oct

    VAALCO confirmed an oil discovery with the Etame 9P appraisal wellbore, targeting a reservoir beneath its existing Etame field offshore Gabon.

    drilling result

    58.6m shUS$119m
  2. 23 Sept

    VAALCO said that, subject to final approval from the UK Listing Authority, it expected its common stock to begin trading on the London Stock Exchange under 'EGY' on 26 September 2019, adding a second listing alongside the NYSE.

    listing compliance notice

    59.2m shUS$107m
  3. 16 Sept

    VAALCO announced its intention to add a listing on the Main Market of the London Stock Exchange and posted an updated investor presentation - trading under 'LSE: EGY' would begin ten days later.

    investor presentation

    59.2m shUS$107m
  4. 22 Mar

    CFO Phil Patman resigned to pursue other interests, effective March 31, 2019; VAALCO said Elizabeth Prochnow would take over financial leadership.

    director officer appointment

    59.6m shUS$139m

201859.4m shares · US$144m market cap

  1. 25 Sept

    VAALCO extended its exploitation rights for the Etame Marin, Ebouri, and Avouma fields and announced plans to drill two development and two appraisal wells in 2019.

    material agreement

    59.4m shUS$144m

201758.6m shares · US$53.7m market cap

  1. 18 Apr

    VAALCO named Philip Patman, Jr. as Chief Financial Officer, continuing the CFO succession chain after Don McCormack's departure.

    director officer appointment

    58.6m shUS$53.7m
  2. 3 Jan

    Cary Bounds was formally named Chief Executive Officer and joined the board effective December 29, 2016, completing his promotion from Chief Operating Officer and Interim CEO.

    director officer appointment

    58.6m shUS$60.9m

201658.4m shares · US$49.7m market cap

  1. 3 Aug

    CEO Steven Guidry resigned effective September 1, 2016; Chief Operating Officer Cary Bounds was named Interim CEO, continuing the succession chain toward his eventual permanent appointment.

    director officer appointment

    58.4m shUS$49.7m
  2. 12 May

    CFO Don McCormack resigned after less than a year in the role, effective June 2, 2016; VAALCO said the departure was unrelated to accounting or disclosure issues.

    director officer appointment

    58.5m shUS$71.9m
  3. 16 Mar

    VAALCO's delayed annual report for fiscal 2015 showed a net loss of about $158.7 million - its worst year on record, driven by asset write-downs during the oil-price crash and coinciding with its board fight with activist investors Group 42/BLR Partners.

    annual report

    58.4m shUS$61.9m

201558.4m shares · US$120m market cap

  1. 23 Dec

    VAALCO settled a board-composition dispute with activist investor Bradley Radoff's Group 42/BLR Partners entities: directors James Jennings and O. Donaldson Chapoton resigned, Andrew Fawthrop became Chairman, the shareholder rights plan was terminated, and bylaws were amended - years before Radoff himself joined the board directly in 2020 and later sold down his stake in 2021.

    director officer appointment

    58.4m shUS$120m
  2. 23 Dec

    Under a stockholder agreement with its largest shareholder, Kornitzer Capital Management, VAALCO appointed Kornitzer's board designee John Knapp to fill a vacancy left by the resignations of directors Jennings and Chapoton.

    director officer appointment

    58.4m shUS$120m
  3. 23 Nov

    VAALCO filed preliminary proxy materials to call a January 2016 special meeting letting stockholders vote on a charter amendment governing director removal, its countermove against the Group 42-BLR Group's consent solicitation.

    other material event

    58.4m shUS$107m
  4. 16 Nov

    VAALCO rejected Group 42 and Bradley Radoff's consent solicitation to remove four directors as inconsistent with its charter, proposed instead to put the matter to a stockholder vote at a special meeting, and repeated an offer to add one of the group's board nominees to defuse the dispute.

    other material event

    58.4m shUS$107m
  5. 6 Nov

    VAALCO confirmed that a stockholder group led by Group 42 and Bradley Radoff had launched a consent solicitation seeking to remove four sitting directors without cause, and told shareholders no action was required yet - the opening move of the board fight later settled in December 2015.

    other material event

    58.4m shUS$107m
  6. 29 Oct

    VAALCO named Don McCormack as Chief Financial Officer, succeeding the retiring Gregory Hullinger - continuing the CFO succession chain.

    director officer appointment

    58.3m shUS$99.1m
  7. 28 Sept

    VAALCO's board adopted a shareholder rights plan ('poison pill'), declaring one purchase right per share, creating a new class of preferred stock to back it, and amending its bylaws accordingly - a defensive package put in place as its dispute with activist investors Group 42/BLR Partners was building, later terminated in the December 2015 settlement.

    bylaws amendment

    58.3m shUS$104m
  8. 28 Sept

    VAALCO's board adopted a shareholder rights plan ('poison pill') and registered the associated preferred stock purchase rights with the NYSE, a defensive measure adopted as its board dispute with activist investors Group 42/BLR Partners was intensifying.

    securities registry admin

    58.3m shUS$104m
  9. 5 Aug

    VAALCO added independent director Steven Pully to the board and separately authorized a buyback of up to 5.8 million shares, about 10% of shares outstanding.

    director officer appointment

    58.3m shUS$76.9m
  10. 1 July

    VAALCO hired Cary Bounds, previously of Noble Energy, as Chief Operating Officer - the executive who would go on to become CEO the following year.

    director officer appointment

    58.3m shUS$125m

201456.9m shares · US$525m market cap

  1. 6 May

    Founder Robert L. Gerry III agreed to fully step back from VAALCO after the 2014 annual meeting, moving into a paid consulting role through the end of 2015 rather than continuing as Executive Chairman.

    director officer appointment

    56.9m shUS$525m
  2. 4 Feb

    VAALCO's Gabon subsidiary secured a new $65 million reserve-based loan from the International Finance Corporation, secured against its Etame Marin oil interests.

    debt financing

    56.9m shUS$343m

201356.7m shares · US$315m market cap

  1. 23 Sept

    Robert L. Gerry III retired as CEO after 16 years leading VAALCO and became Executive Chairman under newly split chairman/CEO roles, while Steven Guidry (formerly of Marathon Oil) was hired as the new CEO effective October 21, 2013 - the start of VAALCO's modern CEO succession chain.

    director officer appointment

    56.7m shUS$315m
  2. 31 Jan

    Tocqueville Asset Management sharply reduced its VAALCO stake to just 0.3%, from 6.24% the year before - exiting most of its position.

    substantial holder notice

    57.8m shUS$491m

201257.8m shares · US$490m market cap

  1. 18 Dec

    VAALCO bought out Sojitz Corporation's remaining 9.99% non-controlling stake in VAALCO International (the entity holding its Etame Marin interest offshore Gabon) for $26.2 million, taking full ownership.

    asset acquisition disposition

    57.8m shUS$490m
  2. 30 July

    An activities update whose sharpest item is a setback: hydrogen sulphide detected on the Ebouri platform offshore Gabon forced two producing wells to be shut in, though the wider Etame complex held around 19,000 barrels a day. VAALCO also signed a $10 million deal for a working interest in a concession in an unnamed West African country new to it, and put a partner forward for the remaining 40% of Angola's Block 5 for Sonangol and government approval.

    production update

    57.8m shUS$499m

2008

  1. 2 June

    Nanes Delorme Partners reduced its VAALCO stake to 4.8% (2.86 million shares), selling down shortly after settling its proxy contest with the company.

    substantial holder notice

  2. 28 May

    VAALCO settled a shareholder proxy fight with Nanes Delorme Partners by agreeing to add an independent director with private equity/hedge fund experience.

    material agreement

  3. 14 May

    VAALCO sued activist investors Nanes Delorme Partners and Pilatus Energy for federal securities law violations amid a 2008 proxy contest - the same investor group whose dispute was settled by the end of that month.

    other material event

  4. 12 Mar

    Nanes Delorme Partners disclosed an 8% activist stake in VAALCO (4.7 million shares) - the investor group that later settled a proxy contest with the company in May 2008.

    substantial holder notice