21 Dec 2020other▲ Good
VAALCO said the other joint owners in the Etame Marin permit had not exercised their pre-emptive rights to match its pending purchase of Sasol Gabon's 27.8% working interest, clearing the way for that acquisition to proceed.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2020material agreement▲ GoodMajor
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.
9 July 2020listing compliance notice▲ Good
VAALCO regained full compliance with the NYSE's continued listing standards.
30 June 2020director officer appointment● NeutralMajor
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.
27 Apr 2020director officer appointment▼ Bad
President and director William R. Thomas resigned from both roles effective immediately, less than three months after his promotion; VAALCO said it was unrelated to any disagreement.
27 Apr 2020listing compliance notice▼ Bad
VAALCO received another NYSE minimum stock price non-compliance notice as the pandemic-driven oil price crash hit its shares, and said it was exploring options to regain compliance.
23 Mar 2020other● Neutral
A technical amendment refiling William Thomas's employment agreement (as VAALCO's President) to fix formatting and section-reference errors in the previously filed exhibit; no new information.
20 Mar 2020director officer appointment● Neutral
An amended filing added the compensation terms of William Thomas's employment agreement as VAALCO's President.
10 Mar 2020annual report● Neutral
VAALCO's annual report for fiscal 2019, reporting revenue of $84.5 million and net income of about $2.6 million, a year that included the Etame 9P appraisal discovery and 9H development well.
28 Jan 2020director officer appointment● NeutralMajor
VAALCO promoted board member William R. Thomas to President effective February 1, 2020, giving him responsibility for the company's M&A strategy.
3 Dec 2019drilling result▲ Good
VAALCO's Etame 9H development well was completed and placed on production at a higher rate than expected, boosting output; drilling of the Etame 11H well then began.
1 Nov 2019drilling progress report● Neutral
VAALCO gave an update on drilling the Etame 9H development well and the Etame 9P appraisal wellbore, part of its 2019/2020 Gabon drilling program.
22 Oct 2019drilling result▲ GoodMajor
VAALCO confirmed an oil discovery with the Etame 9P appraisal wellbore, targeting a reservoir beneath its existing Etame field offshore Gabon.
23 Sept 2019listing compliance notice▲ GoodMajor
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.
16 Sept 2019investor presentation▲ GoodMajor
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.
13 Sept 2019drilling progress report● Neutral
VAALCO began its 2019/2020 drilling campaign at the Etame field offshore Gabon and gave an operational update.
20 June 2019other material event▲ Good
VAALCO's board authorized a new share buyback program of up to $10 million over 12 months, alongside an updated investor presentation.
12 June 2019director officer appointment● Neutral
Following John Knapp's resignation under VAALCO's 2015 stockholder agreement with Kornitzer, VAALCO appointed Jason Doornik as Chief Accounting Officer and Controller, with CFO Elizabeth Prochnow stepping back from that dual role.
3 June 2019director officer appointment● Neutral
Director A. John Knapp, Jr. - Kornitzer Capital Management's board designee since 2015 - resigned from the board and all committees, ending Kornitzer's board representation right under its 2015 stockholder agreement.
16 May 2019investor presentation● Neutral
VAALCO posted an updated investor presentation to its website; the filing itself disclosed no additional new information.
8 May 2019director officer appointment● Neutral
The board adopted a change-in-control agreement template and approved entering into individual agreements with several executives, including David DesAutels and Elizabeth Prochnow.
11 Apr 2019director officer appointment● Neutral
VAALCO appointed William R. Thomas, a dealmaker who founded and led several international oil E&P companies, as an independent director.
28 Mar 2019production update▼ Bad
A workers' strike at the third-party-operated FPSO Nautipa (leased from Tinworth Limited/BW Offshore since 2002) forced a brief precautionary shut-in of VAALCO's Etame Marin field offshore Gabon; the strike ended the next day and production resumed.
22 Mar 2019director officer appointment● NeutralMajor
CFO Phil Patman resigned to pursue other interests, effective March 31, 2019; VAALCO said Elizabeth Prochnow would take over financial leadership.
8 Mar 2019annual report▲ Good
VAALCO's annual report for fiscal 2018, its strongest year in some time with revenue of $104.9 million and net income of about $98.2 million.
6 Mar 2019financial restatement● Neutral
VAALCO said its unaudited Q3 2018 balance sheet could no longer be relied on due to an accounting error: a $18.6 million deferred tax liability tied to its September 2018 Etame Marin permit extension had been calculated incorrectly. The fix only shifted amounts between long-term asset and tax-asset lines - it didn't change total assets, working capital, or reported income - and was corrected in the 2018 annual report.
11 Feb 2019resource reserve update▲ Good
VAALCO reported a 76% increase in proved reserves at year-end 2018 and outlined a 2019 drilling program of up to three development wells, to be funded from cash on hand and operations.
25 Sept 2018material agreement▲ GoodMajor
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.
19 June 2018material agreement● Neutral
VAALCO entered Brent crude oil swap contracts hedging about 400,000 barrels at a weighted-average price of $74.00/bbl for a 13-month period (June 2018-June 2019), alongside completing the Avouma 2-H well's pump replacement.
6 June 2018listing compliance notice▲ Good
VAALCO regained compliance with NYSE continued listing standards and gave an operational update.