26 May 2015material agreement▲ Good
VAALCO amended its 2014 IFC loan, removing a debt-to-equity covenant and extending the deadline to restructure ownership of its Gabon assets.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Apr 2015director officer appointment● Neutral
President and Chief Operating Officer W. Russell Scheirman, also a director, retired; VAALCO agreed to keep paying him under a consulting arrangement.
2 Apr 2015director officer appointment● Neutral
VAALCO appointed Elizabeth D. Brumley as Controller and Chief Accounting Officer.
16 Mar 2015annual report▼ Bad
VAALCO's annual report for fiscal 2014, a year it swung to a net loss of about $77.6 million as oil prices collapsed late in the year and its Ebouri well was shut in for weeks.
5 Mar 2015other● Neutral
VAALCO filed a routine Power of Attorney administratively authorizing company staff to sign future Form 3/4/5 ownership filings on directors' and officers' behalf - not a real transaction or appointment.
10 Feb 2015flow test result▲ Good
VAALCO's Etame 10-H development well tested at about 3,200 barrels of oil per day with negligible water, continuing the company's Etame platform drilling program.
22 Dec 2014production update▲ Good
Production resumed at the Ebouri field's Well 2-H after remedial wireline work, resolving the shut-in from earlier that month.
10 Dec 2014drilling result▲ Good
VAALCO completed the Etame 8-H development well, the first drilled from its newly installed Etame platform offshore Gabon, and began drilling a second development well.
9 Dec 2014other● Neutral
The board adopted stock ownership/retention guidelines requiring named executives and non-employee directors to hold a minimum level of VAALCO stock.
4 Nov 2014production update▼ Bad
VAALCO temporarily shut in Well 2-H at its Ebouri field offshore Gabon to investigate pressure communication between the tubing and casing.
24 Oct 2014drilling progress report● Neutral
VAALCO and its partners entered the 'Subsequent Exploration Phase' on Angola's Block 5, committing to further exploration work under the block's production sharing contract.
23 Oct 2014director officer appointment● Neutral
VAALCO appointed Andrew L. Fawthrop, a 37-year Unocal/Chevron veteran and former Chairman of Chevron Nigeria, as an independent director.
24 June 2014other● Neutral
VAALCO's Form S-3 shelf registration (File No. 333-195919) was declared effective, completing the review process.
20 June 2014other● Neutral
VAALCO asked the SEC to accelerate its Form S-3 shelf registration to become effective June 24, 2014.
6 June 2014other● Neutral
VAALCO responded to SEC comments on its Form S-3 shelf registration (filed May 13, 2014) and filed an amendment addressing them the same day.
5 June 2014other● Neutral
SEC staff sent comments on VAALCO's May 2014 Form S-3 shelf registration, opening a routine review before the registration could go effective.
6 May 2014director officer appointment● NeutralMajor
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.
13 Mar 2014annual report▲ Good
VAALCO's annual report for fiscal 2013, reporting net income of about $43.1 million in the year founder Robert Gerry III retired as CEO and Steven Guidry took over.
4 Feb 2014debt financing● NeutralMajor
VAALCO's Gabon subsidiary secured a new $65 million reserve-based loan from the International Finance Corporation, secured against its Etame Marin oil interests.
14 Jan 2014director officer appointment● Neutral
Director Luigi P. Caflisch, on the board since 2005, resigned for personal reasons.
2 Jan 2014director officer appointment● Neutral
VAALCO reassigned corporate secretary duties from EVP Gayla Cutrer to VP-Legal Roland Sledge; Cutrer remained Executive Vice President.
23 Sept 2013director officer appointment● NeutralMajor
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.
7 June 2013director officer appointment● Neutral
VAALCO appointed James B. Jennings, the former chairman of Hunt Oil Company, as an independent director.
7 June 2013other material event▲ Good
VAALCO's board authorized a share buyback program of up to $25 million.
17 Apr 2013director officer appointment● Neutral
Director Robert H. Allen, 85 and on the board for 10 years, said he would retire at the 2013 annual meeting.
14 Mar 2013annual report▼ Bad
VAALCO's annual report for fiscal 2012, a year net income fell sharply to about $0.6 million after the Sojitz stake buyout and other costs.
11 Feb 2013other● Neutral
A further SEC staff letter, likely closing out the Form 10-K comment cycle opened in December 2012.
31 Jan 2013substantial holder notice● NeutralMajor
Tocqueville Asset Management sharply reduced its VAALCO stake to just 0.3%, from 6.24% the year before - exiting most of its position.
22 Jan 2013other● Neutral
VAALCO responded to SEC staff comments on its Form 10-K, part of the review cycle opened by the SEC's December 2012 letter.
18 Dec 2012asset acquisition disposition● NeutralMajor
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.