Recent Updates — EGY

VAALCO Energy announced the successful completion of its offshore Gabon Phase 3 drilling program. The company placed the ETSEM-3H development well on production in an attic position within the SE Etame field, achieving a stabilized initial flow rate of approximately 2,000 gross barrels of oil per day (BOPD), or 1,140 BOPD net to Vaalco. The drill rig has been demobilized from the field. Additionally, the company commenced Baobab Phase 5 drilling operations offshore Côte d’Ivoire, with the first producer well expected online near the end of 2026 to support production growth in 2027. VAALCO Energy is an African-focused independent energy company engaged in oil and gas exploration, development, and production.

VAALCO Energy reported second quarter 2026 net income of $42.4 million, or $0.39 per diluted share, driven by higher realized commodity prices and a non-cash gain on derivative instruments. The company generated Adjusted EBITDAX of $54.8 million and sold 17,812 NRI BOEPD, up 47% from the first quarter. Capital expenditures totaled $103.6 million, funding operations in Gabon, Egypt, and Côte d’Ivoire, where production resumed following an FPSO refurbishment. The company affirmed its full-year 2026 production guidance and announced a quarterly cash dividend of $0.0625 per share, payable on September 22, 2026 to shareholders of record as of August 21, 2026. VAALCO Energy operates in the oil and gas exploration and production industry.

VAALCO Energy, Inc. adopted three new award agreement forms under its 2020 Long Term Incentive Plan to provide performance-based, time-based, and restricted stock unit awards to employees and directors. The new agreements include specific vesting-related hurdles and holding periods for award recipients. VAALCO Energy, Inc. is an independent oil and gas exploration and production company.