VAALCO Energy, Inc. Announces Finalization of Agreements in Equatorial Guinea

HOUSTON, March 25, 2024 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Company”) today announced that all partners have signed the final documents and the Government of Equatorial Guinea has approved the Joint Operating agreement (“JOA”) related to the previously approved Venus-Block P Plan of Development (“POD”). The Block P Production Sharing Contract (“PSC”) provides for a development and production period of 25 years from the date of approval of the POD.

George Maxwell, VAALCO’s Chief Executive Officer, commented, “With final documents for Block P signed, we are very excited to proceed with our plans to develop, operate, and begin producing from the discovery in Block P offshore Equatorial Guinea over the next few years. We will now proceed with our Front-End Engineering Design (“FEED” ) study. We anticipate the completion of the FEED study will lead to an economic Final Investment Decision or “FID” which will enable the development of the Venus POD. Over the past two years, we have greatly diversified our portfolio, which has expanded our ability to generate operational cash flow, all while growing our cash position and remaining bank-debt free. The Block P development will further enhance our portfolio by adding yet another strong producing asset to VAALCO’s global portfolio. VAALCO is well placed to execute our projects in our enhanced portfolio, and has a proven operating track record for a development of this type.”

Additional information will be provided in VAALCO’s upcoming first quarter 2024 earnings release and Form 10-Q in early May.

About VAALCO

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

For Further Information

VAALCO Energy, Inc. (General and Investor Enquiries)	+00 1 713 543 3422
Website:	www.vaalco.com
Al Petrie Advisors (US Investor Relations)	+00 1 713 543 3422
Al Petrie / Chris Delange
Buchanan (UK Financial PR)	[phone]
Ben Romney / Barry Archer	[e-mail]