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Last $1.45 USD
Change Today +0.09 / 6.62%
Volume 815.8K
EGY On Other Exchanges
Symbol
Exchange
New York
Frankfurt
As of 8:04 PM 07/29/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

9800 Richmond Avenue

Suite 700

Houston, TX 77042

United States

Phone: 713-623-0801

Fax: 713-623-0982

VAALCO Energy, Inc., an independent energy company, engages in the acquisition, exploration, development and production of crude oil and natural gas. The company owns producing properties and conducts exploration activities as an operator in Gabon, West Africa; conducts exploration activities as an operator in Angola, West Africa; and participates in exploration and development activities as a non-operator in Equatorial Guinea, West Africa. The company is the operator of unconventional resource properties in the United States in North Texas and a leasehold in Montana. The company also owns minor interests in conventional production activities as a non-operator in the United States. The company’s international subsidiaries are VAALCO Gabon (Etame), Inc.; VAALCO Production (Gabon), Inc.; VAALCO Angola (Kwanza), Inc.; VAALCO UK (North Sea), Ltd;, VAALCO International, Inc.; VAALCO Energy (EG), Inc.;. and VAALCO Energy Mauritius (EG) Limited. VAALCO Energy (USA), Inc. holds interests in properties located in the United States. Offshore Gabon As of December 31, 2014, the company owned a 28.1% interest in the development areas in and surrounding the Etame, Avouma/South Tchibala, and Ebouri fields, each of which is located on the Etame Marin block. The company produces from the Etame, Avouma/South Tchibala and Ebouri fields on the block. During 2014, these fields produced approximately 5.8 million Bbls (1.4 million Bbls net to the company). Onshore Gabon The company has a farm-out agreement with Total Gabon on the Mutamba Iroru block located onshore near the coast in central Gabon. The Mutamba Iroru block contains an exploration area of approximately 270,000 acres. The company has a 50% working interest on the block (41% net working interest assuming the Republic of Gabon exercises its back-in rights). Offshore Angola The company has a production sharing contract for Block 5 offshore Angola. The company’s working interest is 40%, and its paying interest is 50% including the government’s carried working interest during the exploration phase. Offshore Equatorial Guinea The company owns a 31% working interest in Block P, located offshore Equatorial Guinea for 57,000 acres. GEPetrol, the national oil company of Equatorial Guinea, is the operator of the block. During 2014, the company and GEPetrol continued to work on a joint operatorship model whereby the company would have a significant role in operator activities on the block. Strategy The company’s international strategy is to pursue selective opportunities with a focus on West Africa. The company’s production strategy is to maximize the value of the reserves discovered in Gabon through development of the offshore Etame Marin block (comprised of the Etame, Avouma/South Tchibala, and Ebouri producing fields, and the Southeast Etame/North Tchibala field currently being developed), and the onshore Mutamba Iroru block where the N’Gongui field is expected to be developed following the approval of a new production sharing contract with the Republic of Gabon. Environmental Regulations in the United States The company generates wastes, including hazardous wastes that are subject to the federal Resource Conservation and Recovery Act (RCRA) and comparable state statutes. The Environmental Protection Agency (EPA) and various state agencies have limited the disposal options for certain wastes, including wastes designated as hazardous under RCRA and state analogs (Hazardous Wastes). The company is subject to the requirements of the federal Occupational Safety and Health Act (OSHA) and comparable state statutes. The OSHA hazard communication standard, the EPA community right-to-know regulations under Title III of CERCLA and similar state statutes require the company to organize and/or disclose information about hazardous materials used or produced in its operations. History VAALCO Energy, Inc. was founded in 1984. The company, a Delaware corporation, was incorporated in 1985.

 

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