iHub News
4週前
VAALCO Energy restarts production at Baobab FieldJune 10, 2026 1:38 PM
IH Market News VAALCO Energy (NYSE:EGY) has restarted production at the Baobab field offshore Côte d’Ivoire after completing the FPSO refurbishment The vessel returned in early Q2 2026 following a nine-month upgrade and has been successfully reconnected to field infrastructure Production is currently running from four wells, with additional wells expected to come online soon and performance meeting expectations A Phase 5 drilling program planned for the second half of 2026 could deliver meaningful production growth through new wells and workovers VAALCO Energy (NYSE:EGY) announced that production has resumed at the Baobab field on the CI-40 block offshore Côte d’Ivoire, marking the completion of a major refurbishment program for the Baobab Ivoirien floating production storage and offloading (FPSO) vessel. The restart represents a key milestone for the company’s West African operations and positions the asset for future development activity. The FPSO had ceased hydrocarbon operations in January 2025 as part of a planned upgrade initiative. The vessel subsequently underwent a nine-month refurbishment program in Dubai, aimed at extending its operational lifespan and enhancing reliability. Following the work program, the FPSO returned to Côte d’Ivoire in early second quarter 2026, where it was successfully moored and reconnected to existing field infrastructure. This article is a journalistic opinion piece that has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice. Production has now resumed from four wells at the Baobab field. VAALCO indicated that the remaining three producing wells are expected to be brought back online in due course. According to the company, early performance from the restarted wells is in line with internal expectations, suggesting stable reservoir performance and operational readiness after the extended downtime. The refurbishment of the FPSO is a central component of VAALCO’s longer-term strategy for the Baobab asset. By upgrading the vessel’s capabilities, the company aims to support a more extensive development program and sustain production levels over a longer horizon. Management has highlighted that the improvements will enable the FPSO to accommodate increased throughput and operational demands associated with future drilling campaigns. Looking ahead, VAALCO plans to initiate a Phase 5 drilling program at the Baobab field in the second half of 2026. The program is expected to include four new production wells, two to three injection wells, and two workover operations. These activities are designed to enhance recovery rates and stabilize output from the main Baobab reservoir. The company noted that the planned drilling campaign has the potential to deliver “meaningful additions” to production, although specific output forecasts were not disclosed. The combination of resumed production and upcoming drilling activity is expected to contribute to VAALCO’s overall production profile and cash flow generation. “We have the CI-40 block license extended through 2038 and believe that there is significant development drilling upside at Baobab. In early 2024, we had no assets in Côte d’Ivoire and now we have developed a strong position with development and exploration potential,” VAALCO’s CEO, George Maxwell, stated in a media release. “We are at a critical junction, with successes in the Gabon drilling campaign and the Baobab field returning to production, and we believe that the remainder of 2026 will be very impactful. We remain focused on execution and driving meaningful growth through our organic capital programs that we believe will translate into value for our shareholders in 2026 and beyond.” The Baobab field has been a core asset within VAALCO’s portfolio in Côte d’Ivoire, and the successful restart underscores the company’s operational execution capabilities. For investors, the restart reduces uncertainty around the timing of production recovery following the FPSO upgrade and signals that the asset is ready to transition into its next phase of development. While the immediate focus remains on ramping up output from existing wells, the broader investment case for Baobab is increasingly tied to the success of the Phase 5 drilling program. The ability to efficiently bring new wells online and improve reservoir management through injection and workover activities will be key determinants of future production growth. Overall, the return of the Baobab field to production represents a significant operational achievement for VAALCO and reinforces the strategic importance of its Côte d’Ivoire assets within its portfolio. Investors are likely to monitor upcoming drilling milestones and production trends closely as the company advances its development plans through the remainder of 2026. Founded in 1985, VAALCO Energy Inc. is an independent energy company that engages in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids in Gabon, Egypt, Equatorial Guinea, Cote d’Ivoire, Equatorial Guinea, Nigeria, and Canada. VAALCO Energy stock (NYSE:EGY) opened trading more than 3 per cent higher at US$5.53 and has risen more than 45 per cent since this time last year. Original: VAALCO Energy restarts production at Baobab Field
futrcash
2月前
VAALCO Energy, Inc. Announces Positive Operational Update
April 21 2026 - 2:00AM
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VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) (“Vaalco” or the “Company”) announced positive operational updates in Gabon regarding the ongoing drilling program, including encouraging initial well results on the Etame 14H well and mobilized the rig to the Ebouri platform. Additionally, the Company provided updates on the timing of bringing the Baobab field in CI-40 block, offshore Côte d’Ivoire back online.
Operational Highlights:
Successfully drilled, completed and placed on production the Etame 14H development well in an attic position within the Main Fault Block of the Etame field, with a lateral of 325 meters of net pay in high-quality Gamba sands;
Achieved excellent initial flow rate of approximately 4,850 gross barrels of oil per day (“BOPD”), 2,850 BOPD net to Vaalco;
Encountered 325 meters of net pay in high-quality Gamba reservoir sands with better-than-expected porosity and permeability;
Continued the drilling campaign in offshore Gabon, with the rig mobilization to the Ebouri platform and drilling has commenced on the EEBOM-5H development well;
Targeting an updip/attic position for the EEBOM-5H well by sidetracking from the previously abandoned EEBOM-5P well; and
Baobab Ivorien Floating Production Storage and Offloading Vessel (“FPSO”) has completed its 47-day tow from the Dry Dock World shipyard in Dubai, where it underwent a complete refurbishment, and arrived back in Côte d’Ivoire on April 2. The FPSO is now fully moored back on its original location and is beginning the process of reconnecting the risers and umbilicals. Restart of production remains on track for Q2 2026.
George Maxwell, Vaalco’s Chief Executive Officer, commented, “We continue to see positive results from our Gabon drilling campaign. The Etame 14H development well encountered 325 meters of net pay in high-quality Gamba sands in an attic position within the Main Fault Block at Etame. We are very pleased with the initial well rates of around 4,850 gross BOPD, or 2,850 net BOPD and are excited to add this new production. We have mobilized the rig to the Ebouri platform where we are drilling a development well and plan to workover two other wells. Our goal is to continue to successfully add production and reserves with the remainder of our Gabon drilling campaign. At Côte d’Ivoire, we have the Baobab FPSO on location and is in the process of reinstallation and forecast that restarting production from the Baobab field is on track for the end of Q2 2026. We are at a critical junction, with successes in the Gabon drilling campaign and the Baobab field returning to production, and we believe that the remainder of 2026 will be very profitable. We remain focused on execution and driving meaningful growth through our organic capital programs that we believe will translate into value for our shareholders in 2026 and beyond.”
About Vaalco
Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, and Nigeria.
Vaalco’s Legal Entity Identifier (LEI) is 549300CFHFVIWB8M6T24.
For Further Information
Vaalco Energy, Inc. (General and Investor Enquiries) +00 1 713 543 3422
Website: www.vaalco.com
futr
spec machine
10月前
Maybe you should just find a new hobby because you haven’t a clue about the relationship between the production cycle Vaalco is working and the market value they’re building
Sheesh, microcap investment needs a lot more DD than you’ve put in on this one
Best of luck to you though
For other readers - check the company presentations, look back in their history, listen to their earnings conference calls - this dip in production volume was known long ago, the low crude prices are partially offset with hedges, and their SECOND FPSO refurb is underway … lots more there for all to see
Don’t listen to anyone who doesn’t put in the effort to understand the key components of each individual stock/company
Put in your own effort
They’re in good shape and EGY is currently undervalued IMO
Cheers
spec
futrcash
3年前
VAALCO Energy, Inc. Provides Operational and Financial Update Including Production and Sales Volumes for Third Quarter 2023
October 16 2023 - 02:00AM
GlobeNewswire Inc.
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VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Company”) today provided an operational and financial update, including production and sales volumes for the third quarter 2023 and its increased cash and cash equivalents balance as of September 30, 2023.
Highlights and Key Items:
Strong operational performance in Gabon, Egypt and Canada continued to drive robust production and sales volumes in Q3 2023;
Produced nearly 19,000 net revenue interest (“NRI”) barrels of oil equivalent per day (“BOEPD”), at the upper end of VAALCO’s third quarter guidance range of 17,500 to 19,200 NRI BOEPD;
Recorded sales volumes of almost 19,900 NRI BOEPD, also at higher end of its guidance range of 18,400 to 20,600 NRI BOEPD;
Completed an additional crude sales lifting in Gabon of about 600,000 gross barrels of oil in the first week of October; and
Grew cash and cash equivalents to over $100 million at September 30, 2023, more than double cash and cash equivalents as of June 30, 2023.
George Maxwell, VAALCO’s Chief Executive Officer commented, “The good performance of our 2023 capital program in Egypt and Canada, coupled with the strong operational uptime in Gabon have driven our robust production. We raised production and sales guidance after our first half 2023 results and our continued strong performance has carried into the third quarter with both production and sales at the high end of our guidance ranges. Additionally, after completing the majority of our capex programs for 2023 in the second quarter, we forecast meaningful cash flow generation in the second half of 2023. As clearly evidenced from the more than doubling of our cash on hand to over $100 million at September 30, 2023, we are delivering this cash flow growth. In early October we also had another lifting in Gabon of about 600,000 gross barrels, which will add to our healthy cash position. We expect our ability to grow cash flow in the current high commodity price environment to continue through year-end. This robust cash reserve will allow us to fund our 2024 capital program, continue to return cash to shareholders through dividends and buybacks and provides meaningful financial optionality for the future.”
“It’s now been a year since the combination with TransGlobe occurred and we have focused on returning cash to shareholders, generating meaningful cash flow, maintaining and growing our production base, evaluating a larger portfolio of opportunities across multiple countries and continuing to drill our prospects. We continue to not only deliver on all of these accounts, but we have also exceeded expectations while building size and scale for the future. We are excited about 2024 and beyond with a clean balance sheet, growing cash position and robust operational performance.”
About VAALCO
VAALCO, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with production, development and exploration assets in Africa and Canada.
Following its business combination with TransGlobe Energy Corporation (“TransGlobe”) in October 2022, 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 1 713 623 0801
Website: www.vaalco.com
futr
farml1234
3年前
Was this a merger or what ?
Back on 12/23, Vaalco issued the following news release: Vaalco says its indirect wholly-owned subsidiary TransGlobe Energy Corp terminated its lending facility with ATB Financial.
What is interesting, is the term "indirect wholly-owned subsidiary".
In order to be a subsidiary, another corporation must own more than 50 percent of its stock. If it’s a wholly-owned/direct subsidiary, then another company owns 100 percent of its stock. Regardless of the percentage of ownership, a subsidiary must be a separate entity and not merely a division of the company operating under a separate name.
This might be the reason that TGA stockholder will be paying taxes on this so call merger. Secondly, TGA as a company still exist. Looking forward to seeing how the quarterly financial reports are handled.
From another site
JMHO
spec machine
3年前
Ohh, interesting alert on EGY
from my AI assistant, V-ger
Should be seeing a sustained uptic in volume and whale alerts to follow
Opec+ cuts, if they happen in Q1, will only delay the run
Locked and loaded, gonna get played hard before the 10K is filed
after that, it’ll be off the hook
sooner if good news
spec
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