VAALCO Energy Inc (NYSE:EGY) | RNS | Vaalco Energy Inc - VAALCO SECURES RIG FOR 2021/22 DRILLING CAMPAIGN proactiveinvestors.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from proactiveinvestors.co.uk Daily Mail and Mail on Sunday newspapers.
HOUSTON -
May 11, 2021 - VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ( VAALCO or the Company ) today announced that it has entered into crude oil commodity swap agreements for a total of 672,533 barrels at a Dated Brent weighted average price of
$66.51 per barrel for the period from and including
May 2021 through
The Company is hedging a majority of its 2021 production volumes to protect cash flows which are expected to be used to fund the 2021/2022 drilling program of up to four wells and the potential Floating Storage and Offloading ( FSO ) unit capital upgrade costs if an agreement is executed. The Company entered into similar commodity swap agreements in
HOUSTON -
April 28, 2021 - VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ( VAALCO or the Company ) today announced that it has signed a non-binding letter of intent ( LOI ) with Omni Offshore Terminals Pte Ltd ( Omni ) to provide and operate a Floating Storage and Offloading ( FSO ) unit at VAALCO s Etame Marin field offshore
Gabon for up to 11 years upon the expiration of the current Floating Production, Storage and Offloading ( FPSO ) contract with BW Offshore in
September 2022.
• Omni has provided VAALCO with a preliminary proposal for leasing and also operating an FSO;
• The Omni FSO proposal could reduce VAALCO s operating costs by 15% to 25% when compared to the current FPSO contract during the term of the proposed agreement;
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