AND FULL YEAR 2020 RESULTS AND RESERVES UPDATE HOUSTON - March 10, 2021 - VAALCO Energy, Inc. (NYSE/LSE: EGY) ( VAALCO or the Company ) today reported operational and financial results for the fourth quarter and full year of 2020. · Closed the transformational acquisition of Sasol s working interest in the Etame field; o Nearly doubles VAALCO s total net production and reserves; o Estimated acquisition cost per NRI barrel
(6) of $14.41 for SEC proved reserves and $4.91 for 2P CPR reserves; · Produced 4,662 net revenue interest ( NRI )
(1) barrels of crude oil per day ( BOPD ), or 5,359 working interest ( WI )
(2) BOPD in Q4 2020; · Reported net loss of $3.6 million ($0.06 per diluted share), Adjusted Net Loss
VAALCO Energy, Inc. (NYSE/LSE: EGY) (“VAALCO” or the “Company”) today reported operational and financial results for the fourth quarter and full year of 2020.
+ 44 (0) 203 727 1000
Covington & Burling LLP is acting as legal adviser to Renesas and Linklaters LLP is acting as legal adviser to Dialog. Important Notices J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove, ( J.P. Morgan Cazenove ) and which is authorised in the United Kingdom by the Prudential Regulation Authority and regulated in the United Kingdom by the Prudential Regulation Authority and the Financial Conduct Authority, is acting exclusively as financial adviser to Dialog and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the Acquisition and shall not be responsible to anyone other than Dialog for providing the protections afforded to clients of J.P. Morgan Cazenove nor for providing advice in connection with the Acquisition or any matter referred to herein.
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