From GlobeNewswire: 2025-05-08 17:04:00

Vaalco Energy, Inc. reported net income of $7.7 million for the first quarter of 2025. They exceeded guidance with 17,764 net revenue interest barrels of oil equivalent per day produced. Adjusted EBITDAX was $57.0 million. The company acquired a 70% working interest in the CI-705 block in Côte D’Ivoire. They also reduced their capital expenditure budget for 2025 by about 10%.

In Egypt, Vaalco completed an additional five wells in Q1 2025, with four of them coming online with an average initial production rate of 135 BOPD. In Canada, they completed four lateral wells in the first half of 2024. In Gabon, they secured a drilling rig for their 2025/2026 drilling program.

Financially, Vaalco reported net income of $7.7 million for Q1 2025, Adjusted EBITDAX of $57.0 million, and Adjusted Net Income of $6.3 million. They reduced their capital expenditures for 2025 by about 10%. They also entered into a new reserves based revolving credit facility of up to $300 million.

Vaalco’s first quarter sales were toward the high end of guidance. They reported average daily production volumes of 22,402 BOEPD. The company paid a quarterly cash dividend of $0.0625 per share for Q1 2025, with the next dividend payment scheduled for June 27. They also hedged a portion of their expected future production to secure cash flow. The company will host a Capital Markets Day presentation on May 14, 2025.



Read more at GlobeNewswire:: VAALCO Energy, Inc. Announces First Quarter 2025 Results