london stock exchange welcomes vaalco energy, inc to the main market
Today, London Stock Exchange welcomed VAALCO Energy (NYSE/LSE: EGY), the West African focused oil and Gas independent energy company to open the Market, to celebrate their listing on the Standard segment of the Main Market on Thursday 26th September. Complementing its primary listing on the New York Stock Exchange. VAALCO is only the 2nd Mainboard, Oil & Gas listing on the London stock exchange this year.
VAALCO is an established operator with assets in Gabon and Republic of Equatorial Guinea. The Company’s flagship asset, a 31.1 per cent working interest in the Etame Marin block, Gabon, has produced more than 110 million gross barrels since November 2002 and currently has an estimated 123 million gross barrels in resource and reserve. The Etame field asset provides strong gross production for the Company, with 13,561 barrels per day produced for the second quarter 2019 and has significant near term-development upside. The listing of the VAALCO in London has coincided with the commencement of an active drill programme designed to enhance both production and reserves, the program’s success could increase 2P reserves by 41%.
The Company is in an enviable position, having undergone a significant turnaround over the last three years, VAALCO commences its life as a London listed company from a position of strength given its strong balance sheet and cash flow generation. The Company’s listing on the LSE is expected to provide a springboard for growth, as it seeks to broaden its shareholder register in pursuit of its Vision 2025 strategy in which it is targeting five times value growth through organic active work programmes and accretive inorganic M&A opportunities.
Cary Bounds, CEO of VAALCO Energy, commented:
“We are delighted to be at the London Stock Exchange to celebrate our successful Listing on the Main Market. This is a significant milestone for VAALCO and reflects the hard work the team has put into the company to make us who we are today.
VAALCO is on a path to sustainable long-term growth, and we look forward to working with London market as we move forward with our 2025 vision to become a premier African producer”
VAALCO has appointed GMP First Energy and Canaccord Genuity as joint brokers and Buchanan as UK public relations adviser.