VAALCO Energy, Inc. Provides Positive Additional Information Regarding Its Acquisition Of Svenska

Core Viewpoint - VAALCO Energy, Inc. has reported significant increases in its proved and probable reserves following the acquisition of Svenska Petroleum Exploration AB, indicating strong growth potential and strategic expansion in West Africa [6][7][8]. Reserves and Resources - As of December 31, 2023, VAALCO's SEC net proved reserves totaled 16.9 million barrels of oil equivalent (MMBOE), a notable increase from the previous 1P working interest (WI) CPR reserves of 13.0 MMBOE as of October 1, 2023 [6][8]. - The 2P WI CPR reserves increased to 22.5 MMBOE from 21.7 MMBOE, reflecting a 3.7% growth [6][14]. - The contingent resources at the Baobab field are estimated at 20.4 MMBOE, indicating further upside potential [6][14]. Acquisition Details - VAALCO completed the acquisition of Svenska on April 30, 2024, for a net purchase price of $40.2 million, fully funded by cash on hand [7][9]. - The acquisition includes a 27.39$107.1 million, with a pro-forma total of 45.6 MMBOE, representing a 59% increase from the previously reported 28.6 MMBOE [8][9]. - VAALCO's cost per net proved barrel of reserves is approximately $2.37, calculated based on the net cash purchase price [8][9]. Management Commentary - The CEO of VAALCO expressed satisfaction with the reserve calculations, highlighting the strategic nature of the acquisition and its potential to enhance shareholder value [7].