HOUSTON, Feb. 14, 2023 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. EGYEGY)) (“VAALCO” or the “Company”) announced today that the Company has increased its quarterly cash dividend to $0.0625 per common share for the first quarter of 2023 ($0.25 annualized), payable on March 31 2023 is payable to shareholders of record at the close of business on March 24, 2023. The Company also provided an operational update including fourth quarter production, revenue and capital expenditure.

highlights

• Increased quarterly cash dividend by 92% to $0.0625 per common share for the first quarter of 2023 ($0.25 annualized) from $0.0325 per share ($0.13 annualized) in 2022;
• Paying $9.3 million in dividends to shareholders in 2022;
• Returned an additional $6 million to shareholders through share repurchases from program inception in November 2022 through February 9, 2023;
• Reported fourth quarter 2022 production of approximately 18,175 working interest (“WI”) barrels of oil equivalent (“BOEPD”) or approximately 14,200 net revenue interest (“NRI”) BOEPD;
  • Production was within VAALCO’s guidance range for the fourth quarter of 2022 and was positively impacted by strong production in Egypt but delayed well timing in Gabon and associated lower than expected flow rates, as well as weather and operational delays affecting well connections in Canada impacted, balanced;
  • Production by area for the fourth quarter of 2022:
    • Egypt: Approximately 8,850 WI BOEPD or 5,975 NRI BOEPD;
    • Gabon: Approximately 7,075 WI BOEPD or 6,150 NRI BOEPD;
    • Canada: Approximately 2,250 WI BOEPD or 2,075 NRI BOEPD;
• Increase in full year 2022 production by 43% YoY to approximately 10,150 NRI BOEPD;
• Generated significant cash flow in 2022 that fully funded record equity investments and shareholder returns;
• Capital expenditures for the fourth quarter of 2022 totaled approximately $55 million (subject to final reconciliation and review), slightly above guidance range, primarily due to increased costs in Gabon related to the completion of the Floating, Storage and Offloading Vessel (“FSO”). .