VAALCO Energy has announced that it has received notification from the New York Stock Exchange ('NYSE') that the Company has regained full compliance with all of the NYSE’s continued listing standards, as indicated in a letter delivered to the Company on May 30, 2018. The Company’s common stock continues to trade without interruption on the NYSE.
VAALCO also is announcing that the workover operations on the S. Tchibala 1HB well are complete and replacement of the Electrical Submersible Pump (ESP) system was conducted safely and efficiently with no injuries or environmental incidents. The well is producing at approximately 990 barrels of oil gross, or 270 barrels of oil net to the Company. Workover operations are underway to replace the ESP system in the Avouma 2H well and restore approximately 2,000 barrels of oil gross production, or 540 barrels of oil net production to the Company.
Cary Bounds, Chief Executive Officer commented, “We are pleased to have regained full compliance with all NYSE listing requirements and we are therefore no longer contemplating a reverse stock split. At current Brent oil pricing, we are realizing significant cash flow generation as we maintain production at prior guidance levels.
With the elimination of all of our outstanding debt and the continued strengthening of our balance sheet, we are preserving cash in anticipation of a development drilling campaign on our offshore Gabon asset in 2019.”
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