Profile: VAALCO Energy Inc (EGY)
28 May 2015
VAALCO Energy, Inc. (VAALCO), incorporated on February 28, 1989, is an independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas. VAALCO owns producing properties and conducts exploration activities as operator in Gabon, West Africa, and conducts exploration activities as an operator in Angola, West Africa, and conducts exploration activities as a non-operator in Equatorial Guinea, West Africa. VAALCO is the operator of unconventional resource properties in the United States located in Texas and Montana. The Company also owns minor interests in conventional production activities as a non-operator in the United States. VAALCO’s international subsidiaries are VAALCO Gabon (Etame), Inc., VAALCO Production (Gabon), Inc., VAALCO Angola (Kwanza), Inc., VAALCO UK (North Sea), Ltd., VAALCO International, Inc., VAALCO Energy (EG), Inc. and VAALCO Energy Mauritius (EG) Limited. VAALCO Energy (USA), Inc. holds interests in properties located in the United States. During the year ended December 31, 2013, the Etame, Avouma, South Tchibala and Ebouri fields produced approximately 6.2 million barrels of oil (1.8 million barrels of oil net to the Company).
The Company’s primary source of revenue is from the Etame Production Sharing Contract related to the Etame Marin block located offshore the Republic of Gabon. VAALCO operates the Etame Marin block on behalf of a consortium of companies. As of December 31, 2013, VAALCO owned a 30.35% interest in the exploration acreage within the Etame Marin block. The Company owns a 28.1% interest in the development areas surrounding the Etame, Avouma, South Tchibala and Ebouri fields, each of which is located on the Etame Marin block. The Company produces from the Etame, Avouma, South Tchibala and Ebouri fields on the block.
The Mutamba Iroru block is located onshore near the coast in central Gabon. The Mutamba Iroru block contains an exploration area of approximately 270,000 acres. The Company has a 50% working interest on the block (41% net working interest assuming the Republic of Gabon exercises its back-in rights).
The Company’s working interest is 40%, and its paying interest is 50% including the government’s carried working interest during the exploration phase.
Offshore Equatorial Guinea
The Company owns a 31% working interest in Block P, located offshore Equatorial Guinea.
The Company acquired a 640 acre lease in the Hefley field (Granite Wash formation) in North Texas. During 2013, the two wells produced approximately 5,000 Bbls of oil and 300 million cubic feet of gas net to the company after deduction of royalty and severance taxes.
In 2011, the Company acquired a 70% working interest in approximately 5,200 acres (3,640 net acres) in Sheridan County, Montana in the Middle Bakken formation.
Onshore Domestic-South Dakota
The company owns a 100% working interest in approximately 10,000 acres in Harding County, South Dakota.
VAALCO Energy Inc
4600 Post Oak Place Dr Ste 309
HOUSTON TX 77027-9727