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VAALCO Energy, Inc. (LSE:EGY) has announced its operational and financial results for the second quarter of 2024, highlighting significant achievements and strategic moves.
Strategic Acquisition and Reserves Update
In a notable development, VAALCO completed the acquisition of Svenska Petroleum Exploration AB ("Svenska") for an all-cash purchase price of $40.2 million. This transaction was highly accretive, with an updated reserve calculation from a third-party engineer revealing a substantial increase in proved reserves. As of December 31, 2023, Svenska’s reserves have been updated to 16.9 million barrels of oil equivalent (MMBOE), with 93% of these reserves being oil.
The acquisition resulted in a bargain purchase gain of $19.9 million, underscoring the strategic value and financial benefits of the deal.
Financial Performance
For the second quarter of 2024, VAALCO reported net income of $28.2 million, translating to $0.27 per diluted share. The company’s Adjusted Net Income was $22.6 million, or $0.22 per diluted share. These results reflect strong operational performance and the positive impact of the Svenska acquisition.
VAALCO also achieved a 17% increase in Adjusted EBITDAX, reaching $72.5 million compared to the previous quarter. This growth was driven by increased sales, particularly from the Côte d'Ivoire lifting in May, which followed the acquisition of Svenska.
Production Highlights
During the second quarter of 2024, VAALCO’s production totaled 20,588 net revenue interest (NRI) barrels of oil equivalent per day (BOEPD) and 25,411 working interest (WI) BOEPD. This period included the addition of 3,329 NRI BOEPD and 3,329 WI BOEPD from new production in Côte d'Ivoire.
Shareholder Returns
In line with its commitment to returning value to shareholders, VAALCO announced a quarterly cash dividend of $0.0625 per share of common stock. This dividend is scheduled to be paid on September 20, 2024.
