VAALCO ENERGY INC /DE/

VAALCO is selling the Canadian assets it gained through its 2022 merger with TransGlobe Energy to Petrus Resources.

material agreement

VAALCO signed a reserves-based revolving credit facility with Standard Bank as lead arranger, with $190 million of commitments and a $182 million initial borrowing base, secured on its Gabon, Egypt and Ivory Coast assets. Nothing was drawn at signing.

debt financing

VAALCO completed its Petroswede/Svenska acquisition announced in February, adding a 27.39% stake in the Baobab field to its portfolio.

asset acquisition disposition

VAALCO agreed to buy Petroswede's Svenska Petroleum unit for $66.5 million, gaining a 27.39% stake in the Baobab field offshore Ivory Coast.

material agreement

VAALCO declared a quarterly cash dividend of $0.0625 per share ($0.25 annualized) for the first quarter of 2024. It was payable March 28, 2024 to stockholders of record on March 8.

dividend declaration

VAALCO's delayed annual report for fiscal 2022 showed revenue nearly doubling to $354.3 million and net income of about $51.9 million, its first annual report reflecting the TransGlobe Energy merger.

annual report

VAALCO's board approved the $30 million share buyback program first flagged when the TransGlobe Energy merger was announced.

business combination

VAALCO completed its acquisition of TransGlobe Energy Corporation, expanded its board from four to seven directors by adding three TransGlobe directors, and raised its authorized share count from 100 million to 160 million shares - closing the merger first announced in mid-2022.

business combination

VAALCO completed its merger with TransGlobe Energy and applied to relist its shares following the deal's close.

business combination

A Canadian court approved VAALCO's TransGlobe Energy merger, clearing the way for VAALCO's shares to resume trading.

business combination

VAALCO filed the final proxy statement for the TransGlobe merger, which it began mailing around 2022-08-30. It sets a virtual special meeting for September 29, 2022 at 11:00 AM Eastern, where stockholders vote on the authorized-share increase (100 million to 160 million) and the share issuance. The board unanimously recommends voting for both, and the deal cannot close unless both pass. This finalises the draft filed on 2022-08-19, with the same terms (0.6727 VAALCO share per TransGlobe share, about 54.5% VAALCO ownership after closing).

business combination

VAALCO filed a preliminary (draft) proxy statement asking its stockholders to vote on the TransGlobe Energy merger. TransGlobe holders would get 0.6727 VAALCO share per TransGlobe share (about $307 million at announcement), leaving VAALCO holders with about 54.5% of the combined company. Stockholders would vote on raising authorized shares from 100 million to 160 million and on issuing the new shares. The meeting date is still blank, and the document says it is subject to completion.

business combination

VAALCO agreed to acquire TransGlobe Energy, an Alberta company with assets in Egypt and Canada, in an all-share deal at 0.6727 VAALCO share per TransGlobe share. VAALCO holders would own about 54.5% of the combined company.

business combination

VAALCO's Gabon subsidiary entered a new five-year, $50 million reserve-based revolving credit facility with Glencore as lead arranger, expandable to $100 million. Nothing was drawn, and Glencore also became exclusive buyer and marketer of its Etame crude.

debt financing

VAALCO's annual report for fiscal 2021, showing revenue roughly tripling to $199.1 million and net income of about $81.8 million, boosted by its February 2021 Sasol Gabon interest acquisition and a recovering oil price.

annual report

VAALCO, alongside new partners BW Energy and Panoro Energy, was provisionally awarded two offshore exploration blocks in Gabon's 12th Offshore Licensing Round.

joint venture update

VAALCO named Ronald Bain as Chief Financial Officer effective June 21, 2021, continuing the CFO succession chain after Elizabeth Prochnow's retirement.

director officer appointment

VAALCO named board member George Maxwell as Chief Executive Officer, with Cary Bounds departing under a separation agreement - continuing the CEO succession chain (Guidry to Bounds to Maxwell) and refreshing the company's strategic focus.

director officer appointment

CFO Elizabeth Prochnow announced her retirement effective March 31, 2021, capping six years with VAALCO including its 'financial transformation' and the Etame interest acquisition; Chief Accounting Officer Jason Doornik stepped in as interim principal financial officer.

director officer appointment

VAALCO completed the Sasol acquisition first announced in November 2020, paying a final $29.6 million and bringing its Etame Marin stake to 58.8%.

asset acquisition disposition

VAALCO agreed to buy Sasol's 27.8% stake in Etame Marin (raising its total interest to 58.8%) plus a 40% stake in Block DE-8, for $44 million.

material agreement

VAALCO's board grew as George Maxwell and Cathy Stubbs were elected as new independent directors at the annual meeting, and activist investor Bradley Radoff joined as designee of his BLR Partners/Group 42 entities - the same group VAALCO settled a board dispute with in 2015. Maxwell would go on to become CEO less than two years later.

director officer appointment

VAALCO promoted board member William R. Thomas to President effective February 1, 2020, giving him responsibility for the company's M&A strategy.

director officer appointment

VAALCO confirmed an oil discovery with the Etame 9P appraisal wellbore, targeting a reservoir beneath its existing Etame field offshore Gabon.

drilling result

VAALCO said that, subject to final approval from the UK Listing Authority, it expected its common stock to begin trading on the London Stock Exchange under 'EGY' on 26 September 2019, adding a second listing alongside the NYSE.

listing compliance notice

VAALCO announced its intention to seek a Standard Listing on the Main Market of the London Stock Exchange alongside its NYSE listing, expected by 30 September 2019, and posted an updated investor presentation.

investor presentation

CFO Phil Patman resigned to pursue other interests, effective March 31, 2019; VAALCO said Elizabeth Prochnow would take over financial leadership.

director officer appointment

VAALCO extended its exploitation rights for the Etame Marin, Ebouri, and Avouma fields and announced plans to drill two development and two appraisal wells in 2019.

material agreement

VAALCO named Philip Patman, Jr. as Chief Financial Officer, continuing the CFO succession chain after Don McCormack's departure.

director officer appointment

Cary Bounds was formally named Chief Executive Officer and joined the board effective December 29, 2016, completing his promotion from Chief Operating Officer and Interim CEO.

director officer appointment

CEO Steven Guidry resigned effective September 1, 2016; Chief Operating Officer Cary Bounds was named Interim CEO, continuing the succession chain toward his eventual permanent appointment.

director officer appointment

CFO Don McCormack notified VAALCO on May 6, 2016 that he was resigning effective June 2, 2016; the company said his resignation was not related to financial disclosures, accounting or legal matters.

director officer appointment

VAALCO filed its annual report for fiscal 2015 on Form 10-K, with 58.5 million shares outstanding at February 29, 2016 and non-affiliate market value of about $124.7 million at June 30, 2015.

annual report

VAALCO settled with Group 42 and Bradley Radoff's BLR Group, which withdrew its consent solicitation. Directors Jennings and Chapoton retired, Michael Keane joined the board as the group's designee, Andrew Fawthrop became Chairman, the Rights Agreement was terminated, and the bylaws were amended.

director officer appointment

VAALCO signed a stockholder agreement with Kornitzer Capital Management and John Kornitzer and appointed Kornitzer's designee John Knapp to the board. He filled one of the vacancies left by the resignations of James Jennings and O. Donaldson Chapoton, and joined the Audit Committee.

director officer appointment

VAALCO filed preliminary proxy materials to call a January 2016 special meeting letting stockholders vote on a charter amendment governing director removal, its countermove against the Group 42-BLR Group's consent solicitation.

other material event

VAALCO rejected Group 42 and Bradley Radoff's consent solicitation to remove four directors as inconsistent with its charter, proposed instead to put the matter to a stockholder vote at a special meeting, and repeated an offer to add one of the group's board nominees to defuse the dispute.

other material event

VAALCO confirmed that a stockholder group led by Group 42 and Bradley Radoff had launched a consent solicitation seeking to remove four sitting directors without cause, and told shareholders no action was required yet - the opening move of the board fight later settled in December 2015.

other material event

VAALCO named Don McCormack as Chief Financial Officer, succeeding the retiring Gregory Hullinger - continuing the CFO succession chain.

director officer appointment

VAALCO's board adopted a shareholder rights plan ('poison pill'), declaring one purchase right per share, creating a new class of preferred stock to back it, and amending its bylaws accordingly - a defensive package put in place as its dispute with activist investors Group 42/BLR Partners was building, later terminated in the December 2015 settlement.

bylaws amendment

VAALCO's board adopted a shareholder rights plan ('poison pill') and registered the associated preferred stock purchase rights with the NYSE, a defensive measure adopted as its board dispute with activist investors Group 42/BLR Partners was intensifying.

securities registry admin

VAALCO added independent director Steven Pully to the board and separately authorized a buyback of up to 5.8 million shares, about 10% of shares outstanding.

director officer appointment

VAALCO appointed Cary Bounds as Chief Operating Officer effective July 6, 2015. He had most recently run Noble Energy's Equatorial Guinea business unit, and his employment agreement ran through December 31, 2017.

director officer appointment

Robert Gerry agreed not to stand for re-election and to retire as Chairman after the 2014 annual meeting. He would then consult for VAALCO until December 31, 2015 for $100,000, and receive $300,000 in severance over 19 monthly installments.

director officer appointment

VAALCO's Gabon subsidiary secured a new $65 million reserve-based loan from the International Finance Corporation, secured against its Etame Marin oil interests.

debt financing

Robert Gerry retired as CEO effective October 21, 2013, after 16 years, and stayed on as Chairman. Steven Guidry, a 33-year Marathon Oil veteran, was elected to the board and named his successor as CEO, and the bylaws were amended to separate the Chairman and CEO roles.

director officer appointment

Tocqueville Asset Management sharply reduced its VAALCO stake to just 0.3%, from 6.24% the year before - exiting most of its position.

substantial holder notice

VAALCO bought out Sojitz Corporation's remaining 9.99% non-controlling stake in VAALCO International (the entity holding its Etame Marin interest offshore Gabon) for $26.2 million, taking full ownership.

asset acquisition disposition

An activities update whose sharpest item is a setback: hydrogen sulphide detected on the Ebouri platform offshore Gabon forced two producing wells to be shut in, though the wider Etame complex held around 19,000 barrels a day. VAALCO also signed a $10 million deal for a working interest in a concession in an unnamed West African country new to it, and put a partner forward for the remaining 40% of Angola's Block 5 for Sonangol and government approval.

production update

Nanes Delorme Partners reduced its VAALCO stake to 4.8% (2.86 million shares), selling down shortly after settling its proxy contest with the company.

substantial holder notice

VAALCO settled a shareholder proxy fight with Nanes Delorme Partners by agreeing to add an independent director with private equity/hedge fund experience.

material agreement

VAALCO sued activist investors Nanes Delorme Partners and Pilatus Energy for federal securities law violations amid a 2008 proxy contest - the same investor group whose dispute was settled by the end of that month.

other material event

Nanes Delorme Partners disclosed an 8% activist stake in VAALCO (4.7 million shares) - the investor group that later settled a proxy contest with the company in May 2008.

substantial holder notice