Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2021material agreement● Neutral
The Etame co-venturers approved the World Carrier Bareboat Charter and Operating Agreement, so the FSO agreements came into full force on August 31, 2021. The FSO is expected to be operating in September 2022, before the current FPSO contract expires.
VAALCO signed a letter of intent with World Carrier to supply a new floating storage vessel for Etame Marin, replacing its BW Offshore contract expiring in 2022.
22 June 2021director officer appointment● NeutralMajor
VAALCO named Ronald Bain as Chief Financial Officer effective June 21, 2021, continuing the CFO succession chain after Elizabeth Prochnow's retirement.
VAALCO contracted Borr Jack-Up XIV Inc., an affiliate of rig owner Borr Drilling Limited, to drill two development wells and two appraisal wellbores for its 2021/2022 Gabon drilling program, with options for more.
Shareholders approved an amendment to VAALCO's 2020 Long-Term Incentive Plan raising its authorized share pool from 5.5 million to 9.25 million shares.
VAALCO signed a new employment agreement with Michael Silver, its Executive VP, General Counsel and Corporate Secretary, replacing his prior change-in-control agreement.
VAALCO filed a proxy supplement correcting the shares outstanding on the April 8, 2021 record date to 59,271,197, not 57,812,285. This changed the ownership percentages and dilution figures ahead of the June 3, 2021 annual meeting.
Cary Bounds forfeited 372,370 shares of unvested restricted stock when he resigned as Chief Executive Officer and Chief Operating Officer, effective April 30, 2021. He kept 635,640 shares.
VAALCO filed additional definitive proxy materials (Schedule 14A) for its upcoming annual shareholder meeting. The filing contained only the cover page and no agenda details.
CEO Cary Bounds exercised cash-settled stock appreciation rights and options covering 1,733,588 shares. 1,615,311 shares were disposed of or withheld for the exercise price and taxes.
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.
Former CFO Elizabeth Prochnow forfeited 89,515 shares of unvested restricted stock on her resignation as Chief Financial Officer, effective March 31, 2021. She kept 31,347 shares.
19 Mar 2021director officer appointment● NeutralMajor
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.
An amended Form 4 corrected the dates on David DesAutels' March 5 exercises of stock appreciation rights and options covering 283,836 shares. 250,776 shares were disposed of or withheld for the exercise price and taxes.
VAALCO's annual report for fiscal 2020, reporting revenue of $67.2 million and a net loss of about $48.2 million as the pandemic-driven oil-price crash hit results, while it worked toward its Sasol Gabon interest acquisition.
Executive VP David DesAutels exercised cash-settled stock appreciation rights and options covering 283,836 shares. 250,776 shares were disposed of or withheld for the exercise price and taxes.