Each one in plain English, with the numbers worked through for a shareholder.
19 Feb 2020quarterly activities report● Neutral
VAALCO said its South East Etame 4P appraisal wellbore offshore Gabon found about 20 feet of good-quality Gamba oil sands in a new step-out area. It estimated 1 to 2 million barrels of gross prospective resources and planned to drill the 4H development well.
Renaissance Technologies LLC, RENAISSANCE TECHNOLOGIES HOLDINGS CORPORATION reported a VAALCO shareholding of 3,747,190 shares (6.42% of votes) in a periodic institutional filing.
VAALCO restored about 600 gross BOPD (160 net) at Etame 10H and reported 1,000 gross BOPD (270 net) from Etame 4H. It began drilling the SE Etame 4P appraisal wellbore, with total net production just over 6,000 BOPD.
VAALCO said the Etame 11H development well was completed and brought on at about 5,200 gross BOPD (1,400 net), lifting total net production to about 5,900 BOPD. It also reported 2019 average net production of 3,476 BOPD.
CEO Cary Bounds exercised options and stock appreciation rights covering 407,222 shares on 12 December 2019, with 287,502 shares disposed of in the SAR transactions, leaving him holding 589,815 shares.
VAALCO's Etame 9H development well was completed and placed on production at a higher rate than expected, boosting output; drilling of the Etame 11H well then began.
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.
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.
VAALCO appointed Jason Doornik as Chief Accounting Officer and Controller, a role CFO Elizabeth Prochnow had held since 2015. The board also reappointed John Knapp, who had resigned under the Kornitzer stockholder agreement, and changed some committee chairs.
VAALCO told shareholders that director A. John Knapp, Jr. had resigned and was withdrawn as a nominee for the June 6, 2019 annual meeting. No replacement nominee was named, leaving four nominees, and votes cast for Knapp would be disregarded.
Director A. John Knapp, Jr. - Kornitzer Capital Management's board designee since 2015 - resigned from the board and all committees, ending Kornitzer's board representation right under its 2015 stockholder agreement.
Kornitzer Capital Management further reduced its VAALCO shareholding to 2,979,381 shares, having sold down from 4.7 million shares since February 2019.