Each one in plain English, with the numbers worked through for a shareholder.
19 Aug 2022business combination● NeutralMajor
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.
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.
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.
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.
VAALCO appointed Fabrice Nze-Bekale, a Gabonese banking and mining executive, as an independent director. Director Bradley Radoff resigned effective January 28, 2022, with no disagreement with the company or board.
VAALCO amended the employment agreements of CEO George Maxwell and CFO Ronald Bain to raise their bonus and equity-incentive targets, sharpening pay-for-performance incentives.
VAALCO asked the SEC to accelerate the effective date of its December 29, 2021 Form S-3 (File No. 333-261934) to 5:00 p.m. Eastern Time on January 12, 2022, or as soon after as practicable.
VAALCO spudded the Etame 8H-ST well, the first of its 2021/2022 Gabon drilling campaign, for which it had contracted the Borr Drilling jack-up rig that June.
Completed the two announced Etame workovers offshore Gabon, adding about 1,050 gross barrels of oil a day, 540 net. EEBOM-2H went from about 500 gross barrels a day to roughly 1,400 after its longest-serving pump was replaced, and ET-12H was restored to 1,800 gross. Both were done with the mobile hydraulic workover unit VAALCO bought early in 2021 rather than by hiring a drilling rig.
VAALCO, alongside new partners BW Energy and Panoro Energy, was provisionally awarded two offshore exploration blocks in Gabon's 12th Offshore Licensing Round.
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 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.
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.
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.
