Past year: ▲ 47%(3.58 – 6.57 USD)
Each one in plain English, with the numbers worked through for a shareholder.
22 May 2018material agreement termination▲ Good
VAALCO paid off and terminated its $7.0 million term loan with the International Finance Corporation using cash on hand, saving over $0.3 million in annual interest, while starting workover operations to restore two shut-in Avouma platform wells.
26 Mar 2018director officer appointment● Neutral
Director Michael Keane said he would not stand for re-election at the 2018 annual meeting.
7 Mar 2018annual report▲ Good
VAALCO's annual report for fiscal 2017, returning to profitability with net income of about $9.7 million on revenue of $77.0 million, alongside a 127% reserve replacement rate for the year.
6 Mar 2018director officer appointment● Neutral
Director John J. Myers, Jr. said he would not stand for re-election at the 2018 annual meeting.
1 Feb 2018production update● Neutral
VAALCO reported fourth-quarter and full-year 2017 production results and gave preliminary 2018 production guidance, noting it had no oil-price hedges in place for 2018.
25 Jan 2018resource reserve update▲ Good
VAALCO reported year-end 2017 proved reserves up 15% with 127% reserve replacement, and said the SEC-standard value of those reserves (PV-10) more than doubled to $22.5 million.
30 Nov 2017drilling progress report● Neutral
VAALCO completed workovers restoring two Gabon wells (South Tchibala 1-HB and 2-H) after pump failures, but a third well on the same platform (Avouma 2-H) had its own pump fail and was shut in, leaving net company production around 3,950 barrels a day.
30 June 2017listing compliance notice▼ Bad
VAALCO received an NYSE notice on June 28, 2017 that its 30-trading-day average closing price, $0.97, was below the $1.00 minimum. It has six months to regain compliance and stays listed meanwhile.
18 Apr 2017director officer appointment● NeutralMajor
VAALCO named Philip Patman, Jr. as Chief Financial Officer, continuing the CFO succession chain after Don McCormack's departure.
10 Apr 2017listing compliance notice▼ Bad
VAALCO again received a NYSE notice that its stock price had fallen below the $1.00 minimum average closing price requirement.
20 Mar 2017debt financing● Neutral
VAALCO's Gabon subsidiary drew an additional $4.2 million under its existing IFC loan facility.
16 Mar 2017debt financing● Neutral
VAALCO announced that the IFC approved its request to borrow $4,166,500 of the up to $5 million available under the June 2016 Supplemental Agreement. The funds were expected by March 31, 2017.
13 Mar 2017annual report● Neutral
VAALCO's annual report for fiscal 2016, reporting revenue of $59.8 million and a narrower net loss of about $26.6 million, the year CEO Steven Guidry resigned and Cary Bounds took over.
22 Feb 2017resource reserve update▲ Good
VAALCO reported year-end 2016 proved reserves in Gabon with an 87% reserve replacement rate for the year's production.
1 Feb 2017listing compliance notice▲ Good
The NYSE accepted VAALCO's 18-month plan, running through May 2018, to regain compliance with its market capitalization and equity standard. VAALCO also said it had regained compliance with the $1.00 minimum share price as of January 31, 2017.
25 Jan 2017investor presentation● Neutral
VAALCO reported fourth-quarter 2016 production of about 3,650 BOEPD, above guidance, and full-year production of about 4,200 BOEPD. It said production had risen to about 4,600 BOEPD in January after Avouma workovers, and posted a new investor presentation.
3 Jan 2017director officer appointment● NeutralMajor
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.
2 Dec 2016listing compliance notice▼ Bad
VAALCO received a separate NYSE non-compliance notice, this time for its average global market capitalization falling below the exchange's $50 million minimum.
28 Nov 2016asset acquisition disposition● Neutral
VAALCO closed its purchase of Sojitz Etame Limited's remaining 3.23% participating interest in the Etame Marin permit offshore Gabon, the last working interest Sojitz held in the concession.
21 Oct 2016director officer appointment● Neutral
VAALCO's Vice President, General Counsel and Corporate Secretary Eric Christ resigned effective November 1, 2016.
12 Aug 2016listing compliance notice▼ Bad
VAALCO received a notice from the NYSE that its stock price had fallen below the exchange's $1.00 minimum average closing price requirement, giving it six months to regain compliance.
11 Aug 2016director officer appointment● Neutral
An amended 8-K disclosed that VAALCO entered a Change in Control Agreement on August 10, 2016 with Elizabeth Prochnow, its Controller and Chief Accounting Officer and Principal Financial Officer. It gives 75% of base salary as severance if terminated within six months after a change in control.
3 Aug 2016director officer appointment● NeutralMajor
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.
2 Aug 2016asset acquisition disposition● Neutral
VAALCO signed an agreement to acquire Sojitz Etame Limited's remaining 3.23% working interest in the Etame Marin permit offshore Gabon, a deal that closed that November.
6 July 2016debt financing● Neutral
VAALCO restructured its IFC loan again via a new Amended and Restated Loan Agreement.
5 July 2016production update● Neutral
VAALCO reached an agreement with drilling contractor Transocean over the remaining term of its offshore Gabon rig contract and gave an operational update.
24 June 2016auditor change● Neutral
VAALCO dismissed Deloitte & Touche as its auditor and engaged BDO USA as its independent registered public accounting firm for fiscal 2016.
12 May 2016director officer appointment● NeutralMajor
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.
26 Apr 2016other material event▲ Good
On April 20, 2016 the Delaware Court of Chancery approved dismissal of the shareholder class action. Plaintiffs had earlier won a ruling that the charter and bylaw provisions on director removal were invalid, and the company's insurer agreed to pay $775,000 in plaintiffs' fees.
16 Mar 2016annual report▼ BadMajor
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.
