26 May 2015material agreement▲ Good
VAALCO amended its 2014 IFC loan, removing a debt-to-equity covenant and extending the deadline to restructure ownership of its Gabon assets.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Apr 2015director officer appointment● Neutral
President and Chief Operating Officer W. Russell Scheirman, also a director, retired; VAALCO agreed to keep paying him under a consulting arrangement.
2 Apr 2015director officer appointment● Neutral
VAALCO appointed Elizabeth D. Brumley as Controller and Chief Accounting Officer.
16 Mar 2015annual report▼ Bad
VAALCO's annual report for fiscal 2014, a year it swung to a net loss of about $77.6 million as oil prices collapsed late in the year and its Ebouri well was shut in for weeks.
5 Mar 2015other● Neutral
VAALCO filed a routine Power of Attorney administratively authorizing company staff to sign future Form 3/4/5 ownership filings on directors' and officers' behalf - not a real transaction or appointment.
10 Feb 2015flow test result▲ Good
VAALCO's Etame 10-H development well tested at about 3,200 barrels of oil per day with negligible water, continuing the company's Etame platform drilling program.
22 Dec 2014production update▲ Good
VAALCO resumed production from Ebouri Well 2-H offshore Gabon after a wireline repair of a tubing leak on December 16, 2014. The well had been shut in since early October, and output was expected to stabilize at about 2,500 gross barrels of oil per day.
10 Dec 2014drilling result▲ Good
VAALCO completed Etame 8-H, the first well from the new Etame platform offshore Gabon, but shut it in after it produced hydrogen sulfide (H2S) during testing. The rig moved on to drill the Etame 10-H, expected to spud that week.
9 Dec 2014other● Neutral
The board adopted stock ownership/retention guidelines requiring named executives and non-employee directors to hold a minimum level of VAALCO stock.
4 Nov 2014production update▼ Bad
VAALCO temporarily shut in Well 2-H at its Ebouri field offshore Gabon to investigate pressure communication between the tubing and casing.
24 Oct 2014drilling progress report● Neutral
VAALCO and its partners entered the 'Subsequent Exploration Phase' on Angola's Block 5, committing to further exploration work under the block's production sharing contract.
23 Oct 2014director officer appointment● Neutral
VAALCO appointed Andrew L. Fawthrop, a 37-year Unocal/Chevron veteran and former Chairman of Chevron Nigeria, as an independent director.
24 June 2014other● Neutral
VAALCO's Form S-3 shelf registration (File No. 333-195919) was declared effective, completing the review process.
20 June 2014other● Neutral
VAALCO asked the SEC to accelerate its Form S-3 shelf registration to become effective June 24, 2014.
6 June 2014other● Neutral
VAALCO responded to SEC comments on its Form S-3 shelf registration (filed May 13, 2014) and filed an amendment addressing them the same day.
5 June 2014other● Neutral
SEC staff sent comments on VAALCO's May 2014 Form S-3 shelf registration, opening a routine review before the registration could go effective.
6 May 2014director officer appointment● NeutralMajor
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.
13 Mar 2014annual report▲ Good
VAALCO's annual report for fiscal 2013, reporting net income of about $43.1 million in the year founder Robert Gerry III retired as CEO and Steven Guidry took over.
4 Feb 2014debt financing● NeutralMajor
VAALCO's Gabon subsidiary secured a new $65 million reserve-based loan from the International Finance Corporation, secured against its Etame Marin oil interests.
14 Jan 2014director officer appointment● Neutral
VAALCO moved the Corporate Secretary duties from Executive Vice President Gayla Cutrer to Vice President-Legal Roland Sledge, effective 2 January 2014. Chairman Robert Gerry's salary was voluntarily cut to about $300,000 a year.
2 Jan 2014director officer appointment● Neutral
Director Luigi P. Caflisch resigned from the VAALCO board effective 31 December 2013 for personal reasons, not because of any disagreement. He had served on the board since 2005 and sat on the Audit, Compensation and Nominating committees.
23 Sept 2013director officer appointment● NeutralMajor
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.
7 June 2013director officer appointment● Neutral
VAALCO appointed James B. Jennings, the former chairman of Hunt Oil Company, as an independent director.
7 June 2013other material event▲ Good
VAALCO's board authorized a share buyback program of up to $25 million.
17 Apr 2013director officer appointment● Neutral
Director Robert H. Allen, 85 and on the board for 10 years, said he would retire at the 2013 annual meeting.
14 Mar 2013annual report▼ Bad
VAALCO's annual report for fiscal 2012, a year net income fell sharply to about $0.6 million after the Sojitz stake buyout and other costs.
11 Feb 2013other● Neutral
A further SEC staff letter, likely closing out the Form 10-K comment cycle opened in December 2012.
31 Jan 2013substantial holder notice● NeutralMajor
Tocqueville Asset Management sharply reduced its VAALCO stake to just 0.3%, from 6.24% the year before - exiting most of its position.
22 Jan 2013other● Neutral
VAALCO responded to SEC staff comments on its Form 10-K, part of the review cycle opened by the SEC's December 2012 letter.
18 Dec 2012asset acquisition disposition● NeutralMajor
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.