17 Dec 2012other● Neutral
SEC staff sent VAALCO a comment letter on its Form 10-K, opening a routine accounting/disclosure review cycle that VAALCO responded to in January 2013.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2012production update▼ BadMajor
An activities update whose sharpest item is a setback: hydrogen sulphide detected on the Ebouri platform offshore Gabon forced two producing wells to be shut in, though the wider Etame complex held around 19,000 barrels a day. VAALCO also signed a $10 million deal for a working interest in a concession in an unnamed West African country new to it, and put a partner forward for the remaining 40% of Angola's Block 5 for Sonangol and government approval.
30 May 2012other● Neutral
VAALCO amended its May 29 report on the revised 2012 Long Term Incentive Plan to correct an omission. The 250,000-share cap on restricted stock awards and units now also covers Other Stock-Based Awards.
29 May 2012other● Neutral
After proxy advisor ISS recommended against VAALCO's proposed 2012 Long-Term Incentive Plan for transferring too much value to management, the board cut the plan's share pool from 5 million to 3 million shares and tightened other terms ahead of the shareholder vote.
12 Mar 2012annual report▲ Good
VAALCO's annual report for fiscal 2011, reporting net income of about $34.1 million, the year before it bought out Sojitz's minority stake in its Gabon holding company.
23 Mar 2011director officer appointment● Neutral
Director William S. Farish, on the board since 2004, said he would not stand for re-election at the 2011 annual meeting, unrelated to any disagreement with the company.
14 Mar 2011annual report▲ Good
VAALCO's annual report for fiscal 2010, a year it returned to profit with net income of about $37.3 million.
4 Mar 2011director officer appointment● Neutral
VAALCO appointed John J. Myers, Jr., a former energy-focused hedge fund manager, as an independent director.
16 Mar 2010annual report▼ Bad
VAALCO's annual report for fiscal 2009, a year it swung to a net loss of about $7.9 million.
1 Dec 2009other material event▲ Good
VAALCO negotiated an extension of its core Etame Marin exploration permit in Gabon to 2014, preserving its 30.35% interest in the block.
8 July 2009security holder rights change● Neutral
VAALCO's board redeemed the rights issued under its 2007 shareholder rights plan for a token $0.001-per-share payment, unwinding that earlier 'poison pill' - VAALCO would go on to adopt a second such plan in 2015 during its dispute with Group 42/BLR Partners.
30 June 2009other▲ Good
VAALCO authorized a share buyback program of up to $10 million of common stock.
16 Mar 2009annual report● Neutral
VAALCO's annual report for fiscal 2008, filed as global oil prices collapsed late in the year alongside the wider financial crisis.
1 July 2008director officer appointment● Neutral
VAALCO appointed Frederick W. Brazelton, an independent director, to its board.
2 June 2008substantial holder notice● NeutralMajor
Nanes Delorme Partners reduced its VAALCO stake to 4.8% (2.86 million shares), selling down shortly after settling its proxy contest with the company.
28 May 2008material agreement● NeutralMajor
VAALCO settled a shareholder proxy fight with Nanes Delorme Partners by agreeing to add an independent director with private equity/hedge fund experience.
14 May 2008other material event▼ BadMajor
VAALCO sued activist investors Nanes Delorme Partners and Pilatus Energy for federal securities law violations amid a 2008 proxy contest - the same investor group whose dispute was settled by the end of that month.
14 Mar 2008annual report● Neutral
VAALCO's 2007 annual report said its Gabon fields produced about 7.4 million barrels (1.8 million net) during 2007. It also said the first North Sea well was suspended as non-commercial and a second well was planned for 2008.
12 Mar 2008substantial holder notice● NeutralMajor
Nanes Delorme Partners disclosed an 8% activist stake in VAALCO (4.7 million shares) - the investor group that later settled a proxy contest with the company in May 2008.
7 Feb 2008other material event● Neutral
VAALCO signed a farm-in agreement with Century Exploration (UK) Ltd. to earn a 25% working interest in a North Sea exploration well (Block 48/25c) by paying part of its roughly $20 million cost.
24 Jan 2008other material event● Neutral
VAALCO reported that its North Sea 9/28b-19A well found a 105-foot oil column but smaller reserves than expected, and was suspended. It also gave updates on a planned Southern Gas Basin well and its Gabon and Angola drilling.
4 Dec 2007other● Neutral
A confidential SEC staff letter, part of a routine filing review; its specific subject can't be determined from EDGAR's public index (the document is a scanned PDF with no paired company response nearby).