VAALCO Energy, Inc. (EGY) has announced the successful arrangement of a new revolving credit facility worth $190 million, with the potential to increase to $300 million. This new facility, led by The Standard Bank of South Africa Limited, will provide VAALCO with the necessary funding to support its growth projects across its diversified asset base.

Key Highlights:

- Initial commitment of $190 million, with the ability to grow to $300 million

- Six-year term with facility amortization to begin on September 30, 2026

- Interest rate of 6.5% plus SOFR, decreasing to 6.0% plus SOFR upon completion of the FPSO project

- Secured with VAALCO's Gabon, Egypt, and Côte d'Ivoire assets

CEO's Statement:

George Maxwell, VAALCO's Chief Executive Officer, expressed his satisfaction with the new credit facility, stating that it will supplement the company's internally generated cash flow and cash balance to fund its growth projects. Maxwell emphasized the significance of this facility in enabling VAALCO to execute its major projects, which are expected to deliver a substantial increase in organic growth across its portfolio.

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