Ankündigung • Jun 15
Vaalco Energy Inc Provides Operational Update on Offshore Gabon and Egypt Drilling Programs Vaalco Energy Inc. announced positive operational updates offshore Gabon regarding the ongoing drilling program, including impressive initial well results on the Ebouri-5H well and mobilization of the rig to the SEENT platform. Successfully drilled, completed and placed on production the Ebouri-5H development well at the top of the structure with a lateral of 300 meters of net pay in high-quality Gamba sands. Achieved excellent initial flow rate exceeding 8,000 gross barrels of oil per day, 4,700 barrels of oil per day net to Vaalco, with very low water cut. Continued the drilling campaign in offshore Gabon, with the rig mobilization to the SEENT platform to drill the ETBNM-3 development well. Planned as a directionally drilled slant well, adjacent to GMF-1X discovery well. Targeting gas and condensate resources in the Dentale D15 reservoir from the crest of the North Tchibala structure. Natural gas produced from a successful well will be utilized for operational purposes in the field to significantly reduce the costs of higher priced diesel that is currently transported to the field by vessel. In Egypt, successfully drilled, completed and placed on production the HE-9 development well. Encountered 26 meters of net pay in the Asl B reservoir. Achieved excellent initial flow rate of 529 gross barrels of oil per day, above Vaalco's predrill expectations. With the Baobab field successfully restarted and the continued successes in the Gabon and Egypt drilling campaigns, many positive achievements year to date. Ankündigung • Jun 09
VAALCO Energy, Inc. Resumes Baobab Field Production After FPSO Refurbishment VAALCO Energy, Inc. announced that the Baobab field on CI-40 block, offshore Côte d’Ivoire is back online following the successful Baobab Ivoirien Floating Production Storage and Offloading vessel refurbishment. Successfully restarted production at the Baobab field on CI-40 block; In line with the project timeline, the FPSO at Baobab ceased hydrocarbon operations in January 2025; Following a nine-month refurbishment in Dubai, the FPSO returned to Côte d’Ivoire in early Second Quarter 2026, was moored into position and re-connected to the field infrastructure; Production has resumed from four producing wells with the remaining three producers expected to come online shortly; the field is performing in line with Vaalco’s expectations. FPSO refurbishment was undertaken to extend the life of the vessel and to ensure its long-term operational capacity as a significant development drilling program at Baobab is planned to begin in the second half of 2026; and Phase 5 drilling program is expected to include four producers, two to three injectors and two workovers providing potential meaningful additions to production from the main Baobab field. Reported Earnings • May 11
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: US$0.90 loss per share (down from US$0.074 profit in 1Q 2025). Revenue: US$62.6m (down 43% from 1Q 2025). Net loss: US$93.8m (down US$101.4m from profit in 1Q 2025). Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Declared Dividend • May 11
First quarter dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 22nd May 2026 Payment date: 26th June 2026 Dividend yield will be 4.7%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 18% per year over the past 4 years and payments have been stable during that time. Ankündigung • May 10
VAALCO Energy, Inc. Provides Production and Sales Guidance for the Second Quarter and Fiscal Year 2026 VAALCO Energy, Inc. provided production and sales guidance for the second quarter and fiscal year 2026. For the second quarter, the company expected WI production to be 21,600 BOEPD to 23,800 BOEPD and NRI production to be 16,800 BOEPD to 18,700 BOEPD.
For the second quarter, the company expected WI Sales Volume to be 21,800 BOEPD to 23,600 BOEPD and NRI Sales Volume to be 16,800 BOEPD to 18,300 BOEPD.
For the full year, the company expected WI production to be 22,050 BOEPD to 24,500 BOEPD and NRI production to be 17,400 BOEPD to 19,450 BOEPD.
For the full year, the company expected WI Sales Volume to be 21,350 BOEPD to 25,000 BOEPD and NRI Sales Volume to be 16,800 BOEPD to 19,950 BOEPD. Ankündigung • May 09
VAALCO Energy, Inc. Declares Dividend for the Second Quarter 2026 , Payable on June 26, 2026 VAALCO Energy, Inc. announced that it declared its quarterly cash dividend of $0.0625 per share of common stock for the second quarter of 2026 ($0.25 annualized), which is payable on June 26, 2026, to stockholders of record at the close of business on May 22, 2026. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors. Ankündigung • May 05
VAALCO Energy, Inc. to Report Q1, 2026 Results on May 07, 2026 VAALCO Energy, Inc. announced that they will report Q1, 2026 results After-Market on May 07, 2026 Ankündigung • Apr 27
VAALCO Energy, Inc., Annual General Meeting, Jun 04, 2026 VAALCO Energy, Inc., Annual General Meeting, Jun 04, 2026. Location: hilton houston westchase, 9999 westheimer road, tx 77042, houston United States Ankündigung • Apr 21
Vaalco Energy, Inc. Announces Positive Operational Update in Gabon and Côte D’Ivoire Vaalco Energy, Inc. announced positive operational updates in Gabon regarding the ongoing drilling program, including encouraging initial well results on the Etame 14H well and mobilized the rig to the Ebouri platform. Successfully drilled, completed and placed on production the Etame 14H development well in an attic position within the Main Fault Block of the Etame field, with a lateral of 325 meters of net pay in high-quality Gamba sands; Achieved excellent initial flow rate of approximately 4,850 gross barrels of oil per day (“BOPD”), 2,850 BOPD net to Vaalco; Encountered 325 meters of net pay in high-quality Gamba reservoir sands with better-than-expected porosity and permeability; Continued the drilling campaign in offshore Gabon, with the rig mobilization to the Ebouri platform and drilling has commenced on the EEBOM-5H development well; Targeting an updip/attic position for the EEBOM-5H well by sidetracking from the previously abandoned EEBOM-5P well; Baobab Ivorien Floating Production Storage and Offloading Vessel (“FPSO”) has completed its 47-day tow from the Dry Dock World shipyard in Dubai, where it underwent a complete refurbishment, and arrived back in Côte d’Ivoire on April 2. The FPSO is now fully moored back on its original location and is beginning the process of reconnecting the risers and umbilicals. Restart of production remains on track for Second Quarter 2026. Reported Earnings • Mar 13
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: US$0.40 loss per share (down from US$0.56 profit in FY 2024). Revenue: US$359.3m (down 25% from FY 2024). Net loss: US$41.4m (down 172% from profit in FY 2024). Oil reserves Proven reserves: 43 MMbbls Combined production Oil equivalent production: 6.043 MMboe (7.296 MMboe in FY 2024) Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Ankündigung • Mar 13
Vaalco Energy, Inc. Provides Production and Sales Guidance for the First Quarter and Fiscal Year 2026 VAALCO Energy, Inc. provided production and sales guidance for the first quarter and fiscal year 2026. For the first quarter, the company expects WI production to be 18,700 BOEPD to 20,600 BOEPD and NRI production to be 14,200 BOEPD to 16,000 BOEPD.
For the first quarter, the company expects WI Sales Volume to be 15,200 BOEPD to 17,000 BOEPD and NRI Sales Volume to be 11,200 BOEPD to 12,900 BOEPD.
For the full year, the company expects WI production to be 20,100 BOEPD to 22,400 BOEPD and NRI production to be 16,100 BOEPD to 17,950 BOEPD.
For the full year, the company expects WI Sales Volume to be 18,800 BOEPD to 22,600 BOEPD and NRI Sales Volume to be 14,900 BOEPD to 18,050 BOEPD. Ankündigung • Mar 10
VAALCO Energy, Inc. Provides Operational Update On Offshore Gabon Drilling Program VAALCO Energy, Inc. completed drilling the Etame West ET-14P exploration well. While the well encountered 10 meters of high-quality Gamba sands, in line with pre-drill predictions, the target zone was water-bearing. The lower portion of the well will be plugged and abandoned but the well bore will be utilized and sidetracked in the upper portion of the well to drill the ET-14H development well in the Main Fault Block of Etame, pending partner approval. Operations are expected to be completed in April. Ankündigung • Mar 06
VAALCO Energy, Inc. to Report Q4, 2025 Results on Mar 12, 2026 VAALCO Energy, Inc. announced that they will report Q4, 2025 results After-Market on Mar 12, 2026 Ankündigung • Feb 24
Vaalco Energy, Inc. Announces Encouraging Operational Update VAALCO Energy, Inc. announced positive operational updates in Gabon and Cote d'Ivoire. The Company provided an update on its Gabon drilling program, including solid initial well results on the Etame 15H-ST well and the spudding of the next well. Additionally, the Company was confirmed as operator with a 60% working interest, with partner PetroCI having a 40% working interest in the Kossipo field, a discovery made in 2002 and later appraised in 2019 on the CI-40 block in offshore Cote d'IvoIRE. Gabon Drilling Highlights: Successfully drilled, completed and placed on production the Etame 15H- ST development well in the 1V block of the Etame field, with a lateral of 250 meters of net pay in high-quality Gamba sands near the top of the reservoir; Stabilized flow rate of approximately 2,000 gross barrels of oil per day ("BOPD") with a 38% water cut, through a 42/64 choke and ESP at 54 Hz, confirming expectations from the ET-15P pilot well results; Actively managing the well to stabilize pressure and manage the reservoir; West Etame step out exploration well spudded in mid-February; Drilling the well from the S1 slot on the Etame platform Etame West (ET-14P) exploration prospect has a 57% chance of geologic success and is expected to reach the target zone by mid-March; and On a success, the exploration prospect would add meaningful production and reserves to Vaalco's 2026 year-end. Cote d'Ivoires Highlights: Confirmed as operator with a 60% Working interest in the Kossipofield on the CI-40 Block with a field development plan ("FDP") expected to be completed in second half of 2026. Declared Dividend • Feb 23
Third quarter dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 27th February 2026 Payment date: 27th March 2026 Dividend yield will be 5.7%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 18% per year over the past 4 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 1.9% to bring the payout ratio under control. EPS is expected to grow by 37% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Ankündigung • Feb 17
VAALCO Energy, Inc. Declares First Quarter 2026 Dividend, Payable on March 27, 2026 VAALCO Energy, Inc. announced that it declared its quarterly cash dividend of $0.0625 per share of common stock for the first quarter of 2026 ($0.25 annualized), which is payable on March 27, 2026, to stockholders of record at the close of business on February 27, 2026. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to UK£3.20, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 6x in the Oil and Gas industry in the United Kingdom. Negligible returns to shareholders over past three years. Board Change • Jan 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Ed LaFehr was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Ankündigung • Dec 09
Vaalco Energy, Inc. Spuds First Well in Phase Three Drilling Program Offshore Gabon VAALCO Energy, Inc. announced that it has commenced its Phase Three Drilling Program offshore Gabon with the spud of the ET-15 infill well on the Etame platform. Board Change • Nov 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Ed LaFehr was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Declared Dividend • Nov 17
Third quarter dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 21st November 2025 Payment date: 24th December 2025 Dividend yield will be 7.1%, which is about the same as the industry average. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 18% per year over the past 4 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 1.9% to bring the payout ratio under control. EPS is expected to grow by 56% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. New Risk • Nov 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.2% net profit margin). Ankündigung • Nov 11
Vaalco Energy, Inc. Declares Fourth Quarter 2025 Dividend, Payable on December 24, 2025 Vaalco Energy, Inc. announced that it declared its quarterly cash dividend of $0.0625 per share of common stock for the fourth quarter of 2025 ($0.25 annualized), which is payable on December 24, 2025, to stockholders of record at the close of business on November 21, 2025. Board Change • Nov 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Ed LaFehr was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Ankündigung • Oct 20
VAALCO Energy, Inc. to Report Q3, 2025 Results on Nov 10, 2025 VAALCO Energy, Inc. announced that they will report Q3, 2025 results After-Market on Nov 10, 2025 Declared Dividend • Aug 11
Second quarter dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 22nd August 2025 Payment date: 19th September 2025 Dividend yield will be 7.6%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (68% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 18% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 10
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: US$0.081 (down from US$0.27 in 2Q 2024). Revenue: US$96.9m (down 17% from 2Q 2024). Net income: US$8.38m (down 70% from 2Q 2024). Profit margin: 8.6% (down from 24% in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 159%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Ankündigung • Jul 28
VAALCO Energy, Inc. to Report Q2, 2025 Results on Aug 07, 2025 VAALCO Energy, Inc. announced that they will report Q2, 2025 results After-Market on Aug 07, 2025 Ankündigung • May 09
VAALCO Energy, Inc. Provides Production and Sales Guidance for the Second Quarter and Fiscal Year 2025 VAALCO Energy, Inc. provided production and sales guidance for the second quarter and fiscal year 2025. For the second quarter, the company expects WI production to be 20,000 BOEPD to 22,100 BOEPD and NRI production to be 15,400 BOEPD to 16,800 BOEPD.
For the first quarter, the company expects WI Sales Volume to be 22,800 BOEPD to 24,900 BOEPD and NRI Sales Volume to be 18,000 BOEPD to 19,200 BOEPD.
For the full year, the company expects WI production to be 19250 BOEPD to 22310 BOEPD and NRI production to be 14500 BOEPD to 16710 BOEPD.
For the full year, the company expects WI Sales Volume to be 19,850 BOEPD to 22,700 BOEPD and NRI Sales Volume to be 14,900 BOEPD to 17,200 BOEPD. Ankündigung • May 08
Vaalco Energy, Inc Declares Quarterly Cash Dividend for the Second Quarter of 2025, Payable on June 27, 2025 Vaalco Energy, Inc. announced that it declared its quarterly cash dividend of $0.0625 per share of common stock for the second quarter of 2025 ($0.25 annualized), which is payable on June 27, 2025, to stockholders of record at the close of business on May 23, 2025. Ankündigung • Apr 29
VAALCO Energy, Inc. to Report Q1, 2025 Results on May 08, 2025 VAALCO Energy, Inc. announced that they will report Q1, 2025 results After-Market on May 08, 2025 Ankündigung • Apr 28
VAALCO Energy, Inc., Annual General Meeting, Jun 05, 2025 VAALCO Energy, Inc., Annual General Meeting, Jun 05, 2025. Location: hilton houston westchase, 9999 westheimer road, texas 77042, houston, United States Price Target Changed • Apr 02
Price target decreased by 10% to UK£6.35 Down from UK£7.07, the current price target is an average from 3 analysts. New target price is 105% above last closing price of UK£3.10. Stock is down 44% over the past year. The company is forecast to post earnings per share of US$0.30 for next year compared to US$0.56 last year. New Risk • Mar 14
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 242% Dividend yield: 5.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Ankündigung • Mar 14
VAALCO Energy, Inc. Provides Production and Sales Guidance for the First Quarter and Fiscal Year 2025 VAALCO Energy, Inc. provided production and sales guidance for the first quarter and fiscal year 2025. For the first quarter, the company expects WI production to be 21,550 BOEPD to 22,750 BOEPD and NRI production to be 16,550 BOEPD to 17,650 BOEPD.
For the first quarter, the company expects WI Sales Volume to be 22,900 BOEPD to 24,300 BOEPD and NRI Sales Volume to be 18,000 BOEPD to 19,200 BOEPD.
For the full year, the company expects WI production to be 19,250 BOEPD to 22,310 BOEPD and NRI production to be 14,500 BOEPD to 16,710 BOEPD.
For the full year, the company expects WI Sales Volume to be 19,850 BOEPD to 22,700 BOEPD and NRI Sales Volume to be 14,900 BOEPD to 17,200 BOEPD. Ankündigung • Mar 04
VAALCO Energy, Inc. to Report Q4, 2024 Results on Mar 13, 2025 VAALCO Energy, Inc. announced that they will report Q4, 2024 results After-Market on Mar 13, 2025 New Risk • Mar 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Declared Dividend • Feb 21
Third quarter dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 27th February 2025 Payment date: 28th March 2025 Dividend yield will be 6.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (29% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 24% per year over the past 3 years and payments have been stable during that time. EPS is expected to decline by 4.8% over the next 2 years. However, it would need to fall by 68% to increase the payout ratio to a potentially unsustainable range. Ankündigung • Feb 19
VAALCO Energy, Inc. Declares First Quarter 2025 Dividend, Payable on March 28, 2025 VAALCO Energy, Inc. announced that it declared its quarterly cash dividend of $0.0625 per share of common stock for the first quarter of 2025 ($0.25 annualized), which is payable on March 28, 2025, to stockholders of record at the close of business on February 28, 2025. New Risk • Jan 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Declared Dividend • Nov 18
Third quarter dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 22nd November 2024 Payment date: 20th December 2024 Dividend yield will be 4.5%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by both earnings (29% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 24% per year over the past 3 years and payments have been stable during that time. EPS is expected to decline by 16% over the next 2 years. However, it would need to fall by 68% to increase the payout ratio to a potentially unsustainable range. New Risk • Nov 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 14
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: US$0.11 (up from US$0.057 in 3Q 2023). Revenue: US$140.3m (up 21% from 3Q 2023). Net income: US$11.0m (up 81% from 3Q 2023). Profit margin: 7.8% (up from 5.2% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is expected to fall by 7.3% p.a. on average during the next 3 years compared to a 2.0% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Ankündigung • Nov 11
VAALCO Energy, Inc. Announces Quarterly Cash Dividend, Payable on December 20, 2024 VAALCO Energy, Inc. declared its quarterly cash dividend of $0.0625 per share of common stock for the fourth quarter of 2024 ($0.25 annualized), which is payable on December 20, 2024, to stockholders of record at the close of business on November 22, 2024. Ankündigung • Oct 25
VAALCO Energy, Inc. to Report Q3, 2024 Results on Nov 11, 2024 VAALCO Energy, Inc. announced that they will report Q3, 2024 results After-Market on Nov 11, 2024 Reported Earnings • Aug 08
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: US$0.27 (up from US$0.063 in 2Q 2023). Revenue: US$116.8m (up 6.9% from 2Q 2023). Net income: US$28.2m (up 319% from 2Q 2023). Profit margin: 24% (up from 6.2% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 147%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Ankündigung • Aug 07
VAALCO Energy, Inc. Provides Production and Sales Guidance for the Third Quarter of Fiscal Year 2024 VAALCO Energy, Inc. provided production and sales guidance for the third quarter of fiscal year 2024. For the third quarter, the company expects WI production to be in the range of 24,900 BOEPD to 27,600 BOEPD and NRI production to be in the range of 20,300 BOEPD to 22,800 BOEPD.
For the third quarter, the company expects WI Sales Volume to be in the range of 26,100 BOEPD to 28,700 BOEPD and NRI Sales Volume to be in the range of 21,700 BOEPD to 24,000 BOEPD. Ankündigung • Aug 06
VAALCO Energy, Inc. Declares Cash Dividend for the Third Quarter of 2024, Payable on September 20, 2024 VAALCO Energy, Inc. declared its quarterly cash dividend of $0.0625 per share of common stock for the third quarter of 2024 ($0.25 annualized), which is payable on September 20, 2024, to stockholders of record at the close of business on August 23, 2024. Ankündigung • Jul 26
VAALCO Energy, Inc. to Report Q2, 2024 Results on Aug 06, 2024 VAALCO Energy, Inc. announced that they will report Q2, 2024 results After-Market on Aug 06, 2024 Ankündigung • May 31
VAALCO Energy, Inc. Announces Successful Drilling Campaign Results in Canada VAALCO Energy, Inc. announced that it has drilled, completed and brought onto production four wells in Canada. Safely and successfully drilled, completed and brought online four long lateral wells in Canada; All wells were 2.75 mile lateral development wells; Strong initial production rates of approximately 500 barrels of oil per day ("BOPD") for three of the four wells, with production of approximately 350 BOPD for the fourth well, prior to the well being shut in for a regulatory required pressure build up; Average cycle time for the four wells was about 65 days from rig release to first production; and Strategically targeting an appraisal well in the third quarter of 2024 in the Company's Southern acreage. Declared Dividend • May 13
First quarter dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 16th May 2024 Payment date: 21st June 2024 Dividend yield will be 4.2%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 39% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 150% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: US$0.074 (vs US$0.032 in 1Q 2023) First quarter 2024 results: EPS: US$0.074 (up from US$0.032 in 1Q 2023). Revenue: US$100.2m (up 25% from 1Q 2023). Net income: US$7.69m (up 123% from 1Q 2023). Profit margin: 7.7% (up from 4.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. Ankündigung • Apr 30
VAALCO Energy, Inc. completed the acquisition of Svenska Petroleum Exploration AB from Petroswede AB for approximately $40.2 million. VAALCO Energy, Inc. entered into a sales and purchase agreement to acquire Svenska Petroleum Exploration AB from Petroswede AB for approximately $66.5 million on February 29, 2024. The gross consideration for the Acquisition is $66.5 million, subject to customary closing adjustments, with an effective date of October 1, 2023. The gross purchase price will be partially funded by a pre-closing dividend of cash on Svenska’s balance sheet to the Seller with the balance funded by a portion of VAALCO’s cash-on-hand with no issuance of debt or equity. The transaction is Immediately accretive to VAALCO Energy's shareholders. VAALCO currently estimates that the net cash due at closing will be in the range of approximately $30 to $40 million, dependent on timing. The Acquisition is subject to a number of customary closing conditions, including regulatory and government approvals. Closing of the Acquisition is expected in the second quarter of 2024, with ultimate timing dependent on final receipt of all necessary approvals. The transaction has been approved by the respective boards of directors of the VAALCO Energy and the Petroswede AB. Closing is subject to obtaining necessary regulatory approvals in Cote d’Ivoire and Sweden and the satisfaction of other customary closing conditions. If the closing conditions are not satisfied or waived within nine months of date of the Share Purchase Agreement, then either the Buyer or the Seller may, at its discretion, terminate the Share Purchase Agreement.
Callum Stewart and Simon Mensley of Stifel as sole financial advisor, and Mayer Brown International LLP as legal counsel to VAALCO Energy, Inc. Svenska Petroleum Exploration AB has retained Evercore Partners International LLP and GKA Advisors LLP as financial advisers and Fieldfisher LLP as legal counsel.
VAALCO Energy, Inc. completed the acquisition of Svenska Petroleum Exploration AB from Petroswede AB for approximately $40.2 million on April 30, 2024. Net purchase price of $40.2 million was fully funded by cash on hand with no issuance of debt or equity. Ankündigung • Apr 28
VAALCO Energy, Inc., Annual General Meeting, Jun 06, 2024 VAALCO Energy, Inc., Annual General Meeting, Jun 06, 2024, at 09:00 Central Standard Time. Location: Hilton Houston Westchase Texas United States Agenda: To elect five directors, each for a term of one year; to ratify the appointment of KPMG LLP as the Company’s independent registered public accounting firm for 2024; to approve, on an advisory basis, the compensation of our named executive officers; to approve an amendment to the VAALCO Energy, Inc. 2020 Long Term Incentive Plan (the “2020 LTIP”) to increase the number of shares reserved for issuance pursuant to awards under the 2020 LTIP by 5,500,000 shares; and to transact such other business as may properly come before the Annual Meeting or any adjournments, postponements, or recesses thereof. Ankündigung • Apr 26
VAALCO Energy, Inc. to Report Q1, 2024 Results on May 07, 2024 VAALCO Energy, Inc. announced that they will report Q1, 2024 results After-Market on May 07, 2024 Ankündigung • Apr 13
VAALCO Energy, Inc. Announces Executive Changes VAALCO Energy, Inc. announced on April 8, 2024, Jason Doornik, chief accounting officer of the company, was notified by the company that he would be terminated from that position. Mr. Doornik will leave his employment with the company on May 15, 2024, and will provide transitional support as an employee of the company until that date. On April 10, 2024, the company appointed Lynn Willis (Ms. Willis), as the interim chief accounting officer and controller of the company, effective immediately. Ms. Willis, age 59, joined the company as corporate controller in October 2023. She has over 30 years of diversified accounting and finance experience in the oil and gas industry, including with international companies and emerging companies, as well as public accounting experience. Prior to joining the company, Ms. Willis served as an independent consultant from April 2020 to October 2023 providing accounting and financial reporting assistance to a variety of energy companies. From 2003 to 2020, Ms. Willis held numerous roles with Aspire Holdings, LLC (formerly Endeavour International Corporation), including Vice President and Controller from 2014 to 2020, Controller from 2013 to 2014, and other finance and accounting roles from 2003 to 2013. Prior to joining Aspire Holdings, LLC, Ms. Willis served in various accounting, finance and budgeting roles at Devon Energy, Inc. (formerly Ocean Energy, Inc.) from 1994 to 2003. From 1993 to 1994, Ms. Willis served as a Financial Analyst for American Oil and Gas Corporation. Ms. Willis began her career in public accounting with Arthur Andersen & Co., an international audit and business strategy consulting firm, where she rose to the title of Audit Senior. Ms. Willis is a Certified Public Accountant in the State of Texas. Ms. Willis attended Rice University where she received a Bachelor’s degree in Economics and Management Studies and a Master’s degree of Accounting. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to UK£4.50, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 3x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 179% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£3.11 per share. Reported Earnings • Mar 14
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$0.57. Revenue: US$455.1m (up 28% from FY 2022). Net income: US$60.4m (up 18% from FY 2022). Profit margin: 13% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates by 34%. Revenue is expected to fall by 6.1% p.a. on average during the next 2 years compared to a 1.6% decline forecast for the Oil and Gas industry in the United Kingdom. Buy Or Sell Opportunity • Mar 14
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 5.6% to UK£3.80. The fair value is estimated to be UK£3.01, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 50% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 11% in 2 years. Earnings are forecast to grow by 84% in the next 2 years. Ankündigung • Mar 14
VAALCO Energy, Inc. Provides Production and Sales Guidance for the First Quarter and Full Year 2024 VAALCO Energy, Inc. provided production and sales guidance for the first quarter and full year 2024. For the first quarter, the company expects WI production to be 21,700 BOEPD to 22,400 BOEPD and NRI production to be 16,800 BOEPD to 17,300 BOEPD.For the full year, the company expects WI production to be 20,800 BOEPD to 23,400 BOEPD and NRI production to be 16,100 BOEPD to 18,300 BOEPD.For the first quarter, the company expects WI Sales Volume to be 16,800 BOEPD to 21,800 BOEPD and NRI Sales Volume to be 12,600 BOEPD to 16,800 BOEPD.For the full year, the company expects WI Sales Volume to be 20,800 BOEPD to 23,300 BOEPD and NRI Sales Volume to be 16,100 BOEPD to 18,300 BOEPD. Ankündigung • Mar 04
VAALCO Energy, Inc. to Report Q4, 2023 Results on Mar 13, 2024 VAALCO Energy, Inc. announced that they will report Q4, 2023 results After-Market on Mar 13, 2024 Ankündigung • Mar 01
VAALCO Energy, Inc. entered into a sales and purchase agreement to acquire Svenska Petroleum Exploration AB from Petroswede AB for approximately $66.5 million. VAALCO Energy, Inc. entered into a sales and purchase agreement to acquire Svenska Petroleum Exploration AB from Petroswede AB for approximately $66.5 million on February 29, 2024. The gross consideration for the Acquisition is $66.5 million, subject to customary closing adjustments, with an effective date of October 1, 2023. The gross purchase price will be partially funded by a pre-closing dividend of cash on Svenska’s balance sheet to the Seller with the balance funded by a portion of VAALCO’s cash-on-hand with no issuance of debt or equity. VAALCO currently estimates that the net cash due at closing will be in the range of approximately $30 to $40 million, dependent on timing. The Acquisition is subject to a number of customary closing conditions, including regulatory and government approvals. Closing of the Acquisition is expected in the second quarter of 2024, with ultimate timing dependent on final receipt of all necessary approvals. The transaction has been approved by the respective boards of directors of the VAALCO Energy and the Petroswede AB. Closing is subject to obtaining necessary regulatory approvals in Cote d’Ivoire and Sweden and the satisfaction of other customary closing conditions. If the closing conditions are not satisfied or waived within nine months of date of the Share Purchase Agreement, then either the Buyer or the Seller may, at its discretion, terminate the Share Purchase Agreement.Callum Stewart and Simon Mensley of Stifel as sole financial advisor, and Mayer Brown International LLP as legal counsel to VAALCO Energy, Inc. Svenska Petroleum Exploration AB has retained Evercore Partners International LLP and GKA Advisors LLP as financial advisers and Fieldfisher LLP as legal counsel. Upcoming Dividend • Feb 29
Upcoming dividend of US$0.063 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 28 March 2024. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of British dividend payers (6.3%). Higher than average of industry peers (4.8%). Ankündigung • Feb 27
VAALCO Energy, Inc. Declares Quarterly Cash Dividend, Payable on March 28, 2024 VAALCO Energy, Inc. declared its quarterly cash dividend of $0.0625 per share of common stock for the first quarter of 2024 ($0.25 annualized), which is payable on March 28, 2024, to stockholders of record at the close of business on March 8, 2024. Upcoming Dividend • Nov 15
Upcoming dividend of US$0.063 per share at 6.0% yield Eligible shareholders must have bought the stock before 22 November 2023. Payment date: 21 December 2023. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of British dividend payers (6.2%). In line with average of industry peers (6.4%). Reported Earnings • Nov 10
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: US$0.057 (down from US$0.12 in 3Q 2022). Revenue: US$116.3m (up 49% from 3Q 2022). Net income: US$6.08m (down 11% from 3Q 2022). Profit margin: 5.2% (down from 8.7% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) also missed analyst estimates by 48%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 1.8% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Nov 09
VAALCO Energy, Inc. Provides Consolidated Production and Sales Guidance for the Fourth Quarter and Full Year 2023 VAALCO Energy, Inc. provided consolidated production and sales guidance for the fourth quarter and full year 2023. For the quarter, the company expects production - WI to be in the range of 22,900 BOEPD – 24,600 BOEPD, production - NRI to be in the range of 17,600 BOEPD – 19,400 BOEPD, Sales Volume - WI to be in the range of 25,300 BOEPD – 27,600 BOEPD and sales Volume - NRI to be in the range of 19,800 BOEPD – 22,000 BOEPD. For the full year, the company expects production - WI to be in the range of 23,450 BOEPD – 24,400 BOEPD, production - NRI to be in the range of 18,300 BOEPD – 18,900 BOEPD, Sales Volume - WI to be in the range of 23,050 BOEPD – 24,000 BOEPD and sales Volume - NRI to be in the range of 17,900 BOEPD – 18,500 BOEPD. Ankündigung • Nov 07
VAALCO Energy, Inc. Declares Quarterly Cash Dividend, Payable on December 21, 2023 VAALCO Energy, Inc. declared its quarterly cash dividend of $0.0625 per share of common stock for the fourth quarter of 2023 ($0.25 annualized), which is payable on December 21, 2023, to stockholders of record at the close of business on November 24, 2023. Ankündigung • Oct 26
VAALCO Energy, Inc. to Report Q3, 2023 Results on Nov 07, 2023 VAALCO Energy, Inc. announced that they will report Q3, 2023 results After-Market on Nov 07, 2023 Upcoming Dividend • Aug 17
Upcoming dividend of US$0.063 per share at 5.3% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 22 September 2023. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 5.3%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (6.6%). Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to UK£3.80, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 311% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£2.69 per share. Ankündigung • Aug 10
VAALCO Energy, Inc. Provides Production and Sales Guidance for the Third Quarter of Fiscal 2023 VAALCO Energy, Inc. provided production and sales guidance for the third quarter of fiscal 2023. For the quarter, the company, the company expects production is 23,050 BOEPD to 24,800 BOEPD WI, and 17,500 BOEPD to 19,200 BOEPD NRI. The company also expects sales to be 25,650 BOEPD to 27,500 BOEPD WI, and 18,400 BOEPD to 20,600 BOEPD NRI. Reported Earnings • Aug 10
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: US$0.063 (down from US$0.25 in 2Q 2022). Revenue: US$109.2m (down 1.6% from 2Q 2022). Net income: US$6.75m (down 55% from 2Q 2022). Profit margin: 6.2% (down from 13% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 43%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 2.6% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Ankündigung • Aug 09
VAALCO Energy, Inc. Declares Quarterly Cash Dividend, Payable on September 22, 2023 VAALCO Energy, Inc. declared its quarterly cash dividend of $0.0625 per share of common stock for the second quarter of 2023 ($0.25 annualized), which is payable on September 22, 2023, to stockholders of record at the close of business on August 25, 2023. Ankündigung • Jul 22
VAALCO Energy, Inc. to Report Q2, 2023 Results on Aug 09, 2023 VAALCO Energy, Inc. announced that they will report Q2, 2023 results at 4:00 PM, US Eastern Standard Time on Aug 09, 2023 Price Target Changed • Jul 10
Price target decreased by 7.3% to UK£6.77 Down from UK£7.30, the current price target is an average from 2 analysts. New target price is 122% above last closing price of UK£3.05. Stock is down 45% over the past year. The company is forecast to post earnings per share of US$0.72 for next year compared to US$0.74 last year. Price Target Changed • Jun 05
Price target decreased by 11% to UK£6.87 Down from UK£7.68, the current price target is an average from 3 analysts. New target price is 118% above last closing price of UK£3.15. Stock is down 53% over the past year. The company is forecast to post earnings per share of US$0.84 for next year compared to US$0.74 last year. Upcoming Dividend • May 17
Upcoming dividend of US$0.063 per share at 6.5% yield Eligible shareholders must have bought the stock before 23 May 2023. Payment date: 23 June 2023. Payout ratio is a comfortable 40% but the company is paying out more than the cash it is generating. Trailing yield: 6.5%. Within top quartile of British dividend payers (5.8%). In line with average of industry peers (6.2%). Ankündigung • May 11
VAALCO Energy, Inc. Provides Production and Sales Guidance for the Second Quarter and Full Year of Fiscal 2023 VAALCO Energy, Inc. provided production and sales guidance for the second quarter and full year of fiscal 2023. For the quarter, the company, the company expects production is 22,600 BOEPD to 24,600 BOEPD WI, and 17,300 BOEPD to 19,000 BOEPD NRI. The company also expects sales to be 21,200 BOEPD to 23,300 BOEPD WI, and 15,600 BOEPD to 17,300BOEPD NRI.For the full year of 2023, the company expects production is 20,400 BOEPD to 24,400 BOEPD WI, and 15,300 BOEPD to 18,600 BOEPD NRI. The company also expects sales to be 20,400 BOEPD to 24,400 BOEPD WI, and 15,300 BOEPD to 18,600 BOEPD NRI. Reported Earnings • May 10
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: US$0.032 (down from US$0.21 in 1Q 2022). Revenue: US$80.4m (up 17% from 1Q 2022). Net income: US$3.48m (down 71% from 1Q 2022). Profit margin: 4.3% (down from 18% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.0%. Earnings per share (EPS) also missed analyst estimates by 82%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 2.7% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 62% per year, which means it is significantly lagging earnings growth. Ankündigung • May 10
VAALCO Energy, Inc. Declares Quarterly Dividend for the Second Quarter of 2023, Payable on June 23, 2023 VAALCO Energy, Inc. declared its quarterly cash dividend of $0.0625 per share of common stock for the second quarter of 2023 ($0.25 annualized), which is payable on June 23, 2023, to stockholders of record at the close of business on May 24, 2023. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors. Ankündigung • May 04
VAALCO Energy, Inc. to Report Q1, 2023 Results on May 09, 2023 VAALCO Energy, Inc. announced that they will report Q1, 2023 results After-Market on May 09, 2023 Reported Earnings • Apr 09
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: US$0.74 (down from US$1.38 in FY 2021). Revenue: US$354.3m (up 78% from FY 2021). Net income: US$51.4m (down 36% from FY 2021). Profit margin: 14% (down from 41% in FY 2021). The decrease in margin was driven by higher expenses. Oil reserves and sales price Proven reserves: 22.403 MMbbls Average sales price/bbl: US$97.24 Gas reserves and sales price Proven reserves: 16.539 Bcf Average sales price/mcf: US$4.00 LNG reserves and sales price Proven reserves: 2.797 MMbbls Average sales price/bbl: US$36.12 Combined production and costs Oil equivalent production: 3.729 MMboe (2.405 MMboe in FY 2021) Average production cost/Boe: US$30.12 (US$29.97/Boe in FY 2021) Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 37%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.2% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 71% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 16
Upcoming dividend of US$0.063 per share at 5.9% yield Eligible shareholders must have bought the stock before 23 March 2023. Payment date: 31 March 2023. Payout ratio is a comfortable 8.5% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of British dividend payers (5.9%). In line with average of industry peers (6.5%). Recent Insider Transactions • Nov 18
CEO & Director recently bought UK£94k worth of stock On the 15th of November, George Maxwell bought around 20k shares on-market at roughly UK£4.69 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was George's only on-market trade for the last 12 months. Upcoming Dividend • Nov 16
Upcoming dividend of US$0.033 per share Eligible shareholders must have bought the stock before 21 November 2022. Payment date: 22 December 2022. Payout ratio is a comfortable 8.5% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (6.8%). Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. No experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Chairman Emeritus Bobby Gerry is the most experienced director on the board, commencing their role in 2014. Independent Director Fabrice Nze-Bekale was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 10
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: US$0.12 (down from US$0.54 in 3Q 2021). Revenue: US$78.1m (up 40% from 3Q 2021). Net income: US$6.89m (down 78% from 3Q 2021). Profit margin: 8.8% (down from 56% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 25%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.2% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Board Change • Oct 18
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. No experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Chairman Emeritus Bobby Gerry is the most experienced director on the board, commencing their role in 2014. Independent Director Fabrice Nze-Bekale was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Price Target Changed • Oct 14
Price target decreased to UK£8.85 Down from UK£10.00, the current price target is provided by 1 analyst. New target price is 85% above last closing price of UK£4.78. Stock is up 103% over the past year. The company is forecast to post earnings per share of US$2.14 for next year compared to US$1.38 last year. Upcoming Dividend • Aug 16
Upcoming dividend of US$0.033 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 4.1% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of British dividend payers (5.1%). Lower than average of industry peers (7.2%). Reported Earnings • Aug 12
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: US$0.25 (up from US$0.10 in 2Q 2021). Revenue: US$111.0m (up 136% from 2Q 2021). Net income: US$14.9m (up 156% from 2Q 2021). Profit margin: 13% (up from 12% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) missed analyst estimates by 64%. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 21% share price decline to UK£5.07, the stock trades at a trailing P/E ratio of 4.5x. Average forward P/E is 2x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 114% over the past year. Upcoming Dividend • May 17
Upcoming dividend of US$0.033 per share Eligible shareholders must have bought the stock before 24 May 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 2.3% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (4.8%). Lower than average of industry peers (4.5%). Reported Earnings • May 05
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: US$0.21 (up from US$0.17 in 1Q 2021). Revenue: US$68.7m (up 73% from 1Q 2021). Net income: US$12.2m (up 23% from 1Q 2021). Profit margin: 18% (down from 25% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 24%. Earnings per share (EPS) missed analyst estimates by 32%. Over the next year, revenue is forecast to grow 1.8%, compared to a 34% growth forecast for the industry in the United Kingdom. 
