Diversity Pays Dividends
The addition of producing assets in Egypt and Canada through the 4Q22 acquisition of TransGlobe diversified VAALCO's production, reserve, and opportunity set. The diversity provides greater capital allocation options and projects with varying cycle times.1Q23 net revenue interest (NRI) production averaged 18.3 MBOE/d. Oil accounts for 100% of sales in Egypt and Gabon. In Canada, oil and NGLs account for ~70% of sales. VAALCO generated $47.6 million of adjusted EBITDA in 1Q23.After wrapping up a major field reconfiguration, including the installation of a new floating storage and offloading (FSO) vessel, and a six-well drilling program in Gabon last year, the FY23 capital program has shifted toward Egypt and Canada...VAALCO Energy is an independent energy company engaged in the acquisition, exploration, development and production of crude oil. The company is primarily engaged in its Etame Production Sharing Contract related to the Etame Marin block located offshore the Republic of Gabon in West Africa. The company also owns interests in an undeveloped block offshore Equatorial Guinea, West Africa.
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