Steve Guidry, CEO of VAALCO Energy, Inc. (NYSE: EGY), presented today at EnerCom’s The Oil & Gas Conference® 20.
VAALCO Energy is a Houston based independent energy company principally engaged in the acquisition, exploration, development and production of crude oil. VAALCO’s strategy is to increase reserves and production through the exploration and exploitation of oil and natural gas properties with high emphasis on international opportunities. The company’s properties and exploration acreage are located primarily in Gabon, Angola and Equatorial Guinea in West Africa.
In its second quarter 2015 release, VAALCO Energy reported adjusted net income of $0.6 million, or $0.01 per diluted share and adjusted EBITDAX of $16.3 million. The company announced a share repurchase program of up to 5.8 million shares and commenced production on its highly anticipated SEENT platform offshore Gabon.
During the company’s breakout session, management was asked the following questions:
- You gave the guidance for operating costs, can you explain how the costs will further decrease?
- Could you talk about the stock buyback program?
- Do you have any unconsolidated interests from companies in Angola?
- I am a long-term investor in VAALCO. I think Block 5 will have a game changing effect on the whole company. After that first dry hole three years ago, I believe the next two wells have great potential. Can you talk about those three wells?
- In Etame Field, what are the drilling economics considering your partnership?
- Do you anticipate taking any substantial carry for the Angola program?
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