VAALCO Announces Release of – GuruFocus.com
HOUSTON, June 09, 2022 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (:EGY; LSE:EGY) (“VAALCO” or the “Company”) today announced that it has released its environmental, social and 2021 Governance (“ESG”), now available on VAALCO’s website, www.vaalco.comunder the “Sustainability” tab.
The report covers VAALCO’s ESG initiatives and associated key performance indicators for the three-year period from 2019 to 2021. In preparing the qualitative and quantitative information and data, the Company continued to consult the Sustainability Accounting Standards Board (“SASB”) Oil and Gas Exploration and Production Sustainability Accounting Standard, and this year we looked more meaningfully at the recommendations of the Task Force on Climate-Related Financial Disclosures (“TCFD”).
Commenting on its post, Chief Executive George Maxwell said: “We continue to place great emphasis on capturing, tracking, analyzing and ultimately reporting our ESG performance to our stakeholders. I am pleased to present VAALCO’s 2021 Annual ESG Report.
“In a busy year for the team, the continued progress we are making in all aspects of our operational and social performance is very positive.
“It is important to note that as we grow and in line with our commitment to defining a clear strategy for reducing emissions, we continue to acquire new skills within our team. The appointment of an ESG Process Engineer, who has extensive oil and gas experience, will allow the Company to take a very pragmatic look at our operating base to design a suitable decarbonization pathway. I look forward to providing further updates in due course.
VAALCO, founded in 1985, is an independent energy company based in Houston, USA, with production, development and exploration assets in the West African region.
The Company is an established operator in the region, holding a 63.6% interest in the Etame Marin block, located offshore Gabon, which to date has produced more than 126 million barrels of crude oil and of which the Company is the operator.
For more information
|VAALCO Energy, Inc. (General and Investor Inquiries)||+00 1 713 623 0801|
|Al Petrie Advisors (US Investor Relations)||+00 1 713 543 3422|
|Al Petrie/Chris Delange|
|Buchanan (UK Financial PR)||+44 (0) 207 466 5000|
|Ben Romney / Jon Krinks / Chris Judd (ESG)||[email protected]|
This document contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein that address activities, events, plans, expectations, objectives or developments that VAALCO expects, believes or anticipates will occur. will or may occur in the future are forward-looking statements. These statements may include statements related to the impact of the COVID-19 pandemic, including the sharp decline in global demand and resulting global excess supply of crude oil and the resulting sharp decline in oil prices. result, Gabon-imposed production quotas, disruptions to supply chains, quarantines of our workforce or workforce reductions and other pandemic-related matters, well results, wells that are expected to be drilled and brought into production, future levels of drilling and operating activity and associated expectations, implementation of the Company’s business plans and strategy, outlook assessments, potential resources and growth of reserves, its activities in Equatorial Guinea, expected sources and potential difficulties in obtaining future capital funding and future liquidity, its ability to restore pro duction in non-producing wells, our ability to find a replacement for the FPSO or to renew the charter of the FPSO, future operating losses, future developments in crude oil and natural gas prices, future strategic alternatives, future and pending acquisitions, capital expenditures, future drilling plans, acquisition and interpretation of seismic data and their costs, negotiations with governments and third parties, timing of Gabon’s revenue, and expectations regarding processing facilities, production, sales and financial projections. These statements are based on assumptions made by VAALCO based on its experience and perception of historical trends, current conditions, expected future developments and other factors it deems appropriate in the circumstances. These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond VAALCO’s control. These risks include, but are not limited to, volatility in crude oil and natural gas prices, the impact of production quotas imposed by Gabon in response to agreed production cuts as a member of OPEC, inflation, general economic conditions, the outbreak of COVID-19. 19, the Company’s success in finding, developing and producing reserves, differences in production and sales due to the timing of offtakes, decisions of future lenders, risks associated with liquidity, lack of availability of goods, services and capital, environmental risks, drilling risks, foreign regulatory and operational risks and regulatory developments.
Investors are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. VAALCO disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This announcement contains inside information as defined in the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) and is made pursuant to the Company’s obligations under Article 17 of MAR.