26th Sep 2019 11:10
(Alliance News) - Texas-based Vaalco Energy Inc joined the London Stock Exchange on Thursday alongside its existing listing on the New York Stock Exchange.
Shares were untraded on Thursday morning, at a price of 172.50 pence each. Shares ended flat in New York on Wednesday at USD2.11 each.
Vaalco unveiled its plan to list in London earlier in September, as it looked to broaden its shareholder base and gain easier access to capital for future growth plans.
Vaalco, based in Houston, has as its main asset a 31% stake in the Etame Marin block off the coast of Gabon in West Africa, which has so far produced over 110 million barrels of oil.
It placed no new shares as part of the London listing. The company currently has no debt and USD48.6 million of cash and cash equivalents as of June 30.
Chief Executive Cary Bounds said: "This morning is a significant milestone for Vaalco and reflects several years of hard work by the board and management team to strengthen the company and set it on a path for sustainable long-term growth.
"Our listing on the LSE will complement our existing listing on the NYSE and provide another strategic platform to support our goals for growth."
"We look forward to continuing to build on our track record of operational excellence and value creation as we carry out our active work programme and seek inorganic opportunities in line with our strategic focus," Bounds added.
By George Collard; [email protected]
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