28th Apr 2021 17:36
Vaalco Energy Inc - Houston, Texas-based operator of Etame Marin block offshore Gabon - signs non-binding letter of intent with Omni Offshore Terminals Pte Ltd for the provision and operation of a floating storage and offloading unit at the Etame Marin field offshore Gabon for up to 11 years once the similar contract with BW Offshore expires in September 2022.
Vaalco expects the capital investment of gross USD40 million to USD50 million for the deployment of the Omini FSO and the required field.
"Sustained operational excellence and robust financial performance at Etame serves as the foundation for growing VAALCO through organic drilling and future accretive acquisition opportunities in line with our strategy. This development approach could allow us to enhance our operations, reduce costs, improve net-backs and secure our ability to maintain production growth and maximize value at Etame for the next decade," says Chief Executive Officer George Maxwell.
Current stock price: USD2.50, up 3.7%
Year-to-date change: up 41%
By Dayo Laniyan; [email protected]
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