VAALCO ENERGY INC /DE/ (EGY): M&A transaction — VAALCO closes $40.2M cash acquisition of Svenska, adding Baobab field in Cote d'Ivoire

VAALCO ENERGY INC /DE/

Net purchase price of $40.2M funded entirely from cash on hand; no debt or equity issued.
Acquired 27.39% non-operated WI in Baobab field, currently producing >5,000 BOEPD (99% oil).
Svenska adds 13.0 MMBOE 1P and 21.7 MMBOE 2P net proved reserves (99% oil).
Also acquired 21.05% WI in OML 145 offshore Nigeria (non-producing, not expected to develop).
CEO says acquisition is highly accretive, strengthens West African portfolio, supports future growth.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

VAALCO ENERGY INC /DE/ completed an acquisition involving Petroswede AB for approximately $40.2 million in cash (closed 2024-04-30).

Action: acquisition
Counterparty: Petroswede AB
Consideration: approximately $40.2 million in cash
Closing: 2024-04-30

Exact text from the filing

non-operated working interest in OML 145, a non-producing discovery located offshore of Nigeria that is not expected to be developed at this time. The Buyer paid approximately $40.2 million in cash as consideration for the Acquisition. The Company financed the Acquisition with a portion of VAALCO’s cash-on-hand. --- EX-99.1 (EXHIBIT 99.1) --- EX-99.1 2

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Source: SEC EDGAR

accession 0001437749-24-013852

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