VAALCO Energy has provided an operational and financial update with production and sales volumes for the fourth quarter and full year of 2023 as well as its increased cash and cash equivalents balance as of December 31, 2023. 

Highlights and Key Items:

•  Continued solid operational performance in Gabon, Egypt and Canada drove production and sales volumes in Q4 2023;
• Recorded full year 2023 sales volumes of 23,900 to 24,000 working interest ("WI") barrels of oil equivalent per day ("BOEPD") at the top of its guidance range of 23,050 to 24,000 WI BOEPD;
  • Full year 2023 sales volumes were 18,700 to 18,800 net revenue interest ("NRI") BOEPD above the top end of the Company's guidance range of 17,900 to 18,500 NRI BOEPD;
• Generated sales volumes of about 27,400 to 27,550 WI BOEPD in Q4 2023 or 21,725 to 22,125 NRI BOEPD;
• Produced between 23,900 and 24,000 WI BOEPD for full year 2023, above the midpoint of its full year guidance range of 23,450 to 24,400 WI BOEPD;
  • Full year 2023 production volumes were 18,700 to 18,800 NRI BOEPD at the top end of the Company's guidance range of 18,300 to 18,900 NRI BOEPD;
• Delivered Q4 2023 production of 23,100 to 23,500 WI BOEPD or 17,900 to 18,200 NRI BOEPD; and
• Grew cash and cash equivalents to over $120 million at December 31, 2023 after returning $12.5 million in dividends and share buybacks in Q4 2023.

George Maxwell, VAALCO's Chief Executive Officer commented:
'We finished 2023 with solid production driven by our capital programs in Egypt and Canada and the continued strong operational uptime in Gabon. In 2023, we raised our full year production and sales guidance following excellent first half 2023 results and our continued outstanding performance has allowed us to achieve the top end of our sales guidance and our production was also above the midpoint of the increased guidance range. Our high-quality asset base, combined with our exceptional operational and financial teams, have helped us to deliver this strong performance that exceeded expectations. We have grown our cash by more than $80 million in 2023 and ended the year with over $120 million in cash. VAALCO was able to accomplish this even after funding our capital program, paying out $27 million in dividends and repurchasing $21 million of VAALCO stock. We remain committed to maximizing shareholder value, generating meaningful cash flow and growing our production and reserves across a larger, diversified portfolio. We have entered 2024 with a clean balance sheet, growing cash position and robust operational performance, underpinning management's confidence in achieving our strategic objectives.'