Picture 5

Exhibit 99.1

VAALCO ENERGY, INC. ANNOUNCES

FIRST QUARTER 2019 RESULTS AND

PLAN TO SEEK DUAL LISTING OF ITS COMMON STOCK

ON THE LONDON STOCK EXCHANGE



HOUSTON  May 8, 2019 - VAALCO Energy, Inc. (NYSE: EGY) today reported operational and financial results for the first quarter 2019.



Highlights and Recent Key Items: 

·

Produced 3,496 barrels of oil per day (“BOPD”) net during the first quarter of 2019 which was reduced by approximately 200 BOPD due to a third-party work stoppage on the Floating Production, Storage and Offloading vessel (“FPSO”);

·

Reported Net Income of $6.5 million ($0.10 per diluted share) for the first quarter of 2019; 

·

Generated Adjusted EBITDAX of $9.7 million for the first quarter of 2019;

·

Increased working capital from continuing operations, excluding lease liabilities, by $4.1 million during the first quarter 2019, which contributed to the increase in cash and cash equivalents to $46.2 million;

·

Sonangol E.P., as National Concessionaire, has agreed to terminate VAALCO’s obligations in Angola in exchange for a cash payment of $4.5 million from VAALCO and elimination of the receivable from Sonangol P&P; and

·

Initiated a process to pursue a dual listing of its common stock on the London Stock Exchange to position the Company alongside its international peer group and to create greater trading liquidity through access to a broader international institutional investor base.

Net income totaled $6.5 million in the first quarter of 2019 compared with $8.7 million in the same period of 2018, and $10.4 million in the fourth quarter of 2018.  Net income for the first quarter of 2019 was impacted by non-cash benefits and charges of: income of $5.7 million from discontinued operations, net of tax, due to the settlement of outstanding obligations in Angola ($0.09 per diluted share); $3.0 million ($0.05 per diluted share) related to the unrealized loss on crude oil swaps; and an expense of $1.8 million ($0.03 per diluted share) related to deferred income tax.  Adjusting for the net positive impact of these non-cash items totaling $0.9 million, first quarter Adjusted Net Income would have been $5.6 million ($0.09 per diluted share).  First quarter 2019 net income was also impacted by a $1.7 million ($0.03 per diluted share) non-cash charge for Stock Appreciation Rights (“SARs”).  Adjusted EBITDAX totaled $9.7 million in the first quarter of 2019 compared with $14.5 million in the same period of 2018, and $16.9 million in the fourth quarter of 2018.  The average realized price for crude oil in the first quarter of 2019 was $64.17 

1

 


The following information was filed by Vaalco Energy Inc (EGY) on Wednesday, May 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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