Vaalco Energy Reports Reserve Growth Post Svenska Acquisition

Vaalco Energy (EGY) has released an update.

Vaalco Energy Inc. has revealed an increase in its SEC net proved reserves to 16.9 million barrels of oil equivalent as of December 31, 2023, after its acquisition of Svenska Petroleum Exploration AB. The acquisition, which was completed without raising debt or issuing equity, strengthens the company’s West African assets, particularly in the Baobab field in Cote d’Ivoire. This strategic move is expected to significantly enhance shareholder value by adding substantial reserves and future development opportunities.

For further insights into EGY stock, check out TipRanks’ Stock Analysis page.