The company Vaalco Energy recorded a net profit of 7.6 million dollars (4.2 billion CFA francs) in the third quarter of 2020, compared to 3.9 million dollars in the same period last year. A performance linked to lower operating costs and expenses combined with an increase in income tax profit.
In a difficult context, Vaalco Energy performed well in Q3 2020. The American oil company achieved a net profit of $ 7.6 million (CFAF 4.2 billion) over this period against a net loss $ 3.9 million in Q3 2019. An improvement resulting from lower operating costs and expenses and higher income tax profit.
“We have continued to focus on operational excellence and execution, which allows us to maintain a healthy cash flow, and cost discipline remains a key priority for the company as we seek to maximize our profitability ”, enthuses the CEO of Vaalco Energy. “We completed a very successful drilling program earlier this year, which demonstrated the quality of the Etame asset that we have been mining and growing since 1995,” added Cary Bounds.
As part of planning for future drilling programs on the Etame Marin block off Gabon, Vaalco recently agreed to acquire new 3D seismic data. The company expects the seismic survey to begin and end in Q4 2020, and full processing to be completed in Q4 2021. It expects the gross cost of acquiring and processing the seismic survey to be between 12 and 15 million dollars, or 4 to 5 million dollars net.
“The recent announcement of the acquisition of new proprietary 3D seismic data over the entire Etame Marin block underscores our confidence in the long-term potential of Etame. We believe that we are well positioned to deliver profitable growth in the short and long term, while continuing to achieve our strategic objectives, ”concluded Cary Bounds.
