VAALCO Energy, Inc, an independent energy company focused on development and production assets in West Africa, today announces its formal intention to seek a Standard Listing on the Main Market of London Stock Exchange (LSE), to complement its existing Listing on the New York Stock Exchange.
Cary Bounds, VAALCO’s Chief Executive Officer commented: “Since 2017, our strategy has been clearly focused on strengthening the core foundations of the Company and preparing it for sustainable, long-term growth. We have successfully delivered a number of material developments that have secured and enhanced the future for VAALCO, enabling us to embark on this dual-listing from a position of strength.
“VAALCO has an enviable position for a company of its size in terms of its debt-free balance sheet and strong cash position. This allows us to self-fund our active work programme that has recently commenced, and will provide multiple catalysts in the coming year as we look to enhance production and realise upside from our proven reserves and resources.
“The London Listing makes strong strategic sense in terms of obtaining a dual-listing on another leading international exchange with a sophisticated understanding of investment propositions and assets within VAALCO’s West Africa focus. We hope to use the Listing as a springboard to achieve our ambitious medium-term organic and inorganic growth objectives.”