Boston, MA, 03/18/2014 – VAALCO Energy, Inc. (NYSE:EGY) declared its fourth-quarter earnings for the year 2013 which rose to 19.06%. It has shown improvement from the fourth quarter of 2012. In the fourth quarter, the company earned $26.4 million, or $0.46 per diluted share which was in the year 2012 was $18.9 million or a loss of $0.33 per diluted share. The crude oil revenue for the fourth quarter was $58 million which was $53 million in the same period of 2012.
The profit can be attributed to oil wells in Gabon, which is region wise top money maker for the VAALCO Energy, Inc. (NYSE:EGY). In the Gabon the income tax rates and exploration costs are low as compared to other countries. Due to this the Gabon has become the profit centre of VAALCO Energy. So to capitalize the profit making opportunity the company has announced that in Gabon two more production platforms and six new development wells will be built by the company. The jackets and decks (necessary things for building platforms) will start to sail from Houma, Louisiana this summer.
Additionally, in Equatorial Guinea and Angola with the help of national oil companies of both countries they have also planned to drill two exploration wells in each of these countries. By the end of 2015 they have planned to drill all these exploration wells.
Steve Guidry the CEO of VAALCO Energy, Inc. (NASDAQ:EGY) expected that VAALCO have a wide range of opportunities within its portfolio. Their financial flexibility has significantly increased with the credit facility company has recently put in place. This in turn allows the company to build out their infrastructure and execute their plans to create further shareholder value by adding proven reserves and production increment. He expected that company is in the right direction to achieve all its target of 2014.