VAALCO Energy, Inc. (NYSE:EGY) stock ended slightly lower on Wednesday. The stock has gained a lot of attention over the past few months and soared 97% over the past 6-month.
Market Reaction:
In the previous trading session, EGY stock fell by 2.15% to $3.20 with more than 220K shares, compared to its average volume of 279K shares. The stock has moved within a range of $3.1600 – 3.3081 after opening the trade at $3.26.
Major Trigger:
VAALCO Secures Rig for 2021/2022 Drilling Campaign
- announced that, in conjunction with its 2021/2022 drilling program planned to begin later this year, it has executed a contract with Borr Jack-Up XIV Inc., an affiliate of Borr Drilling Limited, to drill two development wells and two appraisal wellbores with options to drill additional wells. The contract provides, among other things, that the drilling rig can be on location as early as December of this year, with the exact timing dependent on other commitments related to the rig.
Key Quote:
George Maxwell, Chief Executive Officer, commented, “We continue to work with our joint owners at Etame on our shared goal of executing another successful drilling campaign that can significantly add production and reserves. Success on all four wells contained within the drilling campaign could result in an increase in production of 7,000 to 8,000 gross barrels of oil per day and significant reserve additions of up to 10.2 million barrels of oil for the two appraisal wellbores that would be converted from resources into 2P reserves at year-end 2022. We are excited to get our next drilling campaign underway later this year.”
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