With its closing share price popping 9.32 percent, to $6.45 from $5.90, last Friday, Vaalco Energy Inc. (EGY) appears on the cusp of the second-biggest transformation in the 28-year history of the oil-and-gas exploration-and-production company based in Houston.
On Sept. 8, 2002, Vaalco and its partners began oil production on its Etame Marin block offshore Gabon, which eventually allowed it to move to being mostly profitable from being mostly unprofitable on a quarterly basis. And, on Friday, the company announced it and its partner soon would start oil exploration on its Block 5 offshore Angola, which ultimately may transform the E&P entity drawn by a one-trick pony into a firm powered by a two-horse team.
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