Crunching the numbers - observations from Q1 earnings release
VAALCO's (NYSE:EGY) share price was pounded to the ropes after the Q1 earnings release. Share price plunged down ca. 20% and ended up slightly over $7.00. Was the market reaction justified? By looking at the numbers one might very well think so.
Source: VAALCO's quarterly reports
*Unconfirmed (information not available in quarterly reports)
But there is more to it in the Q1 result that helps investors to see through the poor looking figures and read between the lines. The production of VAALCO's backbone field Etame Marin in Gabon decreased ca. 7% from comparable Q1 period in 2013. By far, the main reason for the decrease was associated with...
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