Vaalco Energy -20% after surprise Q1 loss, big revenue drop

• Vaalco Energy (NYSE:EGY -20.4%) plunges 20% after swinging to a $0.12/share Q1 loss from a $0.12 gain in the prior-year quarter and reporting a 36% Y/Y drop in revenue.
• EGY said results were hurt by the dry hole it drilled in the Etame Marin prospect off the Gabon coast, first disclosed in February; EGY was operator and 28% owner of the Dimba well, with Sinopec, Sasol, Tullow and others sharing the remaining 72% stake.
• Q1 production totaled ~335K net barrels vs. ~360K in the prior-year quarter.