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Vaalco Energy +12% after eliminating outstanding debt with IFC

May 23, 2018 8:36 AM ETVAALCO Energy, Inc. (EGY) StockBy: Carl Surran, SA News Editor7 Comments
  • Vaalco Energy (NYSE:EGY) +12.6% premarket after announcing it paid off the outstanding $7M balance on its amended term loan agreement with the International Finance Corp.
  • EGY says it now has no debt on the balance sheet for the first time since 2014 and is realizing "significant" cash flow generation due to the strong improvement in Brent oil prices.
  • EGY also says it began workover operations last week to restore production to two wells currently shut-in on the Avouma platform, and estimates production of ~750 net bbl/day of oil may be restored if both workovers are successful.

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