- Vaalco Energy (NYSE:EGY) has reported a 250% Y/Y growth in year-end 2021 proved reserve base.
- At Dec. 31, 2021, VAALCO's SEC proved reserves were 11.2 MMBO, with 7.2 MMBO in proved developed reserves and 4.0 MMBO in proved undeveloped reserves
- The growth was driven by a combination of positive factors, including improved well performance, Etame field life extension resulting from transition to a more cost-effective Floating, Storage and Offloading (FSO) vessel, addition of proved undeveloped reserves, positive oil pricing revisions and acquisitions.
- The additions were partially offset by 2.6 MMBO due to full year 2021 production.
- Earlier this week, Vaalco rallied to a new 52-week high after it announced plans to replace the existing FSO unit with a FSO vessel for the Etame field offshore Gabon.
- However, the shares are currently down ~6% at $5.65
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