Vaalco Energy Inc - Texas-based oil & gas firm - For three months to the end of June, revenue down 29% to USD17.8 million from USD25.2 million, leading to pretax loss of USD1.7 million versus USD8.3 million profit. Although oil production increased by 48% to 5,410 barrels per day and sales by 77% to 631,000 barrels, the realised crude oil price declined by 59% to USD28.31 per barrel from USD68.62. Expects annual production to be between 4,700 to 5,000 barrels of oil per day.
Current stock price: 97.50 pence
Year-to-date change: down 34%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Vaalco Energy (EGY)