(Alliance News) - Vaalco Energy Inc on Thursday said it had more than doubled revenue for the quarter after a buoyant period of trading.
The Texas, US-based hydrocarbon exploration company increased revenue to USD39.7 million for the first quarter to March 31, up from USD18.4 million a year prior.
The results come after Vaalco purchased Sasol's entire working interest in the Etame Marin block offshore Gabon for USD44 million in February, nearly doubling its total net production and reserves in the process.
The increase to production and sales figures was included in quarterly results and will be fully evident for an entire period beginning in the second quarter, it said.
For the quarter Vaalco also improved its pretax profit, swinging to a USD13.0 million gain from a USD19.3 million loss a year prior.
Vaalco's Chief Executive George Maxwell commented: "This was a strong quarter operationally and financially for Vaalco that provides a strong platform for the company as we build momentum towards another potentially transformational drilling campaign at Etame."
Vaalco shares were untraded at 180 pence in London on Thursday afternoon.
By Will Paige; willpaige@alliancenews.com
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Vaalco Energy (EGY)