Vaalco Energy (EGY) has released an update.
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Vaalco Energy, Inc. has successfully completed the all-cash acquisition of Svenska Petroleum Exploration AB, enhancing their portfolio with the addition of a 27.39% working interest in the Baobab field in Cote d’Ivoire, which is already back in production post-maintenance. The $40.2 million deal, which did not involve debt or equity issuance, is expected to be immediately accretive to shareholders and plays a strategic role in expanding Vaalco’s presence in West Africa. CEO George Maxwell highlights the acquisition’s alignment with the company’s strategic vision and its potential to generate significant free cash flow and support future growth.
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