Houston-based VAALCO Energy has announced its formal intention to seek a standard listing on the main market of London Stock Exchange, to complement its existing listing on the New York Stock Exchange.
“Since 2017, our strategy has been clearly focused on strengthening the core foundations of the Company and preparing it for sustainable, long-term growth. We have successfully delivered a number of material developments that have secured and enhanced the future for VAALCO, enabling us to embark on this dual-listing from a position of strength,” said Cary Bounds, VAALCO’s CEO.
VAALCO Energy is mainly engaged in the production of crude oil and the exploration and development of oil properties in West Africa. The group’s flagship asset is a 31.1 percent working interest in the Etame Marin Block, located offshore Gabon, which has produced more than 110 MMBBL to date.
The company believes dual-listing on London Stock Exchange will broaden shareholder base and access future capital to support its growth strategy.
“The London Listing makes strong strategic sense in terms of obtaining a dual-listing on another leading international exchange with a sophisticated understanding of investment propositions and assets within VAALCO’s West Africa focus. We hope to use the Listing as a springboard to achieve our ambitious medium-term organic and inorganic growth objectives,” Bounds added.
VAALCO Energy expects the listing will occur by September 30 and the shares will trade under the ticker EGY and the expected market capitalisation on admission will be around $100m.