Vaalco Energy Inc on Wednesday said it achieved annual sales at the top-end of its guidance, while production came in above the mid-point of guidance.

In the final quarter of 2023, the Canada and Africa-focused hydrocarbon explorer said it saw a ‘continued solid operational performance’ from its assets in Gabon, Egypt and Canada, which drove production and sales volumes.

On a working interest basis, Vaalco recorded sales of 23,900 to 24,000 barrels of oil equivalent per day, at the top end of its guidance in 2023. On a net revenue interest basis, annual sales were 18,700 to 18,000, which was above the top end of guidance.

Production on a working interest basis was between 23,900 to 24,000 boepd in 2023, above the midpoint of its guidance. Net revenue interest production volumes were between 18,700 to 18,8000 boepd, at the top end of its guidance.

‘In 2023, we raised our full year production and sales guidance following excellent first half 2023 results and our continued outstanding performance has allowed us to achieve the top end of our sales guidance and our production was also above the midpoint of the increased guidance range. Our high-quality asset base, combined with our exceptional operational and financial teams, have helped us to deliver this strong performance that exceeded expectations,’ said Chief Executive Officer George Maxwell.

At the end of the year, the firm had cash and cash equivalents of over $120 million, growing cash by over $80 million over the year.

‘We have entered 2024 with a clean balance sheet, growing cash position and robust operational performance, underpinning management’s confidence in achieving our strategic objectives,’ CEO Maxwell added

Shares in Vaalco Energy were down 1.4% at 355 pence each in London on Wednesday late morning.

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