Vaalco Energy Inc - Canada and Africa-focused hydrocarbon explorer - Says net income multiplies to $7.7 million in the first quarter of 2024 from $3.5 million the year before. Revenue is 25% higher at $100.2 million from $80.4 million the previous year. Reported NRI sales are 1.5 million barrels of oil equivalent, or 16,373 barrels of oil per day, near the high end of its guidance. Chief Executive Officer George Maxwell says: ‘We continue to enhance our diversified portfolio by building size and scale that allows Vaalco to generate significant free cash flow and execute our strategic vision. We are excited to be partnering with Petroci and CNR International, and believe the Baobab field in [Ivory Coast] is an outstanding asset with significant upside potential. We have updated our full year 2024 guidance and released our second quarter guidance, both of which reflects the positive impact to production and production expense per barrel, which should lead to improved margins and greater adjusted Ebitdax. As you can see, this acquisition is highly accretive on key metrics to our shareholder base and provides another strong asset to support future growth and returning value to shareholders.’

For the full year, Vaalco forecasts production of 23,600 boepd and sales volumes of 27,200. Its previous 2024 guidance for production was 20,800 boepd to 23,400 and 20,800 boepd to 23,300 for sales volume.

Current stock price: 491.50 pence, untraded

12-month change: up 47%

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