Vaalco Energy Hits 52-Week High After Equatorial Guinea Project Moves Forward

Dow Jones03-26

By Dean Seal

Shares of Vaalco Energy hit a 52-week high after Equatorial Guinea approved a joint-operating agreement for the development of an offshore site in the country.

The stock jumped 10%, to a high of $6.84, in early trading. Shares haven't traded this high since July 2022.

The Houston-based energy company said Monday that Equatorial Guinea approved the agreement related to the Venus-Block P Plan of Development.

"With final documents for Block P signed, we are very excited to proceed with our plans to develop, operate, and begin producing from the discovery in Block P offshore Equatorial Guinea over the next few years," Chief Executive George Maxwell said.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

March 25, 2024 12:07 ET (16:07 GMT)

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