Vaalco Energy ( (EGY) ) just unveiled an announcement.
Vaalco Energy, Inc. has secured a new $300 million revolving credit facility with an initial commitment of $190 million, led by The Standard Bank of South Africa Limited, Isle of Man Branch. This facility replaces an existing undrawn credit line and is intended to provide short-term funding to support Vaalco’s investment programs across its diversified asset base. The facility is secured with Vaalco’s assets in Gabon, Egypt, and Côte d’Ivoire and features a six-year term with interest rates linked to the completion of the Côte d’Ivoire FPSO project. This financial move is expected to bolster Vaalco’s capacity to fund significant growth projects, enhancing its market positioning and affirming the strength of its asset base.
More about Vaalco Energy
Vaalco Energy, founded in 1985 and based in Houston, Texas, is an independent energy company with a diverse portfolio of production, development, and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria, and Canada.
YTD Price Performance: -6.98%
Average Trading Volume: 894,944
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $420.4M
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