VAALCO Energy Inc.’s (NYSE: EGY) board of directors has authorized the repurchase of up to 5.8 million shares of the company's common stock, which represents 10% of the company's outstanding common stock, in open market transactions from time to time during the upcoming 18-month period and in accordance with the requirements of the Securities and Exchange Commission.
The share buyback program does not obligate the company to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time. Payment for shares repurchased under the program will be funded using the company's cash on hand. At the end of the first quarter, the company had outstanding approximately 58 million shares of common stock issued and outstanding.
VAALCO Energy is a Houston-based independent energy company principally engaged in the acquisition, exploration, development, and production of crude oil. The company's properties and exploration acreage are located primarily in Gabon, Angola, and Equatorial Guinea in West Africa.