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November 8, 2012
16:33 EDTEGYVAALCO Energy announces N'Gongui 2 well is being drilled in Mutamba Iroru
VAALCO Energy announced that the N'Gongui 2 exploration well being drilled onshore Gabon in the Mutamba Iroru concession has encountered hydrocarbons in the objective Gamba sandstone section. Company commented: "With our partner, Total Gabon, we have elected to drill this well as a "tight hole" and therefore specifics of the operation will not be released until a later date. Suffice to say that VAALCO is excited about the results as the reservoir encountered is the same oil bearing sandstone that produces so prolifically from our offshore fields in Gabon. We are presently conducting additional operations to ascertain the size of the reservoir, reserves and plan of development." The discovery is located approximately six miles south of the producing Atora field operated by Total Gabon, and future development plans will investigate connecting into the field's export pipeline.
News For EGY From The Last 14 Days
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November 24, 2015
09:21 EDTEGYGroup 42, Radoff committed to replacing majority of VAALCO Energy board
09:19 EDTEGYGroup 42, Radoff reiterates willingness to meet with VAALCO Energy board
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November 20, 2015
16:09 EDTEGYGroup 42, Bradley Radoff to replace four members of VAALCO Energy board
Group 42 and Bradley Radoff, together the beneficial owners of approximately 11.1% of the outstanding shares of VAALCO Energy, and the company's largest stockholder, issued the following statement: "We have reviewed VAALCO's claims regarding the legality of our consent solicitation with legal counsel in Delaware and we remain fully confident that our intended consent solicitation is legal and proper under established Delaware law and that the Charter provision on which the Company purports to rely is invalid because it conflicts with Delaware law. As a result, we are proceeding with our consent solicitation to replace four members of the VAALCO Board and reverse the tide of operational, financial and governance missteps that have led to the destruction of significant shareholder value under the oversight of the current Board of Directors. We also view VAALCO's suggestion of a December "Special Meeting" as a transparent tactic to confuse shareholders and delay their voices being heard. If the Board is truly committed to "shareholder democracy" as they claim, then they can simply take all necessary steps to enforce the shareholders' will for Board change should a majority of the shareholders consent to our solicitation. This is the simplest and most genuine way for the Board to comply with their fiduciary duties and show respect for their shareholders' wishes. It is also the view of Group 42 and Bradley Radoff that the public offer from VAALCO to add one director representative of our Group on the Board without any of the incumbents taking responsibility and stepping down is woefully insufficient to effect the real, meaningful transformation that is immediately needed on the Board. We have made every effort over the past four months, including several private communications, to reach a mutually-agreeable resolution but so far the Board has only continued to repeat the same deeply inadequate offer. We do not see this as a good faith attempt to resolve our differences nor do we think shareholders deserve so little input in the boardroom. We are very disappointed that this Board is choosing to resort to unsubstantiated challenges to our consent solicitation and pushes for complicated special meeting procedures instead of simply taking responsibility for the destruction of shareholder value on their watch and willingly replacing some discredited incumbents to make room for fresh ideas in the boardroom and the shareholder democracy they claim to support. With these facts in mind, we urge VAALCO's Board of Directors to comply with their fiduciary duty and immediately set a record date for the consent solicitation in order to resolve this matter as expeditiously as possible for the benefit of all shareholders."
November 16, 2015
16:55 EDTEGYVAALCO Energy responds to Group 42, Bradley Radoff consent materials
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