- VAALCO Energy and TransGlobe Energy Corporation (TGL) have announced that VAALCO’s board has approved a share buy-back program of up to US$30 million
- This will begin upon the completion of the proposed combination of VAALCO and TransGlobe taking place
- The proposed share buy-back is in addition to the earlier-announced post-closing targeted dividend of US$28 million for 2023, or US$0.25/share annually
- VAALCO is a Houston, USA-based, independent energy company with production, development and exploration assets in the West African region
- TransGlobe Energy Corporation is an oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada
- TransGlobe Energy Corporation opened trading at C$3.98 per share
VAALCO Energy and TransGlobe Energy Corporation (TGL) have announced that VAALCO’s board has approved a share buy-back program of up to US$30 million.
This will commence immediately upon the completion of the proposed combination of VAALCO and TransGlobe taking place.
The proposed share buy-back is in addition to the earlier-announced post-closing targeted dividend of US$28 million for 2023, or US$0.25/share annually. The dividend is to be paid quarterly, with the first payment to be made in the first quarter post completion.
“I am pleased that VAALCO’s board has approved a share buy-back program of up to US$30 million (equivalent to up to US$0.27/share) that will come into effect subject to the combination transaction being completed,” noted George Maxwell, VAALCO’s Chief Executive Officer.
“We believe this further enhances the value of the transaction to both sets of shareholders and demonstrates the strength of the cash flows that we expect the combined company to generate” he added.
“The combination of TransGlobe and VAALCO is a great fit, and our Board is confident that the integrated business and portfolio will significantly strengthen the Combined Company creating a world-class African-focused E&P with a higher quality inventory of diverse growth options,” noted David Cook, Chairman of TransGlobe Energy.
VAALCO is a Houston, USA-based, independent energy company with production, development and exploration assets in the West African region.
TransGlobe Energy Corporation is an oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada.
TransGlobe Energy Corporation opened trading at C$3.98 per share.