VAALCO Energy Inc. (NYSE: EGY; LSE: EGY) ("VAALCO" or the "Company") today declared its quarterly cash dividend of $0.0325 per share of common stock for the third quarter of 2022 ($0.13 annualized), which is payable September 23, 2022 to stockholders of record at the close of business on August 24, 2022. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

George Maxwell, VAALCO’s Chief Executive Officer, commented, "Returning value to shareholders is key to our strategic vision and we believe that it is important for E&P companies to demonstrate a commitment to shareholder returns. As we recently disclosed, upon closing of the proposed strategic combination of VAALCO with TransGlobe Energy, we plan to nearly double our target annualized dividend to $0.25 per share in the quarter immediately following closing. We have a premier asset at Etame generating strong operational results, which coupled with strong pricing, has allowed us to return meaningful cash to shareholders. The combination with TransGlobe will enable us to significantly increase our dividend as a result of the enhanced cash flow generation of the Combined Company."

JMHO