The Amex approval is contingent upon the Company being in compliance with all applicable listing standards on the date it begins trading on the Exchange, and may be rescinded if the Company is not in compliance with such standards. The Company believes it is in compliance as of the date of this release.
"We are excited to join the group of emerging growth companies on the American Stock Exchange," stated Robert Gerry, Chairman and CEO of the Company. "We anticipate that the listing will increase our visibility and investor base and make it easier for investors to purchase or recommend the purchase of our common stock."
VAALCO operates the Etame Block offshore Gabon, West Africa, where it has been producing approximately 14,500 to 15,000 barrels per day from the Etame field since placing the field online in September of 2002. The field is currently undergoing expansion with the drilling of the Etame 5H well, scheduled to come on stream in the next few weeks. The Etame 5H well should increase production from the field to in excess of 20,000 barrels oil per day. The Company also has two new discoveries that it has made on the Etame block this year (the Ebouri and Avouma discoveries). The Company is aggressively progressing development studies for these discoveries, in order to submit development plans for each to the Gabonese government for approval.
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