VAALCO's Board of Directors has authorized the repurchase of up to $10 million of the Company's common stock.
"We are pleased to announce this buyback as part of our capital allocation program," said Robert Gerry, Chairman and CEO. "In addition to providing for a return of capital to our shareholders, we believe our stock is an excellent investment at today's prices. With our strong balance sheet and projected cash flow, we continue to review additional opportunities to increase shareholder value."
Under the share buyback program, shares of common stock will be purchased on the open market or through privately negotiated transactions from time-to-time during the authorized 12 month period. Under the authorization, the timing and amount of purchases would be based upon market conditions, securities law limitations and other factors. The share buyback program does not obligate the Company to acquire any specific number of shares in any period, and may be modified, suspended, extended or discontinued at any time without prior notice. The Company currently has outstanding approximately 59 million diluted shares of common stock.
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