VAALCO’s Q4 Sales Ranges Differ; Venus Decision Remains Targeted for 2026

VAALCO Energy Chief Financial Officer Ron Bain gave investors a fourth-quarter sales forecast on Nov. 6 that differs from the range in the company’s written guidance, with the figures using different units.

Bain put fourth-quarter net revenue interest (NRI) sales at 21,000 to 22,800 barrels of oil equivalent per day (BOE/d). The written fourth-quarter outlook was 20,800 to 22,600 NRI barrels of oil per day (BOPD). The company did not explain whether the call figures updated the written outlook, used a different unit convention or were misstated.

Third-quarter NRI sales were 18,454 BOPD. NRI sales measure working-interest volumes after royalties are subtracted where applicable. Bain said the midpoint of the call range was about 18% above third-quarter actuals, citing liftings, cargo sizes and asset mix. He outlined three liftings in Gabon, one regular and one smaller lifting in Côte d’Ivoire, and continued sales in Egypt. The written range’s midpoint was 18% above third-quarter sales.

Separately, Chief Executive Officer George Maxwell said the company still expects a final investment decision on its Venus development before year-end 2026. “We expect a final investment decision to be made before year-end 2026,” Maxwell said.

VAALCO operates an undeveloped portion of Block P offshore Equatorial Guinea with a 60% working interest. The company is evaluating a subsea development against its original shelf plan. Government approval of an amended plan of development is required before it can proceed.