In the past month, investors have been quite focussed on Vaalco Energy Inc. (NYSE:EGY) and that has reflected in the price action in its stock as well. During the period, the stock has made a steady upward move and managed to record gains of as much as 7%.
In light of the gains made by the stock, it might be the right time for investors to possibly take a look at a development from back on August 26 this year. The hydrocarbon exploration company, which is based out of Texas, announced that it inked a letter of intent with World Carrier Offshore Services Corp.
As per the terms of the agreement, World Carrier Offshore had agreed to both provide as well as operate a floating offloading and storage unit. The unit in question was supposed to be situated at the Etame Marin field in offshore Gabon for a period of eight years. The field belongs to Vaalco.
It is a significant new deal for Vaalco considering the fact that it is a long term deal and will give the company a certain degree of stability up until 2030. It now remains to be seen if the Vaalco stock can continue to add to its gains over the coming weeks.
Proven pros in the energy field at Allied Energy Corp. (OTCMKTS:AGYP) deserve a look by oil and gas investors as they have hit oil from their own leased well sites located in Texas. Energy is volatile globally now, especially petrochemicals, but AGYP is a new domestic resource that is pumping product from its own wells.
