In the past week, there has been a certain degree of interest in the VAALCO Energy Inc (NYSE:EGY) stock among investors and during that period the stock has gone up by as much as 8%. The rally in the stock is expected to bring it on to the radars of many investors in the coming days and hence, investors could do well to take a look at the development with regards to VAALCO from yesterday.
Trading Data
On Monday, EGY stock moved up 2.50% to $5.32 with 951K shares, compared to its average volume of 535k shares. The stock moved within a range of $5.07 – 5.42 after opening trade at $5.19.
VAALCO Energy Announces Successful Etame 8H-ST Well Has Been Placed on Production and Provides Operational and Financial Update
The company announced yesterday that it had been successful in the completion of the development Etame 8H-ST development well.
The well had been drilled by the company by way of the Etam platform at the Etame field located in Gabon. It goes without saying that completion of the same is a significant development for the company and is expected to be a long term boost for VAALCO Energy.
However, it now remains to be seen if the VAALCO Energy stock can actually manage to add to its gains over the course of the coming days or if it has a correction after enjoying a rally over the past week. It may be a good time to start tracking the stock.
Key Quote
George Maxwell, VAALCO’s Chief Executive Officer, commented, “We continue to execute on our strategy and deliver strong operational and financial results, while growing our cash position to fund our organic capital expenditures, future strategic initiatives and return cash to shareholders through our dividend. We brought the Etame 8H-ST well online with very strong initial flow rates at an opportune time, with Brent selling near $90 per barrel. We are preparing to drill the next well in our 2021/2022 drilling campaign.”
Technical Data
EGY stock is trading above the 20-Day and 50-Day Moving averages of $4.48 and $3.67 respectively. Moreover, the stock is trading above the 200-Day moving average of $3.11.
