financial to welcome that would full-year to able our call. to success. was and in pleased earnings everyone, conference very morning, Good and accomplishments Liz. I’m first the XXXX quarter and I fourth you, XXXX. many VAALCO Thank results fourth operational quarter on our reflect achieve like with
steps we past focused PSC growth strong the operated significantly several efficiently, of taken years, debt, up grew our meaningfully workover In VAALCO reserves off production the successful a to all have horizon Extension Etame, XXXX, our to company. to and importantly, into for transform our and necessary establishes restored long-term program, financially for which through a in paid Over more position. the Gabon we XX years. reserve cash and production added Most time a secured at continued we
years in and positioned Extension now a come. many strong significant to clean results, shareholder VAALCO to – value PSC place, the for create quarterly is balance share significantly With sheet
day. averaged fourth by Turning for quarter production our range, oil results. oil to impacted quarter shutdown of Production maintenance reduced despite wide barrels operational day was within per the in of per X,XXX XXX barrels by guidance for two-day net, approximately temporarily the field a that normal being which
maintained day we X,XXX strong XXXX, consistent full-year averaging of oil per the For net. production barrels
for barrels estimates production be per at to between to of for XXXX until not boost in production But of production. impact the are program year X,XXX barrels production significantly reminder, to will XXXX speak timing oil to range from estimating look we the will the as new and in expect we our wells per net, in of be production impact As and of first greater a a the will I a quarter late thus, day drilling the day. production minute. on X,XXX and have X,XXX we full-year X,XXX XXXX, oil XXXX, the
significant generate the results. adjusted EBITDAX. oil fourth $XX.XX quarter, of generated continued to adjusted EBITDAX million in and $XX will detail Our for Later million declined in Phil the we full-year barrel per the over but $XX XXXX, financial pricing of on realized to go quarter, on the more we into
our review to reserves. year-end like would XXXX I Now,
Although barrels We XXXX fourfold of total replaced adding barrels year-end, PSC including primarily at almost the increasing X.X PV-XX Etame X.X Gabon. oil, of year-over-year to we reserve in $XX.X reserves drill proved as any of extending our million the barrels extending XXXX, million wells increased a reserves PSC not increased our additions in a did Proved result by result million X.X as XXX% to significantly by with a production value XX% of reserves, Etame proved of in of million. of Gabon.
reserves added as reserves We pricing. improved another result barrels of performance proved also due X.X proved XXX,XXX to of oil million a barrels higher reservoir and of
probable over million increased and $XXX X.X XXXX. million of with barrels by our XXX% at oil, PV-XX proved XXXX Our XP million $XXX.X year-end reserves to almost to increasing
undeveloped As and we proved define add more increase the appraisal are reserves add bores future in help look developed, towards will production proved convert development production, proved reserves campaigns immediately further to to potentially reserves our significant XXXX. well XXXX, planned drilling expected wells potentially opportunities and to beyond
sorry, $XX.X minutes with we the Now, cash PSC XXXX and totaled XXXX, capital few In the drilling bonus XXXX spend connection reviewing $XX.X the was capital totaled paid million million, I our investments expenditures signing primarily our Extension. – basis program. which will next in I’m
part to from Extension, three plan bores funded to well PSC two we and that drill bores to XXXX, two appraisal committed well drilling appraisal development wells and XXXX. hand cash wells on development September up we from cash As In generated of by operations. two and
the be will drilling drilling through that wells and continue XXXX begin to rig plan third XXXX the quarter end into XXXX. of a identified available and these of to in have We
quickly on Dentale evaluate to under drilled bores minimal most of drilling with quarter our appraisal We operating extension the existing to These are have we wells appraisal In platforms wells in well additional locations easily be first VAALCO meet to production with overhead of a drilling prove up If and completed the fourth rig step which first the the includes well to is Etame. online in be development XXXX online are in planning the agreement. assess presentation five drill we’re two currently commitment website, quarter, the can XXXX. area in remaining potential The posted well in our the areas, with detailed the Etame resources jack-up future and potential recent in the to our the out plan off access in bores well the drilling costs. we there and to campaign, drilling these increase campaign. wells Southeast are the placed the the to and locations
we operations. is program adding our years net times Again, spend some this by and will reserves drilling of expect repeat emphasize to budget our over vision cash flow program. capital type from can’t production. of investment Our cash capital several items of XXXX this lead maintenance drilling quarter million some enough, We to don’t in long multiple capital first on hand budget I estimated to our except $XX million much the XXXX, and for and expect for and $XX in be funded of continue
to our in add workovers potential we not While designed XXXX capital two are that in included are production considering and reserves. budget,
at However, planned the mid-year until these workovers not earliest. are
brief and on provide Equatorial now update me a Guinea Angola. Let
As has P several for in been years. in interest discussed suspension calls, we Block have prior XX% in our
Equatorial lifted XXXX, suspension. and the September However, the Ministry Guinea of Hydrocarbons Mines in
still operator of P. awaiting We Block for VAALCO are approval Ministry being appointed
new suspension, and to As new to XX, agreed a joint working that is drill our by the to joint replace terms by all state-owned an reminder our Block company upon the obligations required seek VAALCO on a P. March a intends cover GEPetrol substantially a all or the partners the lift GEPetrol, promoted everyone, partner exploratory to well basis oil cost must one agreement. in If is XXXX. GEPetrol’s owner assume to approved owner of of a also Under interest will
While for leasehold on we value to with monetary with suspension, failing write-down would representatives to write-off to license the penalty million and meet – the lift exit terms I’m our only, we we resolve to of X. our E&P $XX owner our replace not in a an is Block have exploration to is our well to the new costs. there continue the books for lose associated no if the or undeveloped sorry, interest from would not Sonangol of negotiate Angola, GEPetrol In liability But joint approved is drilled.
like discuss our Finally, I on which strategic would to our Vision expands new XXXX, direction. current
Our focused robust on Vision we strong from a established. have the XXXX is foundation future building
until realizing more XXXX. premier reserves want years. production in this, the while a targeting become to with shareholder we to top value times five striving total African from operator diversified We portfolio, of return now six also next are over a are quartile and all and accomplish growth We
Our add significant with reserves. XX-year and to production and producing foundation cash is a in solid asset generating a increase runway Gabon
capital, ample to the capacity clean We operational have maintaining The to excellence balance working and of a transformational success a and pillars financial a no and high-performing growth. strong sheet team, rooted for flexibility responsibly. are with achieve track stakeholder achieve engagement, operating record strong in growth debt
Our employees, our key where stakeholders governments host we include our top and tier operate. the communities
levels. standards We access excellence new liquidity operational at resources future and cash maintain needed to maintaining and financial and perspective, HSE opportunities. for stress financial our From to will strong high want flexibility, all we capital while ethical if maintain flow, growth a
believe we growth, both M&A in have through we clearly expertise differentiated organically Our we goal and is Africa. transformational a our to to as and plan activity, demonstrate geographic focus keep African
we to lie looking ahead are very opportunities for future the about and VAALCO. are that We the excited
shareholders. I discuss will results. accretive is our call focus financial growth value Phil profitable add and to that, on turn With our that Our for the will to over
