driven hand. welcome closed We a deal XX.X% in been we second XXXX very apparent we production the accretive the Thank for of to was to you, XXXX late which X,XXX February an oil interest exciting in average call. increase that inclusion conference far, EBITDAX in day, in of an with of our per very Good opportunity the increase the In three Sasol NRI over accretive by the XXXX. adjusted where Etame results, working flow. months all quarter, net half XX% second production have on everyone. quarter completed due barrels significant and Sasol, cash the first the has Thus earnings first an acquisition increased acquisition produced our our arose XXXX The quarter, year cash nature And morning to of of Al. of of with are acquisition. the XXXX VAALCO,
million in XXXX, in and second now XXXX. fourth pricing our more reflected previous is adjusted X have QX $XX.X the due times over stronger we to the for $XX revenue generated The EBITDAX the two also than which quarter calendar either first and full half in of what years generated in of strong of EBITDAX to quarter we to realized sales. This boost adjusted and XXXX million helped higher
year upcoming assure environment the free our are portion ongoing flow the later to in with our oil into adjusted significant cash We for the program happy and with capital meaningful of in and lock the price of EBITDAX strength a XXXX. increase we we wanted production, to have funds this and that
a through future, on opportunities the attention is to our organic vision through acquisitions. strategic future our drilling built and Turning growth
to seismic in our the campaign. flow you maximize we’re campaign. generating significant in processing in drilling our impact drilling second quarter, for XXXX to accelerated preparation Also As the XXXX, the results, upcoming XD saw during cash we QX the order over
optimize and we our the analyzed drilling by seismic to for We drilling locations the processed fully will using be all quarter, expect the and data fourth continue the campaign. to are
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estimated So also prices per significant is between operating drilling growing VAALCO. million to oil potential and our million net cost $XXX of $XX structure. upcoming or production, low combined margin flow, reducing our higher you we’re cost The gross grow per sustained cost to and barrel. generate From we capital campaign standpoint, $XXX million the free a cash the as barrel million the with when additional our has the to $XX program especially
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other finalize reduce to costs with talks announced. line meet will our agreement with previously advanced parties schedule we in binding our what and that in a are We
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at XXXX, Looking up. we coming of half several second the operational events have
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to design on a the updated provide where ESP expected One showing install an is the of uplift, workover the is potential to while ESP of well is potential existing failure. production second signs
given one. As guidance sequentially, when compared to just the the slightly savings a completing doing costs two than workover before. cost higher is our expected of result, But benefit to our cost costs are of for not double workover going
We’re also end take our planning the turnaround, and which quarter. to field completed maintenance annual by is seven-day the expected September of place be in
our safety guidance same to included FPSO to turnaround. annual production annual the always, turnaround the due time that able Unfortunately, will protocols. planned As maintenance at full perform not its be
additional to we additional have X,XXX barrels of just FPSO the unplanned in uplift in before an expect production four net oil to from estimated As This day. FPSO day quarter X,XXX a barrels the quarter than per between a year workovers turnaround accommodate turnaround, of the and to the earlier fourth bit average natural result, net the planned of account second of XXXX additional decline, the knew per of potential this half and the and maintenance. six-day second we Taking year into we the oil event. half lower is schedule maintenance for the
range of our day to above per annual oil and would been day. X,XXX Our full guidance still second the we event expect of barrels X,XXX barrels we we of per changed the midpoint of year have be well Without guidance. within XXXX unplanned hasn’t believe maintenance to the oil
a As from XXXX. XXXX, should year, material but uplift are currently since forecasting doesn’t see until campaign XXXX in reminder, significant any this production drilling we not that in drilling uplift we late begin campaign our XXXX,
changed volumes, oil day we guidance day. our barrels annual sales X,XXX X,XXX to of oil haven’t per For barrels of per of
of to to per X,XXX day third quarter range per expect We the barrels barrels day. oil sales be of of X,XXX in oil
do As production we we expect equal provide volumes in to have and due the size and discussed on sales inform volume will of timing basis. actual sales the not guidance always compared to liftings, annual to continue an volumes If market. we before, we plan a to volumes change guidance our sales forward going material quarterly
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working evaluating our in Block we and step acreage. several P out substantial are interest in opportunities We and have exploration a developments
timeline the excited on project are and this believe move definable forward Block it with more opportunities to development. We sense about and makes the a potential
discovery in study feasibility completed Block for now and moving we the recently Venus standalone forward development have P development We a the drilling with of our concept. field are
timing, development, As estimates. details reserves provide and we potential work capital more will about production and we through cost
a asset outstanding free moving and our strategy flow to committed cost resource are the assets to potential operate We profitably execute become summary, through accretive maintaining operational Guinea and generation of effectively VAALCO’s of growth forward. significant and employees production. Equatorial continued In cash could core exploiting on our
and sheet a we fund sufficient in to increased strong balance flow base upcoming production obligations, and maintaining upside. have our have cash whilst hedges, new our with locked We capital
make focused firmly have diverse maximizing in and highest communities VAALCO. of both share has opportunities focused addition like and and to I Ron to call financial worked progress him large you been the an return see, our growth. guidance would new results. and I financial shareholder teams and integral the over can Financial past. with now Officer. With banking introduce future the our regard part London with we in an the to listed objectives and ESG, turn on like of As His that, known our Ron investment Chief his towards many to we for strategic years important to to while success the our operating geographically on Bain, strong ties U.S. leadership Ron I’d U.K. are
