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August 11 , 2021 X VAALCO ENERGY , INC . VAALCO Energy , Inc. Announces Second Quarter 2021 Results Reports Net Income of $ 5.9 Million , or $ 0.10 per Diluted Share HOUSTON , Aug. 11 , 2021 ( GLOBE NEWSWIRE ) -- VAALCO Energy , Inc. ( NYSE : EGY , LSE : EGY ) today reported operational and financial results for the second quarter of 2021 . Highlights and Recent Key Items : • Reported strong Q2 2021 net income of $ 5.9 million ( $ 0.10 per diluted share ) and Adjusted Net Income ( 1 ) of $ 8.4 million ( $ 0.14 per diluted share ) ; • Generated continued strong Adjusted EBITDAX ( 1 ) of $ 21.9 million in Q2 2021 and has now generated $ 40.0 million in the first half of 2021 , more than VAALCO generated in full years 2019 or 2020 ; • Sold 642,000 barrels of oil in Q2 2021 , an increase of 4 % over the first quarter of 2021 and above the high end of 2Q 2021 guidance ; • Produced 8,018 net revenue interest ( " NRI " ) ( 2 ) barrels of crude oil per day ( " BOPD " ) , or 9,216 working interest ( " WI ” ) ( ³ ) BOPD in Q2 2021 , above the midpoint of guidance and an increase of 55 % from the first quarter of 2021 ; o Second quarter 2021 results reflect the positive impact for a full quarter of the acquisition of the Sasol interest at Etame that closed in February 2021 ; • Executed a contract for a jack - up rig to drill at least two development wells and two appraisal wellbores for the 2021/2022 drilling campaign , with options to drill additional wells ; • Completed feasibility study of standalone Venus development in Equatorial Guinea on Block P and is now proceeding to a field development concept ; • Issued VAALCO's 2020 Environmental , Social and Governance ( " ESG " ) report which is now available on the Company's web site ; and • Maintained a strong balance sheet with no debt and a cash balance of $ 22.9 million , including $ 2.0 million in net joint venture owner advances as of June 30 , 2021 . ( 1 ) Adjusted EBITDAX , Adjusted Net Income and Adjusted Working Capital are Non GAAP financial measures and are described and reconciled to the closest GAAP measure in the attached table under " Non - GAAP Financial Measures . " ( 2 ) All NRI production rates and volumes are VAALCO's 58.8 % WI from and after February 25 , 2021 , less 13 % royalty volumes . ( 3 ) All WI production rates and volumes are VAALCO's 58.8 % WI from and after February 25 , 2021 . George Maxwell , VAALCO's Chief Executive Officer commented , " We are pleased with our