In 2024, Vaalco Energy’s oil sales from Egypt dropped by around 7.9% year-on-year (YoY), reaching $250.946 million, compared to $272.613 million in 2023. Net revenues decreased by about 9.37% recording $145.966 million in 2024, compared to $ 161.049 million in 2023, the company said in a press release.

In the three months ending December 31, 2024, oil sales from Egypt reached $59.01 million, compared to $63.431 million in the preceding quarter. The net revenues from Egypt, however, started to enhance as it grew by around 12.8% in Q4, reaching $38.981 million, compared to 34.544 million in Q3 2024.

The fourth quarter 2024 drilling campaign started with Arta-92 and Arta-93, in December 2024. The Arta-92 well successfully increased production levels, achieving an initial 30-day average rate of 428 barrels of oil per day (bbl/d) and the Arta-93 has recently come online with an initial 30-day average rate of 95 bbl/d

Vaalco Energy focused on enhancing production in 2024 through a series of planned workovers, as well as through interventions using the OGS-10 rig. Two additional workover recompletions were completed in the fourth quarter of 2024. With the low cost of workovers, the well economics are strongly positive.

The company reported full year 2024 net income of $58.5 million ($0.56 per diluted share) and net cash from operating activities of $113.7 million from its overall portfolio. Vaalco Energy generated record Adjusted EBITDAX of $303.0 million in 2024.