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Equities

Vaalco Energy Restarts Production at Baobab Field Offshore Cote d'Ivoire

Vaalco Energy (EGY) said Tuesday that production has resumed at the Baobab field offshore Cote d'Ivoire following the completion of a major refurbishment of its floating production vessel.The Baobab floating production, storage and offloading vessel was taken offline in January of last year for upgrades, the company said.Production has restarted from four wells, with three additional producing wells expected to come online soon, the company said, adding that the field performance is meeting expectations.The refurbishment was designed to extend the vessel's operating life ahead of a planned drilling campaign scheduled to begin in the second half of this year, Vaalco said.The company said phase 5 drilling program is expected to include four new production wells, two to three injection wells, and two well workovers, which could significantly increase output from the Baobab field.

$EGY
Sectors

Sector Update: Energy Stocks Advance Late Afternoon

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.3%.The Philadelphia Oil Service Sector Index was climbing 1.6%, while the Dow Jones US Utilities Index fell 1.8%.Front-month West Texas Intermediate crude oil rose 2.8% to $92.13 a barrel, and the global benchmark Brent crude contract was advancing 1.8% to $97.23 a barrel. Henry Hub natural gas futures increased 0.3% to $2.70 per 1 million BTU.In corporate news, Vaalco Energy (EGY) shares jumped 10% after the company said its Etame 14H development well is in an attic position after the company drilled, completed and placed it on production in Gabon.Halliburton (HAL) shares gained 4.1% after it reported lower Q1 adjusted net income and revenue that still topped analysts' expectations.Spain's National Markets and Competition Commission, or CNMC, has shelved its investigation into BP (BP), Repsol, and Cepsa's alleged collusive practices and abuse of their dominant market position, according to a translation of a Tuesday statement from the regulator. BP shares added 1.9%.Shell (SHEL) faces a fresh lawsuit by a Dutch climate activist organization demanding it immediately end its investments in new oil and gas projects, Reuters reported, citing court documents. Shell shares were up 0.9%.

$BP$EGY$HAL$SHEL
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.3%.The Philadelphia Oil Service Sector Index was climbing 1.6%, while the Dow Jones US Utilities Index fell 1.8%.Front-month West Texas Intermediate crude oil rose 2.8% to $92.13 a barrel, and the global benchmark Brent crude contract was advancing 1.8% to $97.23 a barrel. Henry Hub natural gas futures increased 0.3% to $2.70 per 1 million BTU.In corporate news, Vaalco Energy (EGY) shares jumped 11% after the company said its Etame 14H development well is in an attic position after the company drilled, completed and placed it on production in Gabon.

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Wire

Update: Vaalco Energy Shares Rise After Updates Provided on Gabon, Cote d'Ivoire Operations

(Updates with recent stock movement in headline and first paragraph.)Vaalco Energy (EGY) shares were up about 12% in afternoon trading on Tuesday after the company said its Etame 14H development well is in an attic position after the company drilled, completed and placed it on production in Gabon.The well is positioned within the main fault block of the Etame field, according to the company, adding that the well had an initial flow rate of roughly 4,850 gross barrels of oil per day.Vaalco said it has also started drilling on the EEBOM-5H development well in Gabon.Additionally, Vaalco said its Baobab Ivorien floating production storage and offloading vessel in Cote d'Ivoire has completed a 47-day tow from Dubai's Dry Dock World shipyard and arrived back in the country on April 2 after complete refurbishment, adding that production is expected to resume in Q2.Price: $5.97, Change: $+0.62, Percent Change: +11.50%

$EGY
Equities

Vaalco Energy Provides Updates on Gabon, Cote d'Ivoire Operations

Vaalco Energy (EGY) said Tuesday its Etame 14H development well is in an attic position after the company drilled, completed and placed it on production in Gabon.The well is positioned within the main fault block of the Etame field, according to the company, adding that the well had an initial flow rate of roughly 4,850 gross barrels of oil per day.Vaalco said it has also started drilling on the EEBOM-5H development well in Gabon.Additionally, Vaalco said its Baobab Ivorien floating production storage and offloading vessel in Cote d'Ivoire has completed a 47-day tow from Dubai's Dry Dock World shipyard and arrived back in the country on April 2 after complete refurbishment, adding that production is expected to resume in Q2.

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