Vaalco Energy registered to make possible future US offerings

Vaalco Energy filed a $150m shelf registration statement on Thursday, with the US Securities and Exchange Commission (SEC).

The New York- and London-traded firm said that, if and when declared effective by the SEC, the statement would give it the flexibility to offer and sell up to $150m of common stock, preferred stock, depositary shares, warrants and units in offerings on a registered basis in the United States.

It said the specific securities, and the terms of any future offering along with the intended use of net proceeds, would be described in a prospectus supplement at the time of any offering.

Once declared effective by the SEC, the shelf registration statement would be in effect for three years.

“We believe this shelf registration statement, which is a common practice with other US publicly-traded exploration and production companies, is a prudent proactive move to support our future growth objectives as the filing will provide us increased financial flexibility and more efficient access to the capital markets,” said chief executive officer George Maxwell.

“We have no immediate plans for the potential issuance of the additional securities listed in the S-3.

“While we are primarily focused on the continued development of our interests in offshore Gabon, we continue to consider accretive acquisitions aimed at further strengthening Vaalco and growing shareholder value.”

At 1539 GMT, shares in Vaalco Energy were down 4.18% in New York at $3.21, while they remained untraded in London.