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FORM 8-K 

 

 

Pursuant to Section 13 or 15(d)

 

 

 

 

 



Registrant’s telephone number, including area code: (713) 623-0801

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Securities registered pursuant to Section 12(b) of the Act:

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 1.01         Entry into a Material Definitive Agreement.

 

On September 9, 2022, VAALCO Gabon S.A. (“VAALCO Gabon”), a wholly-owned subsidiary of VAALCO Energy, Inc. (the “Company”), entered into an addendum (the Addendum”) to the Contract for the Provision of an FPSO, dated August 20, 2001, as amended (the “FPSO Contract”) with Tinworth Pte. Limited (“Contractor”) and Tinworth Gabon S.A. (“Operator”).  The Addendum extends the FPSO Contract from September 20, 2022 to provide for VAALCO Gabon to produce to the FPSO up until 23:59 local Gabon time on October 4, 2022.  Pursuant to the Addendum, the parties have set forth their respective rights and obligations in connection with the demobilization of the FPSO. VAALCO Gabon has agreed to pay the Operator and/or Contractor day rates of $150,000 from August 20, 2022 through October 4, 2022 and $108,000 from October 5, 2022 through January 2, 2023 and other demobilization fees totaling $5.8 million on a gross basis ($3.7 million net to VAALCO Gabon).  The Operator shall invoice VAALCO Gabon $0.9 million of the demobilization fees no sooner that October 4, 2022 and the remaining $4.9 million no sooner than January 2, 2023.  Payment is due within thirty (30) calendar days of receipt of an invoice. The Company has reaffirmed its guaranty of VAALCO Gabon’s obligations under the FPSO Contract, as amended by the Amendment.

 

Item 9.01.          Financial Statements and Exhibits.   

 

(d) Exhibits

 

 

 

 



Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.