Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

<ul><li>VAALCO’s assets continue to deliver strong production results. On October 16, 2023, the company disclosed that 3Q23 net revenue interest (NRI) production averaged ~19,000 BOE/d, near the high end of management’s 17,500-19,200 BOE/d guidance range.</li><li>NRI sales volumes averaged 19,900 BOE/d, also at the high end of management’s 18,400-20,600 BOE/d.</li><li>A Gabon lifting of ~600,000 gross barrels of oil was completed during the first week of October and will be reflected in 4Q23 sales.</li></ul>

VAALCO’s assets continue to deliver strong production results. On October 16, 2023, the company disclosed that 3Q23 net revenue interest (NRI) production averaged ~19,000 BOE/d, near the high end of management’s 17,500-19,200 BOE/d guidance range.NRI sales volumes averaged 19,900 BOE/d, also at the high end of management’s 18,400-20,600 BOE/d.A Gabon lifting of ~600,000 gross barrels of oil was completed during the first week of October and will be reflected in 4Q23 sales.

VAALCO Energy, Inc. - Asset Performance Drives Volumes to Upper End of 3Q23 Guidance