Vaalco Energy Inc on Tuesday reported increased earnings for its third quarter, as well as for the first nine months of this year.

The Canada and Africa-focused hydrocarbon explorer, which is headquartered in Houston, Texas, said third-quarter revenue rose 21% to $140.3 million from $116.3 million the year before.

Production increased 16% on-year to 21,770 barrels of oil equivalent per day, from 18,845 boepd. Net revenue interest sales increased to 2.1 million boe or 23,198 boepd, ‘towards the upper end of guidance’.

Pretax profit increased 36% to $43.6 million from $32.0 million. Adjusted earnings before interest, tax, depreciation, amortisation and exploration costs rose 30% to $92.8 million from $71.4 million, ‘primarily due to additional sales volumes from Cote d’Ivoire’.

For the nine months to September 30, revenue rose 17% to $357.3 million from $305.9 million. Pretax profit surged 62% to $110.9 million from $68.6 million.

‘We continue to deliver strong quarterly results, both operationally and financially...Our production, sales and adjusted Ebitdax all improved compared to Q2 2024 as we realize the positive impacts from the highly accretive Cote d’Ivoire acquisition, the solid results from our Canadian drilling program, and the focus on optimising production in Gabon and Egypt,’ commented Chief Executive Officer George Maxwell.

He added: ‘We are excited about the major projects planned for 2025 that are expected to deliver a step-change in organic growth across the portfolio in the coming years...We remain focused on maximising value and generating strong operational cash flow to fund our numerous organic opportunities moving forward, all while continuing to return capital to our shareholders through the quarterly dividend policy.’

Vaalco shares were flat at 462.50 pence on Tuesday afternoon in London, with shares last publicly traded on Monday.

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