Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from 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.

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<div><ul><li>Oil production at the Baobab field offshore Côte d’Ivoire is on schedule to begin ramping up in May. The refurbished FPSO is on station and reconnection work is underway.</li><li>The first oil cargo lifting could take place in August 2026. Phase 5 development drilling is expected to commence during 2H26.</li><li>A field development plan for the Kossipo oil discovery, located southwest of Baobab on the same block (CI-40) is expected to be submitted by year-end 2026. </li></ul></div>

Oil production at the Baobab field offshore Côte d’Ivoire is on schedule to begin ramping up in May. The refurbished FPSO is on station and reconnection work is underway.The first oil cargo lifting could take place in August 2026. Phase 5 development drilling is expected to commence during 2H26.A field development plan for the Kossipo oil discovery, located southwest of Baobab on the same block (CI-40) is expected to be submitted by year-end 2026. 

EGY: Asset Portfolio Supports Long-Term Growth Potential

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

<ul>
<li>The Baobab FPSO is now fully re‑moored at its original location, and reconnection of risers and umbilicals is underway.</li>
<li>The restart remains on schedule for 2Q26, a critical milestone that should materially lift cash flow and mark the end of a period characterised by high capex and depressed production.</li>
<li>In Gabon, the Etame 14H development well encountered 325 metres of net pay in high‑quality Gamba sands in an attic position within the Main Fault Block.</li>
</ul>


The Baobab FPSO is now fully re‑moored at its original location, and reconnection of risers and umbilicals is underway.
The restart remains on schedule for 2Q26, a critical milestone that should materially lift cash flow and mark the end of a period characterised by high capex and depressed production.
In Gabon, the Etame 14H development well encountered 325 metres of net pay in high‑quality Gamba sands in an attic position within the Main Fault Block.


Vaalco Energy (NYSE: EGY): CI FPSO on location. High production at new well in Gabon

<ul>
<li>The Baobab FPSO has arrived offshore South Africa and remains on schedule to reach Côte d’Ivoire in late March, keeping the planned 2Q26 restart on track.</li>
<li>This milestone is critical to boost cash flow, particularly in the current high oil‑price environment.</li>
<li>2P reserves are estimated at 90.6 mmboe.</li>
</ul>


The Baobab FPSO has arrived offshore South Africa and remains on schedule to reach Côte d’Ivoire in late March, keeping the planned 2Q26 restart on track.
This milestone is critical to boost cash flow, particularly in the current high oil‑price environment.
2P reserves are estimated at 90.6 mmboe.


Vaalco Energy (NYSE: EGY): Restart of CI in a few weeks. Focus on Kossipo

<div><ul><li>Vaalco commenced the Phase 3 drilling campaign offshore Gabon in December 2025. </li><li>Phase 3 consists of five firm wells and five option wells that include development and exploration wells along with workover projects.</li><li>The first development well, the Etame 15H-ST located in the Etame Field, was placed on production in February at a stabilized gross flow rate of ~2,000 Bo/d and a 38% water cut from 250-meters of net pay in high-quality reservoir sands near the top of the Gamba formation. </li></ul></div>

Vaalco commenced the Phase 3 drilling campaign offshore Gabon in December 2025. Phase 3 consists of five firm wells and five option wells that include development and exploration wells along with workover projects.The first development well, the Etame 15H-ST located in the Etame Field, was placed on production in February at a stabilized gross flow rate of ~2,000 Bo/d and a 38% water cut from 250-meters of net pay in high-quality reservoir sands near the top of the Gamba formation. 

EGY: Positive Gabon Results and Upcoming Return of Production in CI Put FY26 on Solid Footing

<ul>
<li>New seismic over Kossipo in Côte d’Ivoire has further de‑risked the structure, increasing gross 2C resources from ~90 mmboe to ~102 mmboe.</li>
<li>With Canadian Natural Resources choosing not to participate in the development as it refocuses on Canada, VAALCO’s working interest rises from 27.39% to 60%, with PetroCI holding the balance as a paying partner.</li>
<li>This shift is highly material: VAALCO gains ~37 mmboe of additional WI 2C resources, becomes operator, and will control the development timeline.</li>
</ul>


New seismic over Kossipo in Côte d’Ivoire has further de‑risked the structure, increasing gross 2C resources from ~90 mmboe to ~102 mmboe.
With Canadian Natural Resources choosing not to participate in the development as it refocuses on Canada, VAALCO’s working interest rises from 27.39% to 60%, with PetroCI holding the balance as a paying partner.
This shift is highly material: VAALCO gains ~37 mmboe of additional WI 2C resources, becomes operator, and will control the development timeline.


Vaalco Energy (NYSE: EGY): Kossipo shines

United States

VAALCO Energy, Inc. acquires, explores, and develops crude oil and natural gas properties. The Company owns producing properties and conducts exploration activities in the Philippines and Gabon, and has interest in the Texas Gulf Coast area. VAALCO, through participation in a partnership, has additional international exploration interests in South and North America and Africa.

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VAALCO Energy (EGY US)

EGY: Asset Portfolio Supports Long-Term Growth Potential

Oil production at the Baobab field offshore Côte d’Ivoire is on schedule to begin ramping up in May. The refurbished FPSO is on station and...

Water Tower Research

Vaalco Energy (NYSE: EGY): CI FPSO on location. High production at new well in Gabon

he restart remains on schedule for 2Q26, a critical milestone that should materially lift cash flow and mark the end of a period characterised by...

Auctus Advisors

Vaalco Energy (NYSE: EGY): Restart of CI in a few weeks. Focus on Kossipo

The Baobab FPSO has arrived offshore South Africa and remains on schedule to reach Côte d’Ivoire in late March, keeping the planned 2Q26 restart on...

Auctus Advisors

EGY: Positive Gabon Results and Upcoming Return of Production in CI Put FY26 on Solid Footing

Phase 3 consists of five firm wells and five option wells that include development and exploration wells along with workover projects.

Water Tower Research

Vaalco Energy (NYSE: EGY): Kossipo shines

New seismic over Kossipo in Côte d’Ivoire has further de‑risked the structure, increasing gross 2C resources from ~90 mmboe to ~102 mmboe. With...

Auctus Advisors

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