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Vaalco Energy reported an increase in adjusted core earnings as higher sales boosted performance in the third quarter of the year.
Adjusted EBITDAX was $7.0 million in the third quarter of 2020 compared with $4.5 million in the same period of 2019.
The company sold 412,000 barrels of oil in Q3 2020, compared to 279,000 barrels in Q3 2019, led by the continued 'strong' production performance from the successful 2019/2020 drilling campaign.
Production rose 43% to 4,405 barrels of oil per day for the quarter year-on-year
Net income was $7.6 million for the third quarter of 2020, compared with a loss of $3.9 million in the same period in 2019.
The third quarter of 2020 reflected an income tax benefit of $2.8 million while the net loss in the third quarter of 2019 was impacted by income tax expense of $7.7 million.
At 9:49am: (LON:EGY) share price was 0p at 80p