Chris Wheaton's questions to VAALCO Energy Inc (EGY) leadership • Q2 2025
Question
Chris Wheaton from Stifel Financial asked for an update on the turret bearing, a critical path item for the Cote D'Ivoire FPSO project, and sought to clarify working capital movements, specifically regarding the amount of receivables paid by Egypt during the quarter.
Answer
COO Thor Pruckl reported that the turret bearing is already in Dubai and the swivel is en route, with installation expected in September, keeping the project on track. CFO Ronald Bain confirmed that Egypt is keeping pace with its payment commitments, noting that while new revenues were generated, the overall receivable balance has been reduced since the start of the year.