Vaalco Energy (NYSE:EGY) hopes to put some power into its common stock by repurchasing a chunk of outstanding shares. The company's board has authorized a repurchase program for up to $25 million worth of stock. The initiative will be in force for one year.
The buybacks will be effected on the open market, or via privately negotiated purchases.
In the press release announcing the move, Vaalco Energy noted that the program "does not obligate the Company to acquire any specific number of shares in any period, and may be modified, suspended, extended or discontinued at any time without prior notice."
Currently, the firm has roughly 58 million outstanding diluted shares of stock. Its most recent closing share price was $6.07.
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