 HOUSTON, Aug. 31, 2021 GLOBE NEWSWIRE -- VAALCO Energy, Inc. NYSE: EGY; LSE: EGY VAALCO or the Company today announced that the Etame co-venturers approved the Bareboat Contract and Operating Agreement collectively, the Agreements with World Carrier Offshore Services Corp and the Agreements are now effective. As previously announced on August 25, 2021, the new Agreements to replace the existing Floating Production, Storage and Offloading unit FPSO with a Floating Storage and Offloading unit FSO will significantly reduce storage and offloading costs by almost 50, increase effective capacity for storage by over 50, and is expected to lead to an extension of the economic field life, resulting in a corresponding increase in recovery and reserves at Etame. 