Benzinga | Nov 18, 2020 12:54PM EST

Why Vaalco Energy's Stock Is Trading Higher Today

Vaalco Energy (NYSE:EGY) shares are trading higher on Wednesday after the company announced it acquired Sasol Gabon S.A.'s 27.8% working interest in the Etame Marin Block Offshore Gabon for $44 million in cash.

Vaalco Energy is an independent energy company operating in the United States. It is principally engaged in the acquisition, exploration, development, and production of crude oil and natural gas.

Vaalco Energy shares were trading up 20.49% at $1.23 at last check. The stock has a 52-week range between $2.60 and 60 cents per share.