Reuters- The largest institutional shareholder of Vaalco Energy Inc has delivered a letter to the oil and natural gas company’s board calling for the evaluation of strategic alternatives, including a sale of the company.

Nanes Delorme Partners said in the letter filed with the Securities and Exchange Commission late Tuesday that the company’s stock has underperformed in the past year "in a period that has been extremely favorable to most exploration and production companies."

The hedge fund, which owns 8 percent of Vaalco’s shares, has asked that Vaalco retain a top tier investment bank to initiate an open bid process to sell the company to the highest bidder

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