Vaalco begins drilling campaign offshore Gabon

Vaalco Energy

Vaalco Energy, a US-based and independent energy company with production, development, and exploration assets in the West African region, announced this Monday it began its 2021/2022 drilling campaign.

Firstly, the company’s drilling campaign will begin offshore Gabon, Africa, with the Etame 8H-ST well. Borr West Africa Assets Inc. recently deployed a jack-up rig to the Etame platform.

As a result, Vaalco commended activities on the Etame 8H-ST development well; which would reach completion in the first quarter of 2022.

Moreover, the company is targeting existing Gamba hydrocarbons in the Etame field that have not previously been produced by prior wells; and is the first well of a four-well campaign.

George Maxwell, VAALCO’s Chief Executive Officer, said about the matter. “Enhancing our production, reducing our costs, and extending the economic life at Etame has been the driving force for VAALCO’s continued success.”

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Vaalco with a 63% interest licence in the region

He also remarked. “This summer, we secured a jack-up rig for our 2021/2022 drilling campaign and began drilling our first well, the Etame 8H-ST, this week. We believe that executing another successful drilling campaign to add material production and reserves will significantly improve our size and scale, further enhancing our ability to execute on our accretive future growth initiatives.”

In addition, according to the executive’s words; the objective of the drilling campaign is to increase production by 7,000 to 8,000 barrels of oil per day gross; which would have a material impact on VAALCO’s net production and cash flow given its 63.6% interest in the license.

He also remarked. “We are confident we can achieve these objectives given our drilling track record at Etame. We are excited to get our next drilling campaign underway and will continue to provide updates throughout the program.”

Finally, Vaalco is an established operator in Africa. In fact, it holds a 63.6% participating interest in the Etame Marin block; located offshore Gabon, which to date has produced over 123 million barrels of crude oil and of which the company is the operator.

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