HOUSTON, March 27, 2014 /PRNewswire/ -- VAALCO Energy,
Inc. (NYSE: EGY) today provided the following update on recent
activities.
Previously announced maintenance work on the Company's leased
Floating, Production, Storage and Offloading (FPSO) vessel has been
successfully completed ahead of schedule and production restarted
from the Etame Marin block. Extensive maintenance and repairs
have been performed on the FPSO processing systems including the
gas compressor, the high pressure separator, the high pressure
flare scrubber, and the installation of a new fuel gas scrubber.
As previously announced, a second potential FPSO shutdown is
tentatively planned during the second half of 2014 to upgrade the
fire and gas detection systems.
While the FPSO was down, VAALCO also undertook maintenance work
on other infrastructure in the Etame Marin block. In
addition, the electrical submersible pumps on the Avouma 2-H well
were recently replaced and the well was brought back on-line after
the operations on the FPSO were concluded. The Company is in
the process of returning oil production from the four producing
fields comprising the Etame Marin block to pre-shut-in operating
conditions.
All work was completed safely without impact on the
environment.
Forward-Looking Statements
This document includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements are those concerning
VAALCO's plans, expectations, and objectives for future drilling,
completion and other operations and activities. All
statements included in this document that address activities,
events or developments that VAALCO expects, believes or anticipates
will or may occur in the future are forward-looking
statements. These statements include expected capital
expenditures, future drilling plans, prospect evaluations,
objectives and operations, and reserve growth. These
statements are based on assumptions made by VAALCO based on its
experience perception of historical trends, current conditions,
expected future developments and other factors it believes are
appropriate in the circumstances. Such statements are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond VAALCO's control. These risks include, but are not
limited to, inflation, general economic conditions, oil and gas
price volatility, the Company's success in discovering, developing
and producing reserves, lack of availability of goods,
services and capital, environmental risks, drilling risks, foreign
operational risks, and regulatory changes. These and other
risks are further described in VAALCO's annual report on Form 10-K
for the year ended December 31, 2013,
and other reports filed with the SEC which can be reviewed at
http://www.sec.gov, or which can be received by contacting VAALCO
at 4600 Post Oak Place, Suite 300, Houston, Texas 77027, (713) 623-0801
. Investors are cautioned that forward-looking statements are
not guarantees of future performance and that actual results or
developments may differ materially from those projected in the
forward-looking statements. VAALCO disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
About VAALCO
VAALCO Energy, Inc. is a Houston based independent energy company
principally engaged in the acquisition, exploration, development
and production of crude oil. VAALCO's strategy is to increase
reserves and production through the exploration and exploitation of
oil and natural gas properties with high emphasis on international
opportunities. The company's properties and exploration
acreage are located primarily in Gabon, Angola
and Equatorial Guinea in
West Africa.
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SOURCE VAALCO Energy, Inc.