HOUSTON, Oct. 16, 2014 /PRNewswire/ -- VAALCO Energy,
Inc. (NYSE: EGY) today announced the commencement of a new six well
drilling campaign offshore Gabon
on its Etame Marin block. The development drilling campaign
follows the recent on-schedule installation of the Etame platform
and the Southeast Etame/North Tchibala ("SEENT") platform.
All work on this project was accomplished without a safety or
environmental incident.
All six wells in the current drilling campaign are development
wells and VAALCO has spudded the first well, Etame 8-H, using the
contracted Transocean "Constellation II" jack-up rig. The
Constellation II rig will be used to drill two additional
development wells (Etame 9-H and 10-H), each targeting the Gamba
sand formation in the Etame field, where VAALCO has been producing
oil since 2002 utilizing subsea wells. First oil production
from the Etame 8-H well is expected in December 2014.
The Constellation II will be mobilized to drill three additional
development wells from the SEENT platform, beginning with a well to
be drilled in the Southeast Etame field where the Company drilled a
successful exploration well in 2010. The remaining two
development wells in the six well campaign will target Dentale sand
formations in the North Tchibala field.
The newly installed Etame and SEENT platforms are each equipped
with eight well slots to provide for the option to drill up to five
additional development wells from each platform after the
completion of the current six well drilling campaign.
Steve Guidry, CEO, commented:
"The spudding of the first well in this new drilling campaign
offshore Gabon is a proud moment
for VAALCO and the culmination of years of work. The
successful installation of two new platforms to support production
has been a complex operational undertaking involving employees
throughout our Company and I could not be more proud of their
collective achievement. We are now in a position to further
develop the producing fields in the Etame Marin concession that
have been the cornerstone of VAALCO's growth and the creation of
shareholder value."
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.