HOUSTON, Dec. 10, 2014 /PRNewswire/ -- VAALCO Energy, Inc.
(NYSE: EGY) today announced the completion of the Etame 8-H, the
first development well drilled from the newly installed Etame
platform, offshore Gabon. The Etame 8-H was drilled to a
Measured Depth (MD) of 3196 meters and penetrated the Gamba Sand
reservoir interval at 1820 meters True Vertical Depth (TVD),
contacting 135 meters MD of high quality reservoir within the
oil-bearing portion of the Gamba sand. Additionally, the
wellbore encountered the current Oil-Water Contact (OWC) at 1829
meters TVD, resulting in a 9 meters vertical oil column.
VAALCO subsequently shut in Etame 8-H as the well was determined to
be producing hydrogen sulfide (H2S) during the initial
testing process. Investigations are underway to ascertain the
root cause of the H2S and develop a plan to produce the
reserves in a timely manner.
The contracted jack up rig, the Transocean "Constellation II"
has been moved onto the next location to drill a development well
(designated the Etame 10-H), which is expected to spud this
week. The well is targeting the Gamba sand formation in
the 1-V fault block in the Etame field, where VAALCO has been
producing oil since 2002 utilizing subsea wells. The 1V fault
block, which lies south of the main Etame reservoir, has never
encountered H2S. The Etame 9-H well, which was to
be the third well in the Etame platform campaign, and which is
located in the same fault block as Etame 8-H, will be reevaluated
in light of the recent results.
As previously disclosed, VAALCO has already begun the design of
a crude sweetening facility that will allow the Company to
redevelop the Ebouri field and provide sweetening capacity for
future production from wells producing H2S. As of
last month, VAALCO and its partners were targeting a facility
commissioning date in 2017. With the discovery of
H2S at Etame 8-H, the Company is committed to redoubling
its efforts to bring the crude sweetening facility on line as soon
as practicable.
After drilling the Etame 10-H, the Constellation II will be
mobilized to drill three additional development wells from the
Southeast Etame/N. Tchibala, "SEENT" platform, beginning with a
well to be drilled to Gamba formation in the Southeast Etame field
where the Company drilled a successful exploration well in
2010. The remaining two development wells drilled from the
SEENT platform will target Dentale sand formations in the North
Tchibala field.
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.