HOUSTON, July 20, 2015 /PRNewswire/ -- VAALCO Energy,
Inc. (NYSE: EGY) today announced that the Southeast Etame 2-H well,
the first development well drilled in the Southeast Etame Field,
was brought online at the rate of approximately 3,400 barrels of
oil per day (approximately 850 barrels per day net to VAALCO). The
well was drilled to a measured depth of approximately 14,012 feet,
targeting a new reservoir that was discovered by an exploration
well drilled by VAALCO in 2010. It is producing from the Gamba
formation which is the source of all other VAALCO production in the
Etame Marin permit area but the first production from this new,
previously- unproduced field. The Etame 2-H well is not
producing any formation water or hydrogen sulfide (H2S), has a
flowing tubing pressure of 1,080 PSI, and is producing at the
lowest setting on the ESP (electrical submersible pump). The
combination of reservoir pressure that is at original conditions,
productivity equivalent to or greater than other nearby Gamba
development wells and the low setting being utilized on the ESP
confirm the strength of this well. VAALCO plans to continue
to produce the well at the current rate to monitor wellhead and
downhole pressure and to optimize fluid throughput at the recently
commissioned production facilities on the platform.
This is the first well drilled and placed on production at
VAALCO's new Southeast Etame/North Tchibala (SEENT) platform that
is located in approximately 260 feet of water offshore Gabon. VAALCO is the operator of the Etame
Marin permit area and owns a 28.1% working interest. The
Transocean Constellation II jackup rig has been moved to a second
slot on the same platform to drill the North Tchibala 1-H well that
is targeting the Dentale formation in another previously-unproduced
field (North Tchibala), that was discovered and delineated by prior
wells but has not been placed on production.
Steve Guidry, VAALCO's Chairman
and CEO commented, "We are very pleased with the results of this
first well to the new Southeast Etame field that we discovered in
2010 which have exceeded our expectations. While we believe
the Etame 2-H well is capable of producing at even stronger rates,
we are producing at these levels to optimize production and allow
us to gather additional data about the productive capacity and
extent of this previously un-tapped reservoir. We have already
moved the rig and begun drilling the next well at the SEENT
platform that will target the new North Tchibala Field and expect
to have results from that well by late September."
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.
Other Information
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, liquidity, negotiations with governments and third
parties, expectations regarding processing facilities, 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, oil and gas price volatility, inflation, general
economic conditions, 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 quarterly report on Form 10-Q for
the three months ended March 31,
2015, annual report on Form 10-K for the years ended
December 31, 2014, 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 9800 Richmond Avenue,
Suite 700, Houston, Texas 77042,
(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.
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SOURCE VAALCO Energy, Inc.