HOUSTON, Sept. 16, 2015 /PRNewswire/ -- VAALCO Energy,
Inc. (NYSE: EGY) today announced that the North Tchibala 1-H well,
the first development well drilled by VAALCO in the North Tchibala
field, was brought online at a rate slightly in excess of
3,000 gross barrels of oil per day (approximately 750 barrels
per day net revenue interest to VAALCO). The well was drilled to a
measured depth of approximately 11,160 feet, targeting the
undeveloped Dentale reservoir. The Dentale formation is productive
in fields onshore Gabon, but this
well represents the first Dentale production for the industry from
that horizon in the offshore waters of Gabon.
The North Tchibala 1-H well was initially brought on production
utilizing an electrical submersible pump (ESP), but was
subsequently allowed to produce naturally. The well is not
producing any formation water or hydrogen sulfide (H2S) and has a
strong flowing tubing pressure in excess of 1,000 PSI. VAALCO
plans to continue to produce the well without artificial lift while
monitoring surface and downhole pressures.
This is the second well drilled and placed on production at
VAALCO's new Southeast Etame/North Tchibala (SEENT) platform
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 and a 24.4% net
revenue interest. The Transocean Constellation II jackup rig
is mobilizing over to the Avouma/South Tchibala platform to conduct
workover operations to replace ESPs on three existing development
wells, two of which are off production.
Steve Guidry, VAALCO's Chairman
and CEO commented, "I am pleased to announce that the results from
the North Tchibala 1-H well exceeded our expectations. This
industry milestone is particularly exciting as it is the first
production from the North Tchibala field and the producing interval
in this well is one of several within the Dentale formation known
to be oil-bearing. We will monitor production and reservoir
performance over the next few months while we complete our workover
program at the Avouma/South Tchibala platform to determine the
appropriate timing to drill a follow-up North Tchibala development
well. We believe this field has significant reserve upside and
results from this well over the coming months are important as this
will allow us to better understand the potential of the
newly-producing reservoir."
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 year 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.