VAALCO Energy Provides Operational Update
December 28 2017 - 4:45PM
VAALCO Energy, Inc. (NYSE:EGY) today provided an operational update
regarding its production operations offshore Gabon.
On December 24, the electrical submersible pump
(ESP) in the South Tchibala 1-HB well failed, and the well has been
temporarily shut-in. The well was producing approximately 930
barrels of oil per day gross, or 250 net to the Company, prior to
being shut-in. Total Company production is currently
averaging approximately 3,800 net barrels of oil per day following
this recent ESP failure.
Cary Bounds, Chief Executive Officer commented,
“While ESPs are utilized in all of our platform wells, the series
of ESP failures we have recently experienced have been limited to
the Avouma platform. We are focused on determining the root cause
of the problems we have encountered on this platform and developing
a long-term solution to minimize future failures. We are reviewing
a variety of potential factors that could have contributed to the
failures before we conduct future workovers on this well and the
Avouma 2-H and I remain confident we will have both of these wells
back on production by the end of the first quarter of 2018.”
About VAALCO
VAALCO Energy, Inc. is a Houston-based
independent energy company principally engaged in the acquisition,
development and production of crude oil. The Company's properties
and acreage are located primarily in Gabon and Equatorial Guinea in
West Africa.
Investor Contact Phil Patman
713-623-0801
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