VAALCO Energy Announces Successful Drilling of South Tchibala 1HB-ST Well
June 02 2022 - 2:00AM
VAALCO Energy Inc. (NYSE: EGY; LSE: EGY) ("
VAALCO"
or the "
Company")
today
announced the successful drilling of the South Tchibala 1HB-ST well
that was drilled from the Avouma platform in the Etame field,
offshore Gabon.
Highlights
- Discovered significant columns of
multiple hydrocarbon bearing sands in the Dentale;
- Completing the Dentale D1 sand (18
meters net hydrocarbons) interval, which is analogous to the Deep
Dentale producing field in North Tchibala with similar porosity and
permeability.
- Additional cased Dentale D9 (15
meters net hydrocarbons) interval can be tested and completed in
the future.
- Penetrated a thin section of the
Gamba sand that is not economically viable to complete in this
wellbore.
- Adds new reserves that were
previously not captured in VAALCO’s 2P reserves, upon successful
completion and first production, these reserves will be additive to
VAALCO’s 1P reserves.
- Potentially adds new future
drilling locations in the Deep Dentale trend across the Etame
block; and
- Currently completing the South Tchibala 1HB-ST well with
initial production expected in June.
George Maxwell, VAALCO’s Chief Executive
Officer, commented, "With the drilling of the South Tchibala 1HB-ST
well and completion in the Deep Dentale interval, VAALCO will add
new reserves and production that were not previously in our 2P
reserve base. Additionally, there is the D9 sand that will remain
cased as we produce out of the D1 that could be tested or completed
in the future. This discovery is analogous to our producing Dentale
in North Tchibala. The continued success of our drilling campaign
further demonstrates the quality of our premier Etame asset. We
expect the well to be online in June and will provide the market
with an update when we have initial production data."
About VAALCO
VAALCO, founded in 1985, is a Houston, USA
based, independent energy company with production, development and
exploration assets in the West African region.
The Company is an established operator within
the region, holding a 63.6% participating interest in the Etame
Marin block, located offshore Gabon, which to date has produced
over 126 million barrels of crude oil and of which the Company is
the operator.
For Further Information
VAALCO Energy, Inc. (General and Investor
Enquiries) |
+00 1 713 623 0801 |
Website: |
www.vaalco.com |
Al Petrie Advisors (US
Investor Relations) |
+00 1 713 543 3422 |
Al Petrie / Chris Delange |
|
Buchanan (UK Financial
PR) |
+44 (0) 207 466 5000 |
Ben Romney / Jon
Krinks/ James Husband |
VAALCO@buchanan.uk.com |
Forward Looking Statements
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. All statements, other than statements of
historical facts, included in this document that address
activities, events, plans, expectations, objectives or developments
that VAALCO expects, believes or anticipates will or may occur in
the future are forward-looking statements. These statements may
include statements related to the impact of the COVID-19 pandemic,
including the recent sharp decline in the global demand for and
resulting global oversupply of crude oil and the resulting steep
decline in oil prices, production quotas imposed by Gabon,
disruptions in global supply chains, quarantines of our workforce
or workforce reductions and other matters related to the pandemic,
well results, wells anticipated to be drilled and placed on
production, future levels of drilling and operational activity and
associated expectations, the implementation of the Company’s
business plans and strategy, prospect evaluations, prospective
resources and reserve growth, its activities in Equatorial Guinea,
expected sources of and potential difficulties in obtaining future
capital funding and future liquidity, its ability to restore
production in non-producing wells, our ability to find a
replacement for the FPSO or to renew the FPSO charter, future
operating losses, future changes in crude oil and natural gas
prices, future strategic alternatives, future and pending
acquisitions, capital expenditures, future drilling plans,
acquisition and interpretation of seismic data and costs thereof,
negotiations with governments and third parties, timing of the
settlement of Gabon income taxes, and expectations regarding
processing facilities, production, sales and financial projections.
These statements are based on assumptions made by VAALCO based on
its experience and 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, crude oil and natural gas price volatility, the
impact of production quotas imposed by Gabon in response to
production cuts agreed to as a member of OPEC, inflation, general
economic conditions, the outbreak of COVID-19, the Company’s
success in discovering, developing and producing reserves,
production and sales differences due to timing of liftings,
decisions by future lenders, the risks associated with liquidity,
lack of availability of goods, services and capital, environmental
risks, drilling risks, foreign regulatory and operational risks,
and regulatory changes.
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.
Inside Information
This announcement contains inside information as
defined in Regulation (EU) No. 596/2014 on market abuse (“MAR”) and
is made in accordance with the Company’s obligations under article
17 of MAR.
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