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Friday, September 13, 2013
VAALCO Energy struck out with its latest well in Gabon. The company completed drilling its well on the Ovoka Prospect; unfortunately the zones of interest in the well were found to be water bearing and the reservoir properties in the Lucina were of poor quality.
VAALCO also reported that the construction of two production platforms for the development of the Etame Marin Block offshore Gabon is underway and the company confirmed that timing for delivery continues to be on schedule. VAALCO expects one platform to be installed in the Etame field and the second platform to be installed in-between the Southeast Etame and North Tchibala fields in H1 2014, bringing the total number of platforms in the Etame Marin block to four. Multiple wells are expected to be drilled from each of the new platforms as part of the future development plans for the Etame Marin block.
The company and its partners are in discussions pertaining to future exploration prospects on the Etame Marin Concession.
The company also continues, along with its partner Total Gabon, to negotiate with the government of Gabon on the terms to proceed with the development of the Mutamba oil discovery onshore Gabon and the terms for the renewal of the existing exploration concession.
Offshore Angola, VAALCO has petitioned Sonangol to be assigned the 40% working interest they are holding as a result of the default of the government appointed partner. VAALCO will then control 80% of Block 5 with Sonangol having a 20% carried working interest. Upon assignment of the 40% working interest, VAALCO expects to farm-out the interest to a third party that has already been identified. VAALCO then intends to commence drilling two exploration wells as soon as practical following the approval of the farm-out by the government.
In Equatorial Guinea, VAALCO has requested that the government consent to appointing the it as operator of Block P. Upon receiving affirmative notification of operatorship, VAALCO expects that the consortium will proceed to contract for a drilling rig to drill two exploration wells. Meetings are scheduled in Equatorial Guinea for the latter half of September to discuss operatorship.
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