Continental Focus, International Reach

VAALCO to Drop Drillbit in Gabon Campaign

Wednesday, September 4, 2019

Gabon is set to see some drilling action from VAALCO Energy soon. The company received notification from Vantage Drilling International that it expects the Topaz jackup rig to be released any day. The rig is currently under contract to ENI in Gabon.

VAALCO plans to spud the Etame 9P appraisal wellbore first, followed back-to-back with the Etame 9H development well.  It plans to drill up to three development wells and two appraisal wellbores in the 2019/2020 drilling program.

The company, in a statement, said it believes that there is significant reserve upside associated with the two appraisal wellbores as they may confirm up to approximately five million net barrels of 2P oil reserves spread across six well locations targeted in future drilling campaigns.

In addition, VAALCO said that it has completed its planned full field 2019 maintenance shutdown for the Etame Marin FPSO and four platforms. The entire work scope was completed successfully with no adverse environmental or safety incidents.  The field was shut-in for approximately nine days during the shutdown and then returned to pre-shutdown production levels.

VAALCO has exercised an election to extend the lease contract for the FPSO Petróleo Nautipa at Etame through September 2021, with an additional one-year option to run through September 2022.