Petroleum Africa
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Wednesday, June 6, 2018
VAALCO Energy’s workover operation on Gabon’s South Tchibala 1 HB well is complete, as is the replacement of the Electrical Submersible Pump (ESP) system. The ESP system replacement was conducted safely and efficiently with no injuries or environmental incidents.
The well is producing at approximately 990 bpd of oil gross. Workover operations are underway to replace the ESP system in the Avouma 2H well and restore approximately 2,000 bpd, or 540 barrels of oil net production to the Company.
Cary Bounds, Chief Executive Officer commented, “We are pleased to have regained full compliance with all NYSE listing requirements and we are therefore no longer contemplating a reverse stock split. At current Brent oil pricing, we are realizing significant cash flow generation as we maintain production at prior guidance levels. With the elimination of all of our outstanding debt and the continued strengthening of our balance sheet, we are preserving cash in anticipation of a development drilling campaign on our offshore Gabon asset in 2019.”
In addition, the company said that it had received notification from the NYSE that it had regained full compliance with all of NYSE’s continued listing standards. VAALCO’s common stock continues to trade without interruption on the NYSE.
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