Vaalco Makes New Discovery at Ebouri Prospect Offshore Gabon

VAALCO Energy reports that the wildcat well Ebouri No. 1 ("EBO-1"), reached total depth offshore Gabon, and logged approximately 15 meters (48 feet) of net oil pay in 17 meters (55 feet) of gross Gamba sandstone section. The Ebouri well is being drilled on a prospect 11 kilometers (7 miles) away from the Etame field, which VAALCO produces at approximately 15,000 barrels oil per day. The Gamba sandstone section in the EBO-1 well is the same reservoir as in the Etame field. Both accumulations lie within the 3,073 square kilometer Etame Block, which VAALCO has operated since 1995.

The EBO-1 well was subsequently successfully sidetracked to confirm the accumulation and encountered approximately the same amount of net pay within the Gamba sandstone section at the sidetracked location. Wireline logging operations are currently in progress to obtain formation information, and to attempt to get an oil sample from the well.

A second well or a further sidetrack will be necessary to fully delineate the prospect. The decision on whether to sidetrack or drill a second well will be made upon completion of wireline logging operations. If the prospect proves to be commercial, it is believed the new field can be tied back to the existing floating production facilities located at the Etame field over the course of the next year. These facilities have designed capacity to receive 25,000 to 30,000 barrels of oil per day.

VAALCO expects to drill one new development well in the Etame field during the second quarter of this year, in an effort to increase Etame production to in excess of 20,000 barrels of oil per day. The consortium also has one additional exploration well commitment on the Etame Block, which will also be drilled during the second quarter of this year.

VAALCO's subsidiary VAALCO Gabon Etame, Inc. operates and owns a 28.07% interest in the Etame Field. Other field partners are PanAfrican Energy Gabon Corp. (31.36%), Sasol Petroleum West Africa (Ltd.) (27.75%), Energy Resources Japan Etame (Gabon) Limited (2.98%) and PetroEnergy Resources Corp. (2.34%) Energy Africa Gabon (7.5%).

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