Mr. Robert Gerry, Chairman and CEO of VAALCO stated, "We now have three penetrations of the Gamba reservoir within the Ebouri prospect, all confirming oil pay. While a further step out will be necessary before we can determine the reserves, we believe we have a commercial new field discovery. We were able to get samples of the oil from the pay interval and confirm that it has an API of approximately 36 degrees, similar to the Etame oil. Engineering studies to tie the Ebouri discovery back to our existing FPSO facilities will begin immediately. 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 to increase Etame production to over 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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