VAALCO Energy Increases Production at Etame Field

VAALCO Energy reports that the recently completed development well, ET-5H, in the Etame Field, offshore Gabon is now producing oil at the rate of 9,200 barrels per day.

Robert L. Gerry, III, Chairman and CEO stated, "Our ET-5H infield development well has cleaned up quickly with no apparent problems and we have been able to stabilize production at approximately 9,200 barrels per day. This brings total production from the Etame Field to approximately 23,500 barrels per day. We continue to carefully monitor all aspects of our operations to ensure reservoir stability at this higher production level."

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%), Sojitz Etame Limited (2.98%) and PetroEnergy Resources Corp. (2.34%) Energy Africa Gabon (7.5%).

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