Separately, VAALCO announced that it has issued a letter of intent to Gulf Island, LLC of Houma, Louisiana to build the platform to develop the Avouma field. The bid award is subject to execution of a definitive contract expected to occur shortly. Construction will begin immediately thereafter at their yard.
Mr. Robert Gerry, Chairman and CEO of VAALCO stated "while the lack of a discovery on the South Avouma wildcat prospect is disappointing, it does not detract from our overall plan to increase production at the Etame field with the ET-6H development well, and to move forward with plans to develop the Avouma field in 2006. Upon receipt of the processed 3-D seismic over the Ebouri prospect this fall, we expect to prepare and submit to the government of Gabon a development plan for that discovery as well. We will also be looking at other exploration prospects to drill in the near future."
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