Robert Gerry, Chairman and CEO, stated, "With the completion of the Etame-6H well, we increased our proved developed reserves by approximately two and one half million net barrels. At the current choke setting, the well brings total field production to approximately 24,000 barrels of oil a day. Over the next few days, we will evaluate the effect of the ET-6H well on the existing wells before making any further adjustments to field production rate.
"Our next project is the development of the Avouma/South Tchibala discoveries south of the Etame field. We have commenced construction of the platform for this development and are planning for installation of the platform during the second quarter of next year. The development will be a two well project, anticipated to add production of approximately 10,000 barrels oil per day."
Concurrent with the startup of the ET-6H well, VAALCO completed a lifting for the consortium for approximately 500,000 barrels on July 31, 2005.
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