Under the terms of the agreement, VAALCO has agreed to contribute to the costs and expenses to drill and test an exploratory well to a depth of 13,000' to evaluate the Upper Jurassic Brae Sands, thereby earning a 25% working interest in the license. Bow Valley, the Operator, intends to commence drilling as soon as possible, which may be as early as fourth quarter 2007, if a suitable rig is available. The agreement is subject to final approval by the UK Department for Business, Enterprise and Regulatory Reform.
Mr. Robert L. Gerry, Chairman and Chief Executive Officer, stated "We started evaluating UK North Sea projects last year, and are very pleased to make our first deal on this outstanding opportunity. We continue to evaluate other North Sea projects in order to build this into a core area for VAALCO."
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