VAALCO announced that oil production has commenced from the Company's new development well in the Ebouri field. The well was drilled from one of the three well slots on the Ebouri platform. The platform was installed in a water depth of 250 feet.
VAALCO commenced drilling this development well in November 2008 with the jackup rig Adriatic 6. The first pilot hole was drilled to the south of the original Ebouri discovery and a second pilot hole was drilled to the northwest of the original discovery. Both of these pilot holes were successful in delineating additional Gamba sandstone reservoir above the oil water contact, thereby increasing the acreage and reserves of the Ebouri field. The development well was completed horizontally on the same orientation as the second pilot hole. In December 2008, VAALCO extended the Ebouri field with successful appraisal drilling, expecting to ramp up production from the Etame license to 25,000 bopd by adding more development wells. VAALCO has a 28.1% working interest in the Etame license area.
"I am pleased to begin 2009 with the success of both our development well and appraisal well in the Ebouri field," said Robert Gerry, Chairman and CEO of VAALCO. "Our drilling program continues at a strong pace and with results that have exceeded our expectations. These results combined with VAALCO's solid capital position give us confidence in our ability to continue growing reserves and shareholder value."
New North Ebouri Development Well
VAALCO also announced that it has commenced drilling a second horizontal development well following successful results from the North Ebouri appraisal well and recently completed sidetrack. The sidetrack well penetrated 65 feet of oil-filled Gamba sandstone, the thickest encountered to date in the Etame license area, proving-up significant additional reserves north of the originally mapped field development outline. The development well is being drilled in close proximity to the sidetrack. Completion and first oil production from this well are expected in March 2009.
With the new Ebouri and North Ebouri development wells, the Company expects total production from the Etame block to be approximately 25,000 bopd, which would maximize the current throughput oil capacity of the Floating Production, Storage and Offloading (FPSO) facility serving the Etame and Avouma / Tchibala fields.
With the completion of the North Ebouri appraisal well and sidetrack, the Pride Cabinda jackup rig has been moved 4.4 miles to the southeast and has commenced drilling the North Etame exploration well, which will be followed by a second exploration well in Southeast Etame.
Additional Planned Wells
Additional wells planned over the coming months include:
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