VAALCO Suspends Partial Production from Etame Field

VAALCO Energy has temporarily shut in production from the ET-3H well in the Etame Marin Field offshore Gabon due to the malfunction of a hydraulically operated down hole safety valve. A remotely operated vehicle (ROV) will be on location on or about July 11, 2003 to conduct a survey and provide the information necessary to ascertain the cause of the malfunction. Additional information will be provided upon receipt of the results of the survey.

The remaining wells continue to produce at a combined rate of approximately 9,400 barrels per day.

The Company's crude oil purchaser has, as of today, commenced lifting an approximate 600,000 barrels of oil for the account of the consortium.

Since coming onstream in September 2002, the Etame Field has performed beyond the Company's expectations. The field has produced approximately (4.3) million barrels of oil with no evidence of water production. VAALCO and the other consortium members have substantially completed the reprocessing and interpretation of existing and recently acquired 3D seismic data covering the Etame field and the adjacent areas. The partners are currently finalizing an exploration and development plan for the block for the remainder of 2003-2004, which plan contemplates the drilling of two exploration wells and two development wells on the concession.

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

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