VAALCO Energy has provideded an update on its drilling program in the UK North Sea and West Africa.
Interest in North Sea (Vulcan)
VAALCO has a 25% interest in a gas prospect on Block 48/25c in the British North Sea. The Company is participating with Century Exploration on the exploration well, which is an offset to a former Shell gas discovery made in 1987. 3D seismic data indicates the ability to get higher on the structure than the earlier well, increasing the potential reserves to 60 Bcf. The well was spudded on February 12, 2009 and is currently drilling at approximately 1,500 feet.
The Company continues to expect that it will begin drilling a well on Angola Block 5 in late-2009 depending upon consortium agreement on the well objective and rig availability. The Company has recommended to the consortium a prospect with three objective zones, both above and below the salt layer on the block. Total potential from all three objectives is 150 million gross barrels. VAALCO has a 40% working interest in Block 5.
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