VAALCO has provided an update on its two exploratory wells onshore Gabon in the Mutamba concession. VAALCO said that the first of two exploratory wells onshore Gabon in the Mutamba concession (Ontou-1) was drilled to a depth of approximately 3,800 feet. The objective reservoir, the Gamba sandstone, was present but was low to prognosis and was water bearing. Accordingly, the well will be logged, then plugged and abandoned. The Company noted that these results have no impact on the second planned exploratory well in the Mutamba concession.
The second planned exploratory well (N'Gongui-1) is located on an island in a lagoon, and the Nabors 864 rig is in the process of being rigged-down and moved to this location. VAALCO expects that it will take approximately 30 days to move the rig, with drilling expected to commence in late March or early April. VAALCO has a 100% working interest in the onshore Mutamba block.
Robert Gerry, Chairman and CEO of VAALCO, said, "We are proceeding with our exploration and drilling program and we will continue to take prudent risks to drive growth in reserves. We have strong supporting data for our additional exploration wells, and these opportunities, together with our development wells in North Ebouri, reinforce our continued confidence in VAALCO's prospects for growth and value creation."
In addition to the Company's exploration well onshore Gabon in the Mutamba concession, VAALCO currently has two development wells in North Ebouri and plans to drill exploratory wells in Southeast Etame and Angola. The Company also has a 25% interest in a gas prospect in the British North Sea on which it is currently drilling.
VAALCO said that the buyer of its crude oil is expected this week to complete a lifting of 400,000 barrels from the Company's FPSO.
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