VAALCO Energy has provided an update on its exploratory well (N'Gongui-1) located onshore Gabon in the Mutamba concession and its new development well (EEBOM-3H) located in the Ebouri field offshore Gabon in the Etame Marin Block.
The N'Gongui-1 well was drilled to a depth of approximately 4,100 feet. The objective reservoir, the Gamba sandstone, was encountered but was water-bearing. Accordingly, the well will be logged, plugged and abandoned.
VAALCO also announced the successful completion of its second horizontal development well in the Ebouri field, the EEBOM-3H. First oil production occurred on April 8, 2009, and a new production record of 24,993 barrels of oil per day (bopd) from the Etame Marin block was set two days later. VAALCO expects production from the Etame block to average approximately 25,000 bopd.
Robert Gerry, Chairman and CEO of VAALCO, said, "While we are naturally disappointed with the Mutamba results, particularly given the data available, we are pleased to have successfully brought on-line our new development well in Ebouri. This new well, together with the development well brought on-line in January, will enable VAALCO's production to meaningfully exceed 2008 levels. We remain committed to taking prudent exploration risks as part of our focus on growth for our shareholders."
As previously announced, VAALCO has expanded its development program with two new development wells (EEBOM-2H and EEBOM-3H) in North Ebouri. In addition, VAALCO plans to drill the Southeast Etame prospect, the timing of which will depend on consortium negotiations. The Company also plans two exploratory wells offshore Angola for late 2009 and 2010.
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