VAALCO provided an update on the Southeast Etame No. 1 ("ETSEM-1") exploration well which, as previously announced, was drilled to a total depth of 9,045 feet (2,757 meters) offshore Gabon encountering approximately sixteen feet (five meters) of Gamba sandstone section which logged oil full to base.
VAALCO has completed a sidetrack of the well and a second sidetrack is underway to further delineate the prospect. The results of the first sidetrack are still being analyzed. The second sidetrack is expected to be completed by the end of July 2010. If the Southeast Etame prospect proves to be commercial, it is expected the new field can be developed and tied back to the Company's existing floating production, storage and offloading ("FPSO") facilities.
Following the completion of the appraisal of the ETSEM-1 well, VAALCO will move the drilling rig Sapphire Driller to the Etame field to drill a new horizontal development well, Etame 7H (ET-7H). ET-7H will be drilled in a known separate fault block in the Etame field as a replacement well for the ET-1V well which has been producing since 2002. The new well has the potential to add additional production of approximately 3,000 to 4,000 gross barrels per day. VAALCO expects to complete ET-7H during the fourth quarter of this year.
The partners in the Etame Marin concession met in mid-July, 2010, and exercised the drilling rig option to drill two additional wells immediately following the current four well program. The first will be a development well in the South Tchibala field. The second well, Omangou 1, will be a new exploration well to test both the Gamba and Dentale reservoirs. The Omangou prospect is located approximately 2 miles southeast of the Ebouri platform and approximately 4 miles to the northwest of the center of the Etame field.
The Company's subsidiary VAALCO Gabon Etame operates the Etame Marin Permit in which it holds a 28.07% net interest in the Etame Field. Other participants in the permit are Addax Petroleum Etame Inc. (31.36%), Sasol Petroleum Etame Limited (27.75%), Sojitz Etame Limited (2.98%), PetroEnergy Resources Corp. (2.34%) and Tullow Oil Gabon SA (7.5%).
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