VAALCO rovided a further update on the Southeast Etame No. 1 ("ETSEM-1") exploration well which, as previously announced, was drilled to a total depth of 2,757 meters (9,045 feet) offshore Gabon encountering approximately five meters (sixteen feet) of Gamba sandstone section which logged oil full to base.
VAALCO has completed a second sidetrack of the well and preliminary information indicates an oil column of up to 27 meters (90 feet) based upon the estimated oil/water contact. Further analysis will be required to estimate the size of the discovery and to assess potential development strategies.
The drilling rig Sapphire Driller will move to the Etame field to commence drilling a new horizontal development well, Etame 7H (ET-7H). The well is designed to replace the original vertical field discovery well (ET-1V) and is expected to be completed in the fourth quarter of 2010.
As previously announced, the partners in the Etame Marin concession met in mid-July, 2010, and elected to drill two additional wells immediately following the four well program. The first well, ETBSM-2H, will be a development well in the South Tchibala field. The second well, ETOMG-1, will be a new exploration well to test both the Gamba and Dentale reservoirs in the Omangou prospect. The prospect is located approximately two miles southeast of the Ebouri platform and approximately four miles to the northwest of the center of the Etame field.
The Company's subsidiary VAALCO Gabon Etame, Inc. 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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