VAALCO Announces Results Of Etame 4V

VAALCO Energy, Inc. announced the successful drilling of the Etame 4V well on the Etame Marin concession offshore Gabon. The well was drilled approximately 1.5 miles from the discovery well to a depth of 7,220 feet and log analysis indicates a gross oil column of 105 feet with net pay of approximately 80 feet. The well was drilled by Global Marine’s jackup, Adriatic I. The well was conventionally cored and recovered 57 feet of oil saturated sandstone in the Gamba and Dentale formations. The Gamba sandstone, the primary target reservoir, was approximately 45 feet thick in the well and was full of oil throughout the entire interval. This represents approximately 30 percent greater sand thickness than seen in the previous wells within the Gamba formation.

"Of the four wells drilled on the Etame concession, this well appears to contain the highest amount of pay sands," stated Robert Gerry, Chairman and Chief Executive Officer of VAALCO. "We definitely have a large commercialdiscovery and will now proceed to develop the field on a fast track basis. We anticipate completing three wells through subsea completions to a floating production, storage and offloading facility. We are projecting first oil into the tanker at a rate of approximately 12,000 barrels oil per day during the first quarter of 2002. After ascertaining deliverability from the three wells, future wells will be added to fully develop the field."

The Etame consortium consists of VAALCO Energy as operator with 30.35%, Pan African Energy Corporation Ltd. with 32.5%, Sasol Petroleum International with 30%, PetroEnergy Resources Corporation with 4.5% and Nissho Iwai Corporation with the remaining 2.65%.


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