Offshore Gabon Workover a Success

Offshore Gabon Workover a Success
VAALCO Energy on Monday reported the successful completion of the South East Etame 2H Well Offshore Gabon.

VAALCO Energy, Inc. on Monday reported the successful completion of the South East Etame 2H Well Offshore Gabon.

“We continue to execute operationally and have restored 2,400 gross barrels of oil per day (bopd) of production with the successful workover of the South East Etame 2H well,” commented VAALCO CEO Cary Bounds in a written statement emailed to Rigzone.

Houston-based VAALCO, the operator of the Etame Marin Block offshore Gabon, owns a 31-percent working interest in South East Etame 2H. The company stated that it released the Vantage Drilling International Topaz jackup drilling rig on April 9, 2020.

“We have now released the Vantage drilling rig after completing the successful 2019/2020 drilling campaign and executing two workovers that restored production from wells that were shut in due to electronic submersible pump (ESP) failures,” continued Bounds. “We have elected not to pursue any additional preemptive workovers at this time. We are proud of the highly successful and transformational drilling program that has added meaningful production and significantly reduced our operating costs per barrel.”

VAALCO stated that it brought two new wells online during the first quarter of 2020. Also, the firm noted that its production for the period was 18,298 gross bopd, or 4,944 bopd net revenue interest (NRI) to VAALCO. The firm noted the Q1 output is 35 percent greater than its average production for the preceding quarter, and it reaffirmed its full-year 2020 production guidance of 4,400 to 5,000 bopd NRI.

“In addition, our strong production has helped us to lower our operational breakeven cost of approximately $31.00 per barrel and, coupled with our current hedge portfolio, positions us well to navigate through the uncertain macro environment we face today,” Bounds remarked.

The VAALCO executive also stated Monday that his company’s operations have not been disrupted by the COVID-19 pandemic.

“(W)e have managed through the logistical challenges that we have faced since the outbreak,” Bounds said. “VAALCO continues to put the safety of our workers and local stakeholders first and has contingency plans in place in the event that we are directly impacted.”

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