Avouma Production Platform Arrives in Gabon

VAALCO Energy's production platform has arrived at its Avouma field off the coast of Gabon in West Africa, and a 10-mile-long pipeline linking the platform to a Floating Production, Storage and Offloading facility should be completed next week.

The Avouma field, which VAALCO discovered in 2004, is expected to produce approximately 10,000 barrels oil per day from two horizontal wells when production begins late in the fourth quarter this year. Drilling at the site is due to begin in October.

Robert Gerry, Chairman and Chief Executive Officer, stated, "Avouma will be our second field on the Etame Block to come on production. The first field, Etame, was developed in 2002 and produces approximately 18,000 barrels oil per day. The $100 million Avouma development project, when completed, will take our production to a new level."

In addition VAALCO announced that it has received Gabon government approval for a development area around the Ebouri discovery, also discovered in 2004. A development plan is almost complete and will be filed with the government, with a target of late 2007 for startup of the Ebouri field. Ebouri is expected to add an additional 5,000 barrels per day to the Etame Block production.

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