VAALCO Energy Announces First Oil Sale from Etame Field

VAALCO Energy, Inc. has completed the first sale of oil from the Etame Field, offshore Gabon, West Africa. During the weekend of November 9 and 10, Shell Western Supply and Trading Limited lifted approximately 693,000 barrels of 36 degree gravity oil onto the "M/V Venetia".

Approximately 200,000 barrels of oil remain on the consortium's FPSO and VAALCO believes an additional lifting could occur at the end of the November. The three well field is producing approximately 15,000 barrels of oil per day.

A 3-D seismic survey to acquire a total of 355 sq. km. of new 3-D seismic data is currently being shot over a previously determined portion of the Etame Marin Block to identify additional drilling opportunities. The seismic vessel "M.V. Geco Diamond" arrived on location and started data acquisition on Friday, November 8. The data acquisition is projected to be completed in three weeks.

Partners in the Etame Marin Permit are: VAALCO Gabon (Etame), Inc. (Operator) 28.1%; PanAfrican Energy Corp. Ltd. 31.4%; Sasol Petroleum International (Pty) Ltd. 27.7%; PetroEnergy Resources Corp. 2.3%; Energy Resources Japan Etame (Gabon) Ltd. 3.0%; Gabon Government 7.5%.