VAALCO: Big Exploration, Dvlpmnt Plans for Gabon, Angola, North Sea

VAALCO Energy's current exploration and development schedule includes up to seven wells to be drilled in Gabon, Angola and the North Sea over the course of the next six to eighteen months.

"We hope to extend the size of the Ebouri field with a delineation well this summer, which could add approximately 24 million gross recoverable barrels to our reserve estimates," Gerry added. "We also anticipate drilling two new prospects offshore Gabon, and two prospects onshore in Gabon by year-end. Each of the offshore prospects has gross reserve potential in excess of 20 million barrels, while the onshore targets, where VAALCO has a 100% working interest, range in potential from 10 to 20 million barrels."

He added that in Angola, VAALCO is studying a large structure that could be drilled in early 2009. "The structure has target zones above and below the salt, which makes it especially attractive for our first prospect there. We believe our exploration program will yield substantial reserve adds from the drill bit as we are going after approximately 100 million barrels of un-risked reserves net to VAALCO. We look forward to rewarding our shareholders in the months to come with our aggressive drilling program."