VAALCO kicks off its offshore Gabon drilling campaign
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HOUSTON – VAALCO has commenced its 2019/2020 drilling campaign and spud the Etame 9P appraisal wellbore at the Etame field offshore Gabon. Drilling of the Etame 9P appraisal wellbore is expected to take approximately four weeks, after which the Company will commence drilling the Etame 9H development well targeting the Gamba reservoir. The objective of the Etame 9P appraisal wellbore is to test the Dentale reservoirs beneath the Etame field. VAALCO estimates that there could be up to 4.6 MM gross barrels of recoverable oil present in the Dentale reservoirs.
If these resources are present in the Dentale, the Company will need to drill additional wells to exploit these reservoirs. As previously announced, VAALCO contracted the Vantage Drilling International Topaz jackup drilling rig to execute the 2019/2020 drilling campaign, which will include two appraisal wellbores and up to three development wells.
Cary Bounds, VAALCO’s CEO, commented, “We have entered into the first phase of our growth strategy starting with the Etame 9P appraisal wellbore where we are seeking to de-risk significant resources in the Dentale formation with a view to future exploitation opportunities. The resources we are targeting were identified in oil-bearing Dentale reservoirs encountered in wells drilled beneath the Gamba reservoir at the Etame field. The Etame 9P appraisal wellbore represents the first of many opportunities where we are attempting to create substantial value for our shareholders by converting resources to reserves in a cost-effective manner.”