Vaalco reports strong gas supply well results offshore Gabon

Vaalco Energy has announced operational updates on its ongoing drilling program offshore Gabon, highlighting positive results from the ETBNM-3 well and the start of drilling operations on the ETSEM-3PH well.

The company successfully drilled, completed and placed on production the ETBNM-3 gas-supply well, located in the crestal portion of the North Tchibala structure and targeting the Dentale D-15 reservoir.

Reservoir properties at the well came in above pre-drill estimates, with strong porosity and permeability along with more than 10 metres of net reservoir pay.

The well is expected to provide sufficient gas supply for field operations, liftings and power needs, significantly cutting costs tied to higher-priced diesel.

Vaalco said it is continuing to evaluate the potential of shallower pay intervals encountered in the D-9 and D-12 zones, which appear to contain wet gas to light oil pay.

Vaalco also continued its broader drilling campaign offshore Gabon, moving the rig on July 27th to a new slot on the SEENT platform to begin drilling the ETSEM-3PH pilot hole and development well.

The well is planned as a pilot hole and subsequent horizontal Gamba producer near the crest of the central fault block of SE Etame.

The pilot well is designed to test the original field oil-water contact and assess the potential of the underlying Dentale formation.

Following completion of the pilot well, Vaalco plans to drill a horizontal development well with a completion length of 300 meters within the Gamba sands.

George Maxwell, Vaalco’s Chief Executive Officer, commented: “We continue to execute operationally across our diversified portfolio of assets.

“In Gabon, the newly successful gas well won’t add production or sales directly but will reduce costs associated with using higher-priced diesel; this should improve field uptime and potentially add production uplift to existing wells over time.

“Our strategy remains unchanged with an ongoing focus on growing production, reserves and value for our shareholders.”

The ETBNM-3 well underscores Vaalco’s continued focus on optimising existing infrastructure and reducing operating costs across its Gabon assets, while the ETSEM-3PH well represents the next phase of the Company’s development drilling strategy in the SE Etame area.

Vaalco said further updates on both wells will be provided as operations progress.

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