VAALCO further defines Ebouri reservoir

VAALCO Energy has drilled one pilot hole to the south of the original Ebouri discovery and a second pilot hole to the northeast of the original discovery.

Offshore staff

HOUSTON -- VAALCO Energy has drilled one pilot hole to the south of the original Ebouri discovery and a second pilot hole to the northeast of the original discovery. Both successfully delineated additional Gamba sandstone reservoir above the oil/water contact, thereby increasing the acreage and reserves of the Ebouri field. VAALCO is completing the development well horizontally on the same orientation as the second pilot hole. First oil production from the well is expected in January 2009, the company says.

The company has also hit pay with the North Ebouri appraisal well in the Etame block northeast of the Ebouri platform. The well struck a 21-ft (6.4-m) oil column, further expanding Ebouri field. VAALCO plans a sidetrack to optimize the location for a possible second horizontal development well. In addition, the company is planning two exploration wells (North Etame and South East Etame) on newly mapped structures. The wells will be drilled back-to-back usingPride Cabinda.

VAALCO expects to bring total production from the Etame license area to approximately 25,000 b/d of oil. The Etame license production areas currently produce approximately 20,000 b/d, of which VAALCO has a 28.1% working interest.

12/31/2008

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