VAALCO continues West Africa E&P program

VAALCO currently has six producing wells offshore Gabon: four in the Etame field and two in the Avouma /Tchibala fields.

Offshore staff

HOUSTON -- VAALCO currently has six producing wells offshore Gabon: four in the Etame field and two in the Avouma /Tchibala fields. Production from these wells is approximately 20,500 b/d.

In early November, the company expects to continue the planned upgrade of the FPSO serving these fields. Upgrade work includes the installation of an expanded flare system and increasing the water processing capacity to accommodate production from the planned development well in Ebouri. The work is expected to be completed within five to seven days during which time production will be temporarily shut-in.

The company is planning seven additional development and exploration wells:

•Development well in the Ebouri field: In August 2008, VAALCO completed the installation of the production platform for this well, and the platform was tied back via pipeline to the FPSO facility that also serves the Etame and Avouma/Tchibala fields. TheAdriatic 6 should begin drilling in mid-November with first oil production from the Ebouri development well now expected in January 2009. The company continues to expect production at a rate sufficient to bring total production to approximately 25,000 b/d.

•Three exploratory wells in the Etame block: These wells include an appraisal well (North Ebouri) for possible expansion of the Ebouri field and two wells (North Etame and South East Etame) on newly mapped structures. VAALCO has increased its interest in the North Ebouri development well and in the South East Etame well to 44% from 30%. The jackupPride Cabinda is expected to be on location by November with drilling to begin shortly thereafter. The wells will be drilled back-to-back and have combined gross reserve potential additions in excess of 60 MMbbl, the company says.

•One exploratory well in Angola: The company previously announced that it expected to move forward on the planning for a well on Angola block 5 during the first half of 2009 depending upon rig availability. Due to rig demand, VAALCO now expects this to occur in 3Q 2009. The company has recommended to the consortium a prospect with three objective zones, both above and below the salt layer on the block. Total potential from all three objectives is 150 MMbbl.

10/15/2008

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