Vaalco lining up rig for five wells offshore Gabon
Vaalco Energy is in negotiations for a rig to drill up to three development wells and two appraisal wellbores this year on the Etame Marin permit offshore Gabon.
The company hopes to confirm 2.8-5.6 MMbbl of 2P oil resources from the appraisal drilling. It expects to spend $25-30 million on the full five-well campaign.
CEO Cary Bounds said: “Last year was a transformational year for Vaalco as we were able to secure the future of the company by extending our license to operate the Etame permit…for up to 20 more years…
“The three development wells are expected to immediately increase production and the appraisal wellbores will help further define opportunities to potentially add reserves and production in future drilling campaigns beyond 2019. Our vision is to repeat this process multiple times and continue adding reserves and production for many years to come.”