Vaalco proves more oil close to Etame

Vaalco Energy’s Etame No. 1 (ETSEM-1) exploration well offshore Gabon has intersected around 16 ft (5 m) of Gamba sandstone section which logged oil full to base.

Offshore staff

HOUSTON -- Vaalco Energy’s Etame No. 1 (ETSEM-1) exploration well offshore Gabon has intersected around 16 ft (5 m) of Gamba sandstone section which logged oil full to base.

The well is on a prospect in the Etame Development Area, 3 mi (5 km) southeast of the Etame field. The Gamba sandstone section encountered is the same reservoir that currently produces in the Etame, Avouma, South Tchibala, and Ebouri fields.

Vaalco is preparing to side track the well in an attempt to confirm an oil accumulation and to pinpoint the oil/water contact in the Gamba sandstone section, thereby establishing whether the find is commercial.

The side track should take around 22 days to drill. Another side track may be needed to further delineate the prospect, named Southeast Etame. If the field is commercial, it would probably be tied back to the FPSO on Etame.

ETSEM-1 has been deepened to investigate potential Dentale sand reservoirs below the Gamba sandstone section. Although some hydrocarbon shows were encountered, the company believes the Dentale sands are mainly water-bearing at this location, but evaluation continues.

Once the ETSEM-1 appraisal well has been completed, Vaalco will move the rig to the Etame field to drill a new horizontal development well (Etame 7H), which it expects to complete this summer.

06/17/2010

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