The program should start and conclude in the current quarter, with processing completed by 4Q 2021.
VAALCO expects to use the results to optimize future drilling locations, provide better imaging of satellite and infill locations, and identify further upside opportunities. Projected cost of the acquisition and processing of the seismic survey is estimated to be between $13 and $15 million.
CEO Cary Bounds said: “Our long-term strategy is to optimize every location that we plan to drill and identify new locations to add to our drillable inventory. We believe that by acquiring and processing a state-of-the-art proprietary 3D, dual-azimuth seismic survey over our entire Etame block we are accomplishing these goals.”