Vaalco issues offshore West Africa activities update

Vaalco Energy has provided an update of its E&P activities offshore West Africa.

May 20th, 2014

Offshore staff

HOUSTON – Vaalco Energy has provided an update of its E&P activities offshore West Africa.

Offshore Angola, the company and new partner, Sonangol P&P have purchased seismic data covering the outboard segment of block 5, currently undergoing processing.

Last month Vaalco received a letter and contractual amendment proposal from Sonangol E. P. which the Angolan government will likely ratify. This provides for a three-year extension for the exploration permit until Nov. 30, 2017, and outlines the timing for drilling of the two exploration wells.

One must spud prior to the expiration of the current Nov. 30, 2014 time extension, and the second by early 2016. The semisubmersibleTransocean Celtic Sea should drill this year’s well subject to approval from Sonangol E.P.   

Offshore Equatorial Guinea, Vaalco and block P operator GEPetrol are developing a joint operatorship model for exploration on the block. This should lead to drilling of two exploration wells during 2014/2015.

Two production platforms are expected to be installed later this year as part of the additional development of theEtame Marin block offshore Gabon – one on the Etame field and the other between the Southeast Etame and North Tchibala fields.

Three wells will probably be drilled from both platforms during the initial development phase, with theTransocean Constellation II jackup rig due to start the program in 4Q.

05/20/2014

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