Vaalco Energy provides operational update

Vaalco Energy (EGY) announced “positive” operational updates in Gabon regarding the ongoing drilling program, including “encouraging” initial well results on the Etame 14H well and mobilized the rig to the Ebouri platform. Additionally, the company provided updates on the timing of bringing the Baobab field in CI-40 block, offshore Cote d’Ivoire back online. Successfully drilled, completed and placed on production the Etame 14H development well in the Etame field, with a lateral of 325 meters of net pay in Gamba sands; achieved initial flow rate of approximately 4,850 gross BOPD, 2,850 BOPD net to Vaalco; encountered 325 meters of net pay in Gamba reservoir sands with better-than-expected porosity and permeability; continued the drilling campaign in offshore Gabon, and drilling has commenced on the EEBOM-5H development well; targeting an updip/attic position for the EEBOM-5H well; and the refurbished Baobab Ivorien Floating Production Storage and Offloading Vessel has completed its tow from Dubai, and arrived back in Cote d’Ivoire on April 2. Restart of production remains on track for Q2.