Vaalco Energy spuds first well in Phase Three drilling program offshore Gabon

VAALCO Energy (EGY) announced that it has commenced its Phase Three Drilling Program offshore Gabon with the spudding of the ET-15 infill well on the Etame platform. George Maxwell, Vaalco’s CEO, commented, “We are excited to commence our drilling campaign in offshore Gabon and are beginning the near-term series of value creation catalysts that we outlined to the market in our Capital Markets Day presentation this past May. The drilling rig arrived in late November, and we have spud our first well, the ET-15. We are initiating the program at the Etame platform with this infill well and the pilot holes. After drilling at the Etame platform, we expect to move the rig to the SEENT and Ebouri platforms where we have several wells and workovers planned to enhance production, lower costs and potentially add reserves. As we enter 2026, with major projects underway in both Gabon and Cote d’Ivoire, we are looking to drive meaningful growth that we believe will translate into value for our shareholders for the remainder of the decade.” As previously announced, the company secured a drilling rig in December 2024 in conjunction with its Phase Three Drilling Program, with an affiliate of Borr Drilling.