VAALCO Announces Etame 9H Development Well Has Been Successfully Completed and Placed on Production at Higher Than Anticipated Rate
VAALCO Energy, Inc. (EGY)
US:NYSE Investor Relations:
vaalco.com/about-us/governance
Company Research
Source: GlobeNewswire
HOUSTON, Dec. 03, 2019 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (the Company) today provided an update on its 2019/2020 drilling program Offshore Gabon. Highlights Successfully completed Etame 9H development well including approximately 1,000 feet of horizontal section in Gamba reservoir;Brought onto production at a stabilized flow rate of 5,500 gross barrels of oil per day (BOPD), 1,500 net BOPD to VAALCO, with no H2S;Due to high reservoir quality, production is higher than the pre-drill estimate of 2,500 to 3,500 BOPD gross, 675 to 960 net to VAALCO;Increased its forecasted 2019 net exit production rate to 4,500 to 4,700 BOPD, up 16% from its prior estimate of 3,800 to 4,100 BOPD;Expects recategorization of 6.2 million barrels of undeveloped 2P oil reserves to developed 2P oil reserves;Commenced drilling of the Etame 11H horizontal development well with production expected online in late January;Continued planning underway for workover activity on
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