“The effective Etame 9P is the 1st of lots of appraisal prospects that we have identified that have the likely to generate considerable natural and organic worth for our shareholders.”
(LON:EGY, ) has created a beneficial start out to its time in London, saying a new oil discovery offshore Gabon.
The not too long ago mentioned oil and gas firm, in a statement, unveiled that Etame-9P appraisal properly has confirmed the Dentale reservoir, beneath the recognized Etame field.
Dentale was beforehand identified in a 2001 perfectly at Etame and in this gap the organization has lower an oil column measuring 35 ft. VAALCO observed that the reservoir is estimated to host some 2.5 to 10.5mln barrels of recoverable sources.
Read through: Vaalco gets the cookie cutter out as it aims 5-fold development
Cary Bounds, VAALCO chief government, highlighted the enterprise was evaluating the viability of drilling Dentale enhancement wells in the long run to prolong Etame’s lifespan as a result of more reserves and output.
Furthermore, the firm stated that the effectively also encountered a thicker-than-predicted reservoir in the Gamba zone, the generating reservoir at Etame, and, as these types of it now anticipates higher recoveries from the Etame-9H very well.
Etame-9P is a vertical pilot effectively, from which a horizontal very well (Etame-9H) will be drilled.
The firm noted that equipment turned stuck in the hole and retrieval functions are underway. It is now anticipated that horizontal drilling will be delayed, with the properly completion now because of in December.
“We are enthusiastic that our first appraisal wellbore in the 2019/2020 drilling marketing campaign has confirmed our estimates of meaningful recoverable sources in the subcropping Dentale, which we at this time have labeled as prospective,” Bounds said.
“The prosperous Etame 9P is the initial of a lot of appraisal prospects that we have determined that have the opportunity to create considerable organic and natural worth for our shareholders.
“The result reaffirms the upside likely yet to be exploited from the Etame field.”
New entrant to London’s oil sector
VAALCO outlined in London past thirty day period with the Texas headquartered, Africa focussed agency introducing to its present listing in New York.
At that time, Bounds described the transfer as a ‘significant milestone’. “Our listing on the LSE will enhance our existing listing on the NYSE and supply a further strategic system to aid our targets for expansion,” he said.
“We seem ahead to continuing to build on our monitor report of operational excellence and price generation as we carry out our energetic get the job done programme and seek out inorganic opportunities in line with our strategic target.”
VAALCO’s main asset is a 31% curiosity in the Etame area offshore Gabon where by, in the next quarter of 2019, it was manufacturing some 3,664 barrels of net oil generation for each working day. The discipline has developed a total of 110mln barrels of crude in its running lifetime to date.
As it came to London the business was also functioning on a new 5 perfectly programme of drilling at Etame, comprising a few appraisals and two pure enhancement wells.
Etame presently has some 123mln barrels of reserves and assets, and, VAALCO thinks substantial enhancement options continue to be in the area, supported by the current infrastructure which can allow for new production to appear on the net swiftly.