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VAALCO Update on Etame 9H Development Well Offshore Gabon

Gasoil News - Published on Tue, 10 Dec 2019

Image Source: VAALCO Etame 9H
VAALCO Energy Inc has provided an update on its 2019-2020 drilling program Offshore Gabon. Cary Bounds, Chief Executive Officer, said “We are very excited with the continued success that we have had in the 2019/2020 drilling program thus far as we demonstrate the development potential from the Etame field. The very strong stabilized net rate of 1,500 BOPD from the Etame 9H well is a significant first step toward increasing overall production by approximately 25% in 2020 compared to 2019. With the Etame 9H well online, we expect our 2019 net exit production rate to average 4,500 to 4,700 BOPD, 16% higher than our previous estimate of 3,800 to 4,100 BOPD net to VAALCO.”

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, 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 Etame 10H and drilling of SE Etame 4P appraisal wellbore

Source :

Posted By : Yogender Pancholi on Tue, 10 Dec 2019
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