VAALCO Energy has successfully completed second horizontal development well, the EEBOM-3H in the Ebouri field. The first oil production took place on April 8, 2009, and at the new production record of 24,993 barrels of oil per day (bopd) from the Etame Marin block was placed two days later. The company anticipates production from the Etame block to average about 25,000 bopd.
Robert Gerry, Chairman and chief executive officer of VAALCO Energy , said, While we are naturally disappointed with the Mutamba results, particularly given the data available, we are pleased to have successfully brought on-line our new development well in Ebouri. This new well, together with the development well brought on-line in January, will enable VAALCO Energy’s production to meaningfully exceed 2008 levels. We remain committed to taking prudent exploration risks as part of our focus on growth for our shareholders.
As earlier stated, VAALCO Energy has extended its development program with two new development wells (EEBOM-2H and EEBOM-3H) in North Ebouri. Additionally, VAALCO Energy intends to drill the Southeast Etame prospect, the timing of which will depend on consortium negotiations. VAALCO Energy also plans two exploratory wells offshore Angola for late 2009 and 2010.
