Houston-based independent energy company Vaalco has signed a contract with Borr Jack-Up XIV, an affiliate of Borr Drilling Ltd., for its 2021/2022 drilling operations at the Etame Block, offshore Gabon.
Borr Jack-Up XIV will drill two development wells and two appraisal wellbores, with operations to commence on location in December this year. Vaalco, which holds a 58.8% stake in the Etame Marin Block, has also secured options to drill additional wells.
George Maxwell, Vaalco CEO, remarked, “We continue to work with our joint owners at Etame on our shared goal of executing another successful drilling campaign that can significantly add production and reserves,” adding that, “success on all four wells contained within the drilling campaign could result in an increase in production of 7,000 to 8,000 gross barrels per day and significant reserve additions of up to 10.2 million barrels of oil for the two appraised wellbores that would be converted from resources into 2P reserves at year-end 2022.”
Vaalco is an established operator and Africa-focused energy company with production, development and exploration assets in the West African region. The company is the operator and majority shareholder in the Etame Marin Block, offshore Gabon, which has seen the production of over 120 million barrels of crude oil.