Energy Capital & Power

Vaalco Spuds First Well in 2021/2022 Drilling Campaign Offshore Gabon

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The Houston-based, hydrocarbon exploration company, Vaalco Energy, announced that it has spudded the Etame 8H-ST well, offshore Gabon, kicking off its 2021/2022 four-well drilling campaign, focused on the Etame field in Gabon.

Vaalco Energy awarded the drilling contract to international contractor, Borr Drilling, with the company recently deploying a jack-up rig to the Etame platform. Awarded in the second quarter of 2021, the contract for the rig involves drilling two development wells and two appraisal boreholes, with options retained for additional wells as part of Vaalco Energy’s ambition to stimulate production in the area.

With production expected for the first quarter of 2022, Borr Drilling’s rig – presumed to be the Norve jack-up rig, which is under contract with Vaalco Energy from December 2021 to April 2022 – has already started activities on the Etame 8H-ST development well.

“Enhancing our production, reducing our costs, and extending the economic life at Etame has been the driving force for Vaalco’s constituted success. This summer we secured a jack-up rig for our 2021/2022 drilling campaign and began drilling our first well, the Etame 8H-ST, this week,” stated George Maxwell, CEO of Vaalco Energy, on 13 December, adding, “We believe that executing another successful drilling campaign to add material production and reserves will significantly improve our size and scale. Further enhancing our ability to execute on our accretive future growth initiatives.”

Following Vaalco Energy’s efforts to increase crude production at the Etame field through two well workovers, which were completed in early-November, the announcement defines the company’s goal of extending the life of the field through the discovery of more hydrocarbons.

“The objective of the drilling campaign is to increase production by 7,000 to 8,000 barrels of oil per day gross, which would have a material impact on Vaalco’s net production and cash flow given its 63.6 percent interest in the license. We are confident we can achieve these objectives given our drilling track record at Etame. We are excited to get our next drilling campaign underway and will continue to provide updates throughout the program,” Maxwell concluded.

Vaalco Energy operates the Etame field in partnership with international oil and gas production company, Addax Petroleum, and Phillipines-based oil exploration company, PetroEnergy. The Houston-based company, earlier this year, acquired Sassol’s stake in the Etame field.

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Matthew Goosen

Matthew Goosen

Matthew Goosen is a Video Editor and Content Writer at Energy Capital & Power. He holds an Honours Degree in Film and Media Studies at the University of Cape Town and is currently undergoing his Masters Degree. Born in Pretoria and raised internationally, he has been living in Cape Town since 2013.