Vaalco Energy, an African-based oil company, says its South East Etame 4P evaluation,
offshore Gabon in the Etame Marin, has successfully produced oil sands in the Gamba
region.
The well contains around 20 feet of good quality Gamba oil sands, with a storage capacity
comparable to the South East Etame 2H. Vaalco estimates the company’s net profit stake in
the newly discovered field has the prospective potential of 1 to 2 million barrels.
“Operations are underway to begin drilling the South East Etame 4H development well
based on this successful appraisal wellbore, and expected initial production rates are 1,200
to 2,500 gross barrels of oil per day, or 325 to 675 barrels of oil per day net revenue interest
to Vaalco,” the company said.
According to Vaalco’s Chief Executive Officer, Cary Bounds, this step-out exploration is
targeting new prospective deposits that should be translated to 2P reserves by year-end
2020 following the successful testing of the South East Etame 4H and further technological
assessment.
“We are delighted by the continued success from our 2019/2020 drilling campaign, where
we have now successfully confirmed additional resources from the two appraisal wellbores
and brought two development wells online above predrill expectations,” he noted.
