7th Dec 2020 19:37
Vaalco Energy Inc - hydrocarbon exploration company - Completed acquisition of 1,000 square kilometres of new dual-azimuth 3D seismic data over the entire Etame Marin block, offshore Gabon, which will go towards optimising and derisking future drilling locations identify new locations.
Estimates total costs of both acquisition and processing of seismic data to be between USD14 million to USD16 million over the fourth quarter of 2020 and fourth quarter of 2021.
Looking ahead, planning for the start of the next drilling campaign at Etame in late 2021 or early 2022.
"Over the past 20 years, we have capitalized on the significant resource potential at Etame by increasing the ultimate recovery from the initial estimate of 30 million gross barrels of oil to 147 million gross barrels of oil on a 2P basis. Looking ahead, our new 3D seismic survey is a vital tool in helping us unlock the remaining 116 million gross barrels of oil reserves and resources identified on the license," said Chief Executive Officer Cary Bounds.
Current stock price: 115.00 pence
Year-to-date change: down 22%
By Dayo Laniyan; [email protected]
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