7th Jul 2022 21:23
Vaalco Energy Inc - Houston, Texas-based hydrocarbon exploration company - Completes drilling South Tchibala 1HB-ST well from the Vouma platform in the Etame field, offshore Gabon.
Well will be flowed slowly and at varying rates of fluid per day over its initial flow back period. In addition, upside potential has been identified in a second sand encountered within the well, which shows hydrocarbon potential.
The well is expected to add new reserves not captured previously in Vaalco's proved and probable reserves.
Looking ahead, company reaffirmed 2022 net production guidance between 9,500 and 10,500 barrels of oil per day.
"We are pleased with the results of the South Tchibala 1HB-ST well which will add to production once the long-term stabilized rate is established, and more importantly, adds new reserves to Vaalco's 1P and 2P positions. The continued success of our 2021/22 drilling campaign, coupled with a strong pricing environment and financial efficiencies of keeping the rig on location has enabled us to extend the current four-well program by an additional two wells," said Chief Executive Officer George Maxwell.
Current stock price: 667.97 pence
12-month change: up sharply from 228.00p
By Dayo Laniyan; [email protected]
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