26th Apr 2022 21:14
Vaalco Energy Inc - Houston, Texas-based hydrocarbon exploration company - Completes Avouma 3H-ST development well drilled from the Avouma platform in the Etame field, offshore Gabon.
Initial flow rate of the well is around 3,100 gross barrels of oil per day, above company's expectations. The sidetrack well targeted existing Gamba hydrocarbons at the top of a structure not produced by prior wells, and marks the second success of Vaalco's 2021/2022 drilling campaign.
"We are very excited with the initial results from another highly successful development well at Etame. The initial rates of 3,100 gross bopd are exceeding our initial internal estimates and demonstrate the potential of this new extension reservoir at Avouma. We have now brought online two successful development wells in 2022 with very strong initial flow rates at an opportune time, with sustained higher Brent pricing," says Chief Executive Officer George Maxwell.
Current stock price: 584.99 pence
12-month change: up sharply from 200.00p
By Dayo Laniyan; [email protected]
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