13th Dec 2021 21:25
Vaalco Energy Inc - Houston, Texas-based oil producer offshore Gabon, West Africa - Commences 2021/2022 drilling campaign offshore Gabon, starting with the Etame 8H-ST well.
The well is expected to be completed in January, and production is due to start in the first quarter of 2022.
"We believe that executing another successful drilling campaign with the goal of adding material production and reserves will significantly improve our size and scale, further enhancing our ability to execute on our accretive future growth initiatives. 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 cashflow given it's 63.6% interest in the licence," says Chief Executive Officer George Maxwell.
Current stock price: 250.00 pence
Year-to-date change: up sharply from 120.00p
By Dayo Laniyan; [email protected]
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