The company has completed interpretation of its reprocessed 3D seismic data on the block. Initial analysis suggests the top four prospects/leads have combined recoverable resource potential of more than 800 MMbbl of oil.
Numerous large independent E&P companies and some majors have expressed interest in reviewing the data over the coming months.
The concession runs through November 2017. At present, no further exploratory drilling is planned before early 2017.
Offshore Equatorial Guinea, VAALCO continues to work with the Ministry of Mines, Industry and Energy and block operator GEPetrol on a revised joint operating agreement that should lead to VAALCO being appointed operator.
The partners continue to work on approval of a field development and production plan. They are reviewing the project’s economics in light of continued low oil prices and the likely attendant decrease in development costs.
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