VAALCO confirms Southeast Etame find offshore Gabon with second sidetrack

Source: VAALCO

VAALCO Energy (NYSE:EGY) completed a second sidetrack of the Southeast Etame No. 1 well (ETSEM-1) offshore Gabon. Preliminary information indicates an oil column of up to 27 meters (90 feet) based upon the estimated oil/water contact. Further analysis will be required to estimate the size of the discovery and to assess potential development strategies. 

The original Southeast Etame No. 1 (ETSEM-1) exploration well which, as previously announced, was drilled to a total depth of 2,757 meters (9,045 feet) offshore Gabon encountering approximately 5 meters (16 feet) of Gamba sandstone section which logged oil full to base. 

The drilling rig Sapphire Driller will move to the Etame field to commence drilling a new horizontal development well, Etame 7H (ET-7H). The well is designed to replace the original vertical field discovery well (ET-1V) and is expected to be completed in the fourth quarter of 2010. 

As previously announced, the partners in the Etame Marin concession met in mid-July, 2010, and elected to drill two additional wells immediately following the four well program. The first well, ETBSM-2H, will be a development well in the South Tchibala field. 

The second well, ETOMG-1, will be a new exploration well to test both the Gamba and Dentale reservoirs in the Omangou prospect. The prospect is located approximately 2 miles southeast of the Ebouri platform and approximately 4 miles to the northwest of the center of the Etame field. 

The Company's subsidiary VAALCO Gabon Etame, Inc. operates the Etame Marin Permit in which it holds a 28.07% net interest in the Etame Field. Other participants in the permit are Addax Petroleum Etame Inc. (31.36%), Sasol Petroleum Etame Limited (27.75%), Sojitz Etame Limited (2.98%), PetroEnergy Resources Corp. (2.34%) and Tullow Oil Gabon SA (7.5%).

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