VAALCO Energy offers update on multiple oil activities

VAALCO Energy, Inc. (EGY) today provided an update on its recent activities.

New West African Concession:

VAALCO previously announced that it signed a definitive agreement for the purchase of a working interest in a block in a West African country new to the Company. The only remaining condition to the closing of the transaction and the transfer of the working interest is formal regulatory approval from the government of the West African country.

VAALCO and the other working interest partners have met and planning has commenced for the drilling of two offshore exploration wells in 2013.

Angola:

VAALCO has been granted by the government of Angola an extension on Block 5, offshore Angola, through November 2014. As previously announced, a partner has been identified to acquire the available 40% working interest in Block 5 and the party has been submitted to the Angolan government for approval. Following approval by the Angolan government of this working interest partner, the consortium expects to proceed with the drilling of a pre-salt exploratory well.

United States:

VAALCO is in negotiations with a third party to participate in the evaluation of stimulation options for a formation deeper than the Bakken/Three Forks formation in the EPU #120 vertical well and in the drilling of additional prospects. EPU #120 was the first of three planned 2012 wells on the Company's Poplar Dome concession in Roosevelt County, Montana. EPU #133H, the second well in the concession, has been horizontally drilled, fractured and completed in the Middle Bakken formation. The objective reservoir was found to be water-bearing and EPU #133H will be temporarily suspended to evaluate options. VAALCO is currently evaluating up to four additional drilling locations in the Poplar Dome concession to ascertain the possibility of finding commercial production from reservoirs deeper than the Bakken/Three Forks formation.

VAALCO has spudded the second Bakken horizontal well on its Salt Lake property in Sheridan County, Montana. The first Bakken horizontal well is awaiting hydraulic fracturing, which is expected to begin in the second half of September 2012.


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