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VAALCO Energy Provides Operations Update

HOUSTON, Sept. 11, 2013 /PRNewswire/ -- VAALCO Energy, Inc. (NYSE: EGY) today provided the following update on its recent activities:


Offshore Gabon

VAALCO completed drilling an exploration well on the Ovoka Prospect (formerly Mu), in 60 meters of water to a depth of 2,770 meters to evaluate the Gamba reservoir and deeper Lucina formations.  The zones of interest were found to be water-bearing and the reservoir properties in the Lucina were of poor quality.

The construction of two production platforms for the development of the Etame Marin block is underway and the Company confirmed that timing for delivery continues to be on schedule.  The Company expects one platform to be installed in the Etame field and the second platform to be installed in-between the Southeast Etame and North Tchibala fields in the first half of 2014, bringing the total number of platforms in the Etame Marin block to four.  Multiple wells are expected to be drilled from each of the new platforms as part of the future development plans for the Etame Marin block. 

The Company and its partners are in discussions pertaining to future exploration prospects on the Etame Marin Concession.

Onshore Gabon

VAALCO and Total Gabon continue to negotiate with the Government of Gabon on the terms to proceed with the development of the Mutamba oil discovery and the terms for the renewal of the existing exploration concession.

Offshore Angola

VAALCO has petitioned Sonangol, the national oil company of Angola, to be assigned the 40% working interest they are holding as a result of the default of the government appointed partner.  VAALCO will then control 80% of Block 5 with Sonangol having a 20% carried working interest. 

Upon assignment of the 40% working interest, VAALCO expects to farmout the interest to a third party that has already been identified.  VAALCO then intends to commence drilling two exploration wells as soon as practical following the approval of the farmout by the Government of Angola.

Offshore Equatorial Guinea

VAALCO has requested that the Government of Equatorial Guinea consent to appointing the Company as operator of Block P.  Upon receiving affirmative notification of operatorship, the Company expects that the consortium will proceed to contract for a drilling rig to drill two exploration wells.

Meetings are scheduled in Equatorial Guinea for later this month to discuss operatorship.

Forward-Looking Statements

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