George Maxwell has been named as Vaalco Energy’s new CEO, replacing Cary Bounds.
Sasol has completed the sale of its 27.75% stake in a Gabonese licence to Vaalco.
Vaalco Energy has struck a deal to buy out its partner, Sasol, from shared operations offshore Gabon.
Vaalco Energy posted a net loss of $52.8 million for the first quarter of the year, driven by a non-cash charge of $59.1mn as a result of lower oil prices.
Gabon-focused Vaalco Energy has completed the South East Etame 4H well at 2,200 barrels per day of oil.
US-based Vaalco Energy reported net income of $2.6 million for 2019 from production of 3,476 barrels per day in Gabon.
US-based Vaalco Energy has found oil at its South East Etame 4P appraisal well, on Gabon’s Etame Marin permit.
Texas-based Vaalco Energy’s production in Gabon is more than 6,000 barrels per day of oil, up 73% from its 2019 average.
Vaalco’s Etame 11H well in Gabon is producing at rates greater than had been expected before it was drilled, the Texas-based company said, boosting production.
Vaalco Energy has brought the Etame 9H well into production at a stabilised flow of 5,500 barrels per day, of which 1,500 bpd is net.
Vaalco Energy has posted a loss for the third quarter, with realised oil prices slipping and production down.