Vaalco Energy has completed a new well in the Etame field. Initial flow rates of 3,100 barrels per day of oil gross exceeding internal expectations.
Vaalco Energy will focus on delivering its expansion projects this year, while avoiding any threats to production, CEO George Maxwell has said.
Vaalco Energy has contracted DOF Subsea to carry out subsea construction and installation work to allow it to go ahead with swapping in a floating storage and offloading (FSO) vessel in Gabon.
Vaalco Energy has a new CEO and a strategy that aims to place the company among its West Africa-focused peers on the London market.
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.
Gabon has signed a number of new exploration licences, while also extending production licences.
Vaalco Energy has set out formal plans to list on the London Stock Exchange’s main market. The listing should take place by September 30.