US-based independent hydrocarbon exploration company Vaalco Energy has started its 2019/2020 drilling campaign and spud the Etame 9P appraisal wellbore at the Etame field, located offshore Gabon.
Vaalco said that drilling of the Etame 9P appraisal wellbore would take approximately four weeks, followed by drilling the Etame 9H development well targeting the Gamba reservoir.
Vaalco chief executive officer Cary Bounds said: “We have entered into the first phase of our growth strategy starting with the Etame 9P appraisal wellbore where we are seeking to de-risk significant resources in the Dentale formation with a view to future exploitation opportunities.
“The resources we are targeting were identified in oil-bearing Dentale reservoirs encountered in wells drilled beneath the Gamba reservoir at the Etame field. The Etame 9P appraisal wellbore represents the first of many opportunities where we are attempting to create substantial value for our shareholders by converting resources to reserves in a cost-effective manner.”
Vaalco hired Vantage Drilling International Topaz jackup drilling rig for the drilling campaign
Etame 9P appraisal wellbore is aimed at testing the Dentale reservoirs beneath the Etame field, and estimates up to 4.6 million gross barrels of recoverable oil is present in the Dentale reservoirs beneath the Etame field.
Vaalco is expected to drill additional wells to exploit the reservoirs. if resources are found in the Dentale.
The company has contracted the Vantage Drilling International Topaz jackup drilling rig to execute the 2019/2020 drilling campaign, for two appraisal wellbores and up to three development wells.
Vaalco has signed definitive agreements to conclude the previously announced agreement in principle with the Etame joint venture owners to resolve past audit findings valuing $4.4m (£3.5m) for the period from 2007 to 2016.
The company is engaged in the development and production of crude oil, and its holds properties and acreage located mainly in Gabon and Equatorial Guinea in West Africa.
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