Gabon
Etame Field
The Etame discovery was made in 1998 and three delineation wells were drilled prior to the field being declared commercial in 2001. The development program to bring three of the wells on production was completed August 2002.
First oil from the Etame field began in September 2002. The produced oil is being stored in the Petroleo Nautipa, a floating production, storage and offloading vessel (FPSO). The vessel is fitted with facilities to process the crude oil and to transfer it to commercial tankers at the time the oil is sold.
VAALCO currently has four wells producing from the Gamba reservoir and total field production is approximately 12,5000 BOPD (5/08/08), with sales to commercial tankers anticipated to occur every 30 to 45 days.
Avouma Field
In July of 2004, the exploration well EAVOM-1 was drilled and tested at a stabilized rate of 6,600 BOPD. The Avouma field is located offshore Gabon on the Etame permit approximately 10.5 miles southeast of the Etame Field. In 2006, the company installed a platform and drilled two development wells which are currently producing at a combined rate of 10,000 bbls.
Ebouri Field
The wildcat well Ebouri No. 1 was drilled in January 2004, offshore Gabon. The well logged approximately 15 meters (48 feet) of net oil pay in 17 meters (55 feet) of gross Gamba sandstone section, 11 kilometers (7 miles) away from the Etame field. A platform is currently under construction and a development well will be drilled to produce the field. Production is expected to commence in the 4th Quarter of 2008.
Mutamba Iroru
The Company signed a production sharing contract with the Government of Gabon in November of 2005 for the Mutamba block onshore Gabon. The five year contract awarded the Company exploration rights to approximately 270,000 acres along the central coast.