15 Dec 2021drilling spud● Neutral
VAALCO spudded the Etame 8H-ST well, the first of its 2021/2022 Gabon drilling campaign, for which it had contracted the Borr Drilling jack-up rig that June.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Nov 2021drilling progress report▲ Good
Completed the two announced Etame workovers offshore Gabon, adding about 1,050 gross barrels of oil a day, 540 net. EEBOM-2H went from about 500 gross barrels a day to roughly 1,400 after its longest-serving pump was replaced, and ET-12H was restored to 1,800 gross. Both were done with the mobile hydraulic workover unit VAALCO bought early in 2021 rather than by hiring a drilling rig.
3 Dec 2019drilling result▲ Good
VAALCO's Etame 9H development well was completed and placed on production at a higher rate than expected, boosting output; drilling of the Etame 11H well then began.
1 Nov 2019drilling progress report● Neutral
VAALCO gave an update on drilling the Etame 9H development well and the Etame 9P appraisal wellbore, part of its 2019/2020 Gabon drilling program.
22 Oct 2019drilling result▲ GoodMajor
VAALCO confirmed an oil discovery with the Etame 9P appraisal wellbore, targeting a reservoir beneath its existing Etame field offshore Gabon.
13 Sept 2019drilling progress report● Neutral
VAALCO began its 2019/2020 drilling campaign at the Etame field offshore Gabon and gave an operational update.
11 Feb 2019resource reserve update▲ Good
VAALCO reported a 76% increase in proved reserves at year-end 2018 and outlined a 2019 drilling program of up to three development wells, to be funded from cash on hand and operations.
25 Jan 2018resource reserve update▲ Good
VAALCO reported year-end 2017 proved reserves up 15% with 127% reserve replacement, and said the SEC-standard value of those reserves (PV-10) more than doubled to $22.5 million.
30 Nov 2017drilling progress report● Neutral
VAALCO completed workovers restoring two Gabon wells (South Tchibala 1-HB and 2-H) after pump failures, but a third well on the same platform (Avouma 2-H) had its own pump fail and was shut in, leaving net company production around 3,950 barrels a day.
22 Feb 2017resource reserve update▲ Good
VAALCO reported year-end 2016 proved reserves in Gabon with an 87% reserve replacement rate for the year's production.
10 Dec 2014drilling result▲ Good
VAALCO completed the Etame 8-H development well, the first drilled from its newly installed Etame platform offshore Gabon, and began drilling a second development well.
24 Oct 2014drilling progress report● Neutral
VAALCO and its partners entered the 'Subsequent Exploration Phase' on Angola's Block 5, committing to further exploration work under the block's production sharing contract.