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 Etame 8-H, the first well from the new Etame platform offshore Gabon, but shut it in after it produced hydrogen sulfide (H2S) during testing. The rig moved on to drill the Etame 10-H, expected to spud that week.
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.