VAALCO Energy Restores Production at Gabon Facility

VAALCO Energy Restores Production at Gabon Facility

VAALCO Energy, Inc. announced that production at its Etame and Avouma / Tchibala fields in offshore Gabon, West Africa, has successfully been restored following the planned upgrade to the Floating Production, Storage and Offloading (FPSO) facility serving these fields.

During the upgrade, VAALCO installed an expanded flare system and increased the water processing capacity at the FPSO to accommodate production from VAALCO’s planned development well in Ebouri. The upgrade proceeded as expected, with the Company returning to full production in 3.5 days, which is less than the five to seven day timeframe that was originally anticipated.

“We are pleased that the FPSO upgrade was carried out successfully with production from the wells in the Etame and Avouma / Tchibala fields now back to normal levels,” said Robert L. Gerry, III, Chairman and CEO.

VAALCO also provided an update on the rigs for its new Ebouri and Etame wells.

For the development well in the Ebouri field, the Adriatic 6 came on hire to VAALCO on November 6 and is currently under tow to Gabon. The jack-up drilling rig is expected to be on location by mid-November with drilling to commence shortly thereafter. First oil production from this well is expected in January 2009. VAALCO continues to expect production at a rate sufficient to bring the Company’s total production to approximately 25,000 bpd.

In the Etame block, VAALCO plans three exploratory wells, as previously announced. The jack-up drilling rig, Pride Cabinda, is expected to be on location by mid-November as planned. Drilling will commence shortly thereafter and the wells will be drilled back to back.

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