Vaalco’s Chief Executive Officer, George Maxwell, has disclosed the company’s active drilling program in Côte d’Ivoire and Egypt in 2027, in line with its plans to grow production across its activities in the region.
Maxwell reiterated that Vaalco is confident in its strategic vision, with continued operational success and preparing for the next major programs at Venus in Equatorial Guinea and Kossipo in Côte d’Ivoire, which should organically double the Company’s production. “Vaalco is well positioned for organic growth in 2027 and beyond.”
According to George Maxwell, Vaalco’s Chief Executive Officer, in his Vaalco Q3 2026 report, the company has witnessed strong sales volume when compared to the second quarter of the same year under review, while demonstrating a positive and future production growth forecast
“The third quarter results continue to demonstrate our ability to successfully execute on our strategy as we deliver on our forecasts and grow production in a strong commodity price environment. In Q3 2026, we had strong sales volumes, toward the high end of our guidance, with production up 21% compared to Q2 2026 and continued increased realized pricing.
“All three of our producing areas, Egypt, Côte d’Ivoire and Gabon, saw production increases. The increased sales and pricing drove a 30% increase in Adjusted EBITDAX to $71.1 million. Operationally, we successfully completed our drilling campaign in Gabon and released the rig in early October,” “George Maxwell, Vaalco’s Chief Executive Officer, commented.
Vaalco has drilled and brought online five wells at Etame following this drilling campaign, and year-over-year working interest production at Etame is up almost 2,500 BOPD. In Côte d’Ivoire, the Baobab field came back online in June, with first lifting operations in August, and kicked off the Phase Five drilling campaign in September.
“In Egypt, we continue with our successful drilling program that is profitably increasing production. We have a diversified portfolio of assets in investor friendly countries in West and North Africa with significant future organic growth opportunities,” Maxwell added.
Vaalco’s Operational Update
Gabon
Vaalco successfully drilled and completed the ETBNM-3 gas-supply well from the SEENT platform. This well was directionally drilled adjacent to a discovery well and targeted gas and condensate resources in the Dentale D15 reservoir. The well was successfully brought online and its natural gas production is now being utilized for field operations to significantly reduce reliance on higher priced diesel that was being transported to the field by vessel. Vaalco continued the drilling campaign in offshore Gabon by skidding the rig in July to a new slot on the SEENT platform to drill the ETSEM-3H development well. This development well was successfully drilled, completed and placed on production in an attic position within the SE Etame field, with a lateral wellbore of 300 meters of net pay in high-quality Gamba reservoir sands. The Phase Three Drilling Program is now complete and the drill rig has been demobilized from the field.
In addition, the BWE Consortium completed its 3D seismic campaign across the Niosi and Guduma blocks in January 2026. The seismic data processing and interpretation are currently ongoing.
Côte d’Ivoire
Following the completion of its planned dry dock refurbishment in February 2026, the Baobab Ivoirien Floating, Production, Storage and Offloading vessel (“FPSO”) returned to Côte d’Ivoire and was successfully reconnected to field infrastructure in early April 2026. Production resumed from all producer wells in June 2026, and the first crude oil lifting was completed in August 2026. The Phase Five drilling campaign commenced following the batch-setting of top-holes by the operator. After the top-hole sections of all wells are drilled, the wells will then be completed and placed on production sequentially. The first production well is planned to come online near the end of 2026. The campaign will support future production growth and the continued development of the main Baobab field in Block CI-40.
The Company is also the operator of exploration license CI-705 with a 70% working interest. In September 2026, the Company and its partners agreed to proceed with the second exploration phase and submitted the required request for approval to the Directorate General of Hydrocarbons. Subject to such approval and entry into the second exploration phase, the Company will be required under the CI-705 PSC to relinquish approximately 25% of the Phase 1 Block CI-705 area and undertake certain minimum work and investment obligations, including the reprocessing of 3D seismic data, geological and geophysical studies, and the drilling of one firm exploration well.
In February 2026, the Company became the operator with a 60% working interest in the Kossipo field on the CI-40 Block with a field development plan (“FDP”) being actively progressed toward completion in the first half of 2027. Vaalco continues analyzing ocean bottom node (“OBN”) seismic data that was recently acquired which is helping to drive and de-risk the Company’s updated evaluation as it progresses with the FDP.
Egypt
The 2026 drilling campaign in Egypt, which commenced in May 2026, continued during the third quarter with five development wells drilled and completed. Drilling also commenced on two additional wells during the quarter that were completed in October 2026. Vaalco now plans to maintain an ongoing drilling program in Egypt into 2027.
Vaalco continues to successfully execute workovers, well interventions, well reactivations, water shut-off treatments, and production optimization activities that are contributing to the organic growth of the Company’s production and reserves in Egypt.
Equatorial Guinea
Vaalco owns a 60% working interest in an undeveloped portion of Block P offshore Equatorial Guinea where it is the designated operator. The Company has an existing plan of development of the Venus field discovery on Block P, which focuses on key areas of drilling evaluations, facilities design, market inquiries and metocean review. The Company has completed the initial Front End Engineering and Design study that confirmed the viability of the development concept and is currently evaluating alternative technical solutions which may deliver enhanced economic value. Work is progressing towards Final Investment Decision expected in Q4 2026.
