VAALCO Energy has  announced  completion of  the two previously-announced workovers at the Etame field offshore Gabon and added a total of approximately 1,050 gross barrels of crude oil per day (“BOPD”), (540 net BOPD to VAALCO).

The company is Utilized VAALCO’s mobile hydraulic workover unit, which was purchased in early 2021, to rapidly mobilize and replace electrical submersible pump (“ESP”) units cheaper and more efficiently compared to using a drilling rig;

The Completed the workover of EEBOM-2H well will replace and upgrade the longest producing ESP unit at Etame and this is expected to Increase production from about 500 gross BOPD (255 BOPD net) prior to the workover to approximately 1,400 gross BOPD (715 BOPD net) in mid-October

Also carried out at the field is Replacement of both upper and lower ESP units and reconfiguration of the ESP design at ET-12H well. Production was restored to 1,800 gross BOPD (920 BOPD net) in late-October, an increase of approximately 150 gross BOPD (80 BOPD net) compared to the average rate prior to the workover.

George Maxwell, VAALCO’s Chief Executive Officer, commented, “We are pleased with the results from these workovers, in particular, the 1,050 gross BOPD of additional production. We purchased the mobile hydraulic workover unit earlier this year to allow us to quickly and efficiently react to ESP failures and to proactively prevent ESP failures as we deemed necessary. This allows us to maximize production and even incrementally increase production, which is particularly attractive in the current price environment. We will continue to efficiently operate at Etame which generates strong cash flow to fund our accretive strategic initiatives.”

VAALCO is a Houston, USA based, independent energy company with production, development and exploration assets in the West African region.

The Company is an established operator within the region, holding a 63.6% participating interest in the Etame Marin block, located offshore Gabon, which to date has produced over 123 million barrels of crude oil and of which the Company is the operator.