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  • VAALCO Energy, Inc. (EGY) Reports Results at Exploratory Well in Gabon 0 comments
    Jun 16, 2010 5:44 PM | about stocks: EGY
    VAALCO Energy, Inc. announced that an exploration well located offshore Gabon encountered hydrocarbons at a total depth of approximately 9000 feet. The Southeast Etame No. 1 well found 16 feet of oil-bearing sands in the Gamba sandstone formation.
    The well is located in the Etame Development Area, in which VAALCO Energy, Inc. has a 28.07% net interest. The Etame Development Area is approximately 1,186 square miles.

    VAALCO Energy, Inc. said that the company will drill a sidetrack well to confirm the discovery, and the sidetrack well will take 22 days to drill. The company is also investigating the Dentale sand formation, which might also contain hydrocarbons.

    VAALCO Energy, Inc. said that if the exploratory well were found to be commercially viable, the discovery would be tied into existing infrastructure that the company utilizes in the area.

    Robert Gerry, the CEO of VAALCO Energy, Inc., said, “We are encouraged by the initial results of the Southeast Etame exploration well. This discovery has the potential to add to the Etame consortium’s reserves, continuing the success of our ongoing drilling program.”

    VAALCO Energy, Inc. is an independent oil and gas exploration and production company. The company also has oil and gas assets in Angola and South Texas.

    For more information on the company, go to vaalco.com

    Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net
     


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    Stocks: EGY
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