- Vaalco Energy (NYSE:EGY +13.8%) surges after announcing the Avouma 2-H well offshore Gabon has returned to production after utilizing a hydraulic workover unit to replace a failed electric submersible pump.
- EGY says the well is producing at a stabilized rate of 2,700 gross bbl/day of oil, or 730 bbl/day net to the company; with the addition of two recent workover wells, total company net production now averages 4,600 bbl/day.
- EGY has endured problems with electrical submersible pumps in recent months, causing failures at the Avouma 2-H and South Tchibala 2-H wells.