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Vaalco’s new Gabon well producing at higher than expected rate

|About: VAALCO Energy, Inc. (EGY)|By: , SA News Editor

Vaalco Energy (EGY +7.8%) vaults higher after saying its latest development well drilled at the Etame field offshore Gabon is  producing more than expected.

EGY says it brought the Etame 11H well onto production in early January at a higher than anticpated stabilized initial flow rate of 5,200 gross bbl/day of oil, 1,400 net bbl/day to the company.

As a result, EGY raises its net production guidance to 5,900 bbl/day, which is 70% above its FY 2019 net average production of 3,476 bbl/day.