Press

VAALCO Energy Announces Closing of Acquisition of Additional Working Interest in the Etame Marin Permit Offshore Gabon


AALCO Energy, Inc. (NYSE:EGY) today announced that it has closed on the purchase of an additional 3.23% participating interest (2.98% working interest) in the Etame Marin Permit located offshore of the Republic of Gabon from Sojitz Etame Limited, which represented the full interest owned by Sojitz Etame Limited in the concession.  The transaction had an effective date of August 1, 2016. 

VAALCO is operator of the fields in the Etame Marin block which encompass approximately 28,700 gross acres in shallow water and, prior to the acquisition, owned a 30.35% participating interest (28.1% working interest) in the block. There are four production platforms and nine wells currently producing in the concession, including three subsea well tiebacks. Production from the fields currently averages about 13,500 barrels of oil per day and over 94 million barrels of oil have been produced since production commenced in 2002.

The acquisition will boost VAALCO's net production by approximately 11% post-closing and will not require any additional staffing. The transaction was funded with cash on hand. VAALCO may issue a request to the International Finance Corporation (IFC) to borrow the $5.0 million potentially available under its term loan agreement in the near future.

VAALCO has also mobilized a hydraulic workover unit onto the Avouma platform offshore Gabon and work is underway to replace failed electric submersible pumps (ESPs).  The failed ESPs will be inspected by the original equipment manufacturer, who also installed the ESPs, to determine what caused the failures.

Cary Bounds, VAALCO's Chief Operating Officer and Interim CEO commented, “We are very pleased to have closed our transaction with Sojitz and increased our participating interest in our flagship producing asset in offshore Gabon to 33.58%. One of our key strategic goals is to seek opportunities to grow the Company in a cost-effective manner that enhances shareholder value. We believe this acquisition is an excellent example of the execution of that strategy.  It immediately increases our production in a field we know extremely well and enhances our option value due to the significant upside potential remaining.  At Etame, we have identified 21 low risk development and step-out drilling opportunities with about 65 million barrels of gross unrisked recoverable contingent resources. We are working with our partners on a schedule to develop these opportunities as soon as practical.  We are also very pleased to have initiated the workover program at Avouma and hope to restore production at Avouma before year end.”



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

globenewswire.com/news-release/2016/11/28/893033/0...

VAALCO EnergyGabonOffshoreAssets

More items from katie


Shell announces appointment of new Company Secretary

Royal Dutch Shell plc announces the appointment of Linda Szymanski as Company Secretary with effect from January 1, 2017. Ms Szymanski succeeds Michiel Brandjes who retires at the end of the year after 36 years of service with the Shell group, of which 13 years was as General Counsel Corporate and C ...

Katie Woodward - OilVoice


Posted 2 years agoPress > ShellPeople on the MoveCompany Secretary

Spartan Energy Corp. Announces Closing of Previously Announced Strategic Light Oil Acquisition, 2017 Corporate Budget and Increase in Borrowing Base to $350 Million

CALGARY, ALBERTA--(Marketwired - Dec. 8, 2016) - Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) is pleased to announce the closing of its previously announced strategic light oil acquisition in southeast Saskatchewan from ARC Resources Ltd. (the "Acquisition"). The Acquisition includes ...

Katie Woodward - OilVoice


Posted 2 years agoPress > Spartan Energy CorpAcquisition2017 +2

ARC Resources Ltd. Closes Sale of Saskatchewan Assets

CALGARY, Dec. 8, 2016 /CNW/ - (ARX – TSX) ARC Resources Ltd. is pleased to announce that it has successfully closed the previously-announced sale of its Saskatchewan assets and operations to Spartan Energy Corp. (SPE – TSX), for total cash consideration of $700 million, subject to customary post-clo ...

Katie Woodward - OilVoice


Posted 2 years agoPress > ARC ResourcesSaskatchewanAssets +2

Perpetual Energy announces 2017 capital spending and production guidance

CALGARY, Dec. 8, 2016 /CNW/ - Perpetual Energy Inc. ("Perpetual", the "Company" or the "Corporation") (TSX:PMT) is pleased to announce its capital spending plans and expected production growth for 2017. Perpetual's success in advancing its strategic priorities in 2016, coupled with strengthening co ...

Katie Woodward - OilVoice


Posted 2 years agoPress > Perpetual Energy2017CAPEX +1

First LNG produced from PETRONAS' first floating LNG facility PFLNG Satu

PETRONAS' first floating liquefied natural gas (LNG) facility, PFLNG SATU has achieved an industry breakthrough with the successful production of its first drop of LNG from the Kanowit gas field, offshore Sarawak on 5 December 2016. The operational milestone marks a decade long journey for PETRONAS ...

Katie Woodward - OilVoice


Posted 2 years agoPress > PETRONASLNGPFLNG Satu +1
All posts from katie