REG - Vaalco Energy Inc - Canada Drilling Results

VAALCO EnergyAnnouncement

29/05/2024 07:00

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RNS Number : 2364Q  Vaalco Energy Inc  29 May 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

 

 

VAALCO ENERGY, INC. ANNOUNCES SUCCESSFUL DRILLING CAMPAIGN RESULTS IN CANADA

 

HOUSTON - May 29, 2024 - VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ("VAALCO"
or the "Company") today announced that it has drilled, completed and brought
onto production four wells in Canada.

 

Highlights:

 

·    Safely and successfully drilled, completed and brought online four
long lateral wells in Canada;

o All wells were 2.75 mile lateral development wells;

o Strong initial production rates of approximately 500 barrels of oil per day
("BOPD") for three of the four wells, with production of approximately 350
BOPD for the fourth well, prior to the well being shut in for a regulatory
required pressure build up;

o Average cycle time for the four wells was about 65 days from rig release to
first production; and

·    Strategically targeting an appraisal well in the third quarter of
2024 in the Company's Southern acreage

 

George Maxwell, VAALCO's Chief Executive Officer commented, "In Canada, we
successfully and safely drilled and completed four wells in 2024, all of which
were longer laterals at 2.75 miles. Based on our learnings from last year's
program and to better optimize our Canadian prospects, we are drilling 2.5 to
3-mile laterals almost exclusively, which we believe will further improve the
economics of our development program. Despite challenging winter and spring
breakup conditions, this project was completed on budget and on schedule with
all wells brought on production with encouraging early results of nearly 1,850
barrels of oil per day for the campaign. In addition, we are also targeting an
appraisal well in the third quarter of 2024 in our Southern acreage that we
hope will prove up additional long lateral wells in the future with the
potential to add proved undeveloped locations. VAALCO continues to deliver
outstanding results across our diversified assets and we are focused on
profitably growing the business, all while returning value to our
shareholders."

 

About VAALCO

 

VAALCO, founded in 1985 and incorporated under the laws of Delaware, is a
Houston, Texas, USA based, independent energy company with a diverse portfolio
of operated production, development and exploration assets across Gabon,
Egypt, Cote d'Ivoire, Equatorial Guinea and Canada.

 

For Further Information

 VAALCO Energy, Inc. (General and Investor Enquiries)  +00 1 713 543 3422
 Website:                                              www.vaalco.com

 Al Petrie Advisors (US Investor Relations)            +00 1 713 543 3422
 Al Petrie / Chris Delange

 Buchanan (UK Financial PR)                            +44 (0) 207 466 5000
 Ben Romney / Barry Archer                             VAALCO@buchanan.uk.com

 

 

Forward Looking Statements

 

This announcement includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, which are intended to be covered by the safe harbors
created by those laws and other applicable laws. Where a forward-looking
statement expresses or implies an expectation or belief as to future events or
results, such expectation or belief is expressed in good faith and believed to
have a reasonable basis. All statements other than statements of historical
fact may be forward-looking statements. The words "anticipate," "believe,"
"estimate," "expect," "intend," "forecast," "outlook," "aim," "target,"
"will," "could," "should," "may," "likely," "plan," "probably" or similar
words may identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.  Forward-looking
statements in this announcement may include, but are not limited to,
statements relating to expectations and estimates of future production of
crude oil and natural gas and timing of future drillings. Such forward-looking
statements are subject to risks, uncertainties and other factors, which could
cause actual results to differ materially from future results expressed,
projected or implied by the forward-looking statements. These risks and
uncertainties include, but are not limited to the risks described under the
caption "Risk Factors" in the Company's most recent Annual Report on Form 10-K
and subsequent Quarterly Reports on Form 10-Q, in each case filed with the
U.S. Securities and Exchange Commission. There may be additional risks that
VAALCO does not presently know, or that the Company currently believes are
immaterial, that could also cause actual results to differ from those
contained in the forward-looking statements.  In addition, forward-looking
statements reflect VAALCO's expectations, plans or forecasts of future events
and views as of the date of this announcement. Should one or more of these
risks or uncertainties materialize, or should any of the assumptions prove
incorrect, actual results may vary in material respects from those projected
in these forward-looking statements. No obligation is being undertaken to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required under
applicable securities laws.

 

Inside Information

 

This announcement contains inside information as defined in Regulation (EU)
No. 596/2014 on market abuse which is part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR") and is made in accordance with
the Company's obligations under article 17 of MAR. The person responsible for
arranging the release of this announcement on behalf of VAALCO is Matthew
Powers, Corporate Secretary of VAALCO.

 

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