VAALCO Energy, Inc. has announced that the "GSF Aleutian Key" semi-submersible rig will arrive on location off-shore Gabon on April 27, 2005 to commence the drilling of an exploration well on the Avouma South Prospect.
Drilling should take approximately 30 days after which the rig will move to the Etame Field to commence the drilling and completion of the Etame 6-H development well. Production from the development well is anticipated in July. Should the rig be delayed for any reason, the Company has the option to drill the two wells in any order it chooses.
VAALCO also announced that the buyer of its crude successfully lifted approximately 420,000 barrels on March 29, 2005 bringing total liftings for the consortium in the month of March to approximately 1.0 million barrels.
The Company's subsidiary VAALCO Gabon Etame, Inc. operates and owns a 28.07% interest in the Etame Field. The Etame field was placed on production in September 2002 and has produced 12.0 million barrels since startup. Other field partners are Pan-Ocean Energy Corporation Limited (31.36%), Sasol Petroleum West Africa (Ltd.) (27.75%), Sojitz Etame Limited (2.98%), PetroEnergy Resources Corp. (2.34%) and Energy Africa Gabon (7.5%).
