Properties
Gabon |
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VAALCO has an interest in a 1,186 square mile offshore concession in Gabon, the Etame Marin concession where it signed a production sharing contract in 1995. The concession contains five discoveries including the Etame, Avouma, South Tchibala and Ebouri fields which are on production, and the North Tchibala discovery for which there are no development plans at this time. These fields and discoveries consist of sub-salt reservoirs that lie 20 miles offshore in approximately 250 feet of water depth. The Company owns a 30.4% (28.1% development and production) interest in the Etame Marin concession. More Details
In November 2005, VAALCO signed a production sharing agreement for the Mutamba Iroru concession onshore Gabon. The five year contract awarded the Company exploration rights to approximately 270,000 acres along the central coast of Gabon. VAALCO has a 100% interest in the concession. The Company drilled two unsuccessful exploratory wells in the first quarter of 2009 and is currently evaluating other leads in the concession.
Angola |
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In late 2006, VAALCO signed a production sharing contract acquiring a 40% working interest in Block 5 offshore Angola. The seven year contract awarded the Company exploration rights to approximately 1.4 million acres. The acreage runs along the Angolan coast and extends approximately 40 miles offshore. Pre-VAALCO, most of the wells drilled on this block have been in depths between 150 and 500 feet of water. The first of two planned exploration wells is expected to be drilled in early 2010. VAALCO has recommended to the consortium a prospect with three objective zones, both above and below the salt layer on the concession.
Texas Gulf Coast
VAALCO has minor interests in four producing wells in Brazos County, Texas and certain non-operated interests in the Ship Shoal area of the Gulf of Mexico. Total production from these interests in 2008, net to the Company, was approximately 1,800 barrels of oil and 15 million cubic feet of gas.