History

A History of Excellence

Founded in 1985, Vaalco Energy is a Texas-based leading African-focused oil & gas operating company with a strong production and reserve base and a diverse portfolio of assets in Côte d'Ivoire, Gabon, Egypt, Equatorial Guinea, Gabon and Canada. Through operational excellence, sustainable practices and a deep understanding of the regions we operate in, we strive to maximize shareholder value and deliver positive impact for our wider stakeholders.

Milestones Over the Decades

Etame PSC Signed
In July 1995, Vaalco entered into the Etame Marin Exploration and Production Sharing Contract (PSC) in Gabon and initiated a 3-D seismic survey over the license.
Etame Discovery
In June 1998, the Etame Field was discovered with the first commitment well, drilled to a total depth of 8,000 feet and flowing 3,700 BOPD from the Gamba reservoir.
Additional Drilling and Discoveries
Three additional wells were drilled (Etame 2V, 3V and 4V), encountering 57 feet of oil-saturated sandstone.
Etame PSC Extension
In November 2001, Vaalco was awarded a 50 square kilometer Exploitation Area surrounding the Etame Field and granted a five-year extension for the PSC.
Vaalco First Oil
After completing three subsea wells tied back to the newly-leased FPSO, Petroleo Nautipa, the Etame Field commenced production in September 2002 at an average rate of approximately 14,500 BOPD.
New Prospects Identified
Vaalco completed the processing of seismic data acquired in late 2002 and identified several exploration prospects near the Etame Field.
Avouma and Ebouri Fields Discovered
In January, Vaalco drilled the Ebouri No. 1 exploration well, resulting in a new discovery logging 46 feet of oil pay in a 55 foot Gamba sand. In August, Vaalco drilled a second exploration well on the Avouma prospect, resulting in another discovery that tested 6,500 BOPD from 20 feet of perforations in the Gamba sandstone.
Vaalco IPOs in New York
Vaalco Energy, Inc. began trading on the American Stock Exchange (now the New York Stock Exchange) under the symbol EGY.
Avouma, South Tchibala and Ebouri Development Plans
The Gabon government approved development plans for the Avouma, South Tchibala, and Ebouri discoveries.
Avouma Platform Installed
Installed the Avouma platform in approximately 250 feet of water and drilled two development wells from the facility, one into each of the Avouma and South Tchibala fields.
First Oil from Avouma and South Tchibala
First oil was achieved from the Avouma and South Tchibala fields, at 5,500 gross BOPD from the initial wells.
First Oil from Ebouri Field
In January, the first development well began production from the Ebouri Field. In April, the second development well was brought onstream and led to the Vaalco achieving record production of over 24,000 BOPD.
South East Etame Discovered
Vaalco successfully drilled the Southeast Etame No. 1 exploration well, a prospect located approximately three miles southeast of the Etame Field. The discovery was further delineated with two additional sidetracks.
Additional Field Infrastructure Sanctioned
Vaalco and its partners approved the construction of two additional production platforms: one for the Etame Field, the Etame platform, and the second to be located between the Southeast Etame and North Tchibala fields, the SEENT platform.
Platform Construction Completed
Construction of the Etame and SEENT platforms began in the first quarter and were completed during the third quarter.
SE Etame First Oil
Five new wells were drilled and brought onstream— two from the Etame platform and three from the SEENT platform, increasing production to over 20,000 BOPD
Etame Production Milestone
Etame Field produces the 100 millionth barrel of oilThis milestone was achieved in less than 20 years from its discovery in 1998 and first oil in 2002, when initial projections were estimated at 30 million barrels of gross recoverable oil.
Etame License Extension
Received the Presidential Decree approving an Amendment to the Etame Marin PSC, providing a 10-year extension for the three Exclusive Exploitation Areas under the PSC.
Dual Listing on London Stock Exchange
Providing access to additional sources of capital to help fund growth objectives, Vaalco began trading its common shares on the London Stock Exchange under the ticker EGY.
Additional Drilling Increases Production
In Gabon, Vaalco completed three additional development wells, two appraisal wellbores and executed two workovers, resulting in a 40% increase in net production.
New FSO for Etame
Approved an eight-year agreement for the provision of a new FSO to be installed on the Etame Field, as part of the field reconfiguration project in 2022.Reducing storage and offloading costs by 50%.
Phase 2 Drilling at Etame
Commenced a new drilling campaign on Etame, Phase 2, spudding Etame-8 ST.
Drilling Increases Production and Field Life
The Phase 2 campaign drilled four development wells and completed two workovers, materially increasing production and extending the economic life of the Etame Field.
Equatorial Guinea Plan of Development Approved
Received approval from the MMH in Equatorial Guinea in September for the Plan of Development for the Venus Field in Block P.
Completion of Etame Field Reconfiguration
Field upgrades resulted in reduction in operating costs, extension of the economic field life and corresponding increase in recovery and reserves at Etame.
TransGlobe Combination
In October, Vaalco executed a strategic business combination with TransGlobe Energy, transforming the company into a leading African-focused operator with a strong production and reserve base and a diverse portfolio of assets in Gabon, Egypt, Equatorial Guinea and Canada. The transaction more than doubled production and proved reserves.
Successful Integration of TransGlobe Operations in Vaalco
Unlocked value in Egypt and Canada through operational optimizations and Vaalco best practices.
Successful Drilling in Egypt
Drilled 18 vertical wells in Egypt and reduced the overall time from rig release to initial production period to less than six days
Optimized Drilling in Canada
Applied optimized drilling techniques for two new wells in Canada, which brought new production on at a faster rate. Vaalco also acquired additional acreage to facilitate drilling longer laterals.

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