VAALCO Energy, Inc. announced that the acquisition of three dimensional (“3-D”) seismic data at the Etame Marin block offshore Gabon has been completed.

Highlights

- Completed the acquisition of nearly 1,000 square kilometers of new dual-azimuth proprietary 3-D seismic data over the entire Etame Marin block which will be used to optimize and de-risk future drilling locations and potentially identify new drilling locations;
- Enhances sub-surface imaging by merging legacy data with newly acquired seismic allowing for the first continuous 3-D seismic over the entire block;
- Estimates the total costs of both the acquisition and processing of seismic data to be approximately $14 to $16 million gross over the period from Q4 2020 through Q4 2021 and VAALCO expects to fully fund its portion with cash on hand and cash from operations;
- Processing of the seismic data expected to begin in January 2021 with all data expected to be fully processed and analyzed by Q4 2021; and
- Planning for the commencement of the next drilling campaign at Etame in late 2021 or early 2022.

About VAALCO

VAALCO (NYSE: EGY; LSE: EGY), founded in 1985, is a Houston, USA based, independent energy company with production, development and exploration assets in the West African region.

The Company is an established operator within the region, holding a 33.6% participating interest in the Etame Marin block, located offshore Gabon, which to date has produced over 118 million barrels of crude oil and of which the Company is the operator.