VAALCO Energy Inc. announced the successful drilling of the Avouma 3H-ST development well that was drilled from the Avouma platform in the Etame field, offshore Gabon..

Highlights:

   - Successfully drilled the Avouma 3H-ST development well with a lateral of 268 meters in high-quality Gamba sands at the top of the structure;
   - Encountered premium Gamba sands with 28% porosity and one Darcy of permeability;
   - Confirms extension of Avouma reservoir and is forecasted to increase the overall recovery from the field, potentially allowing for additional wells at Avouma;
   - Currently completing the Avouma 3H-ST well with initial production expected in the next few weeks; and
   - Following completion, the drilling program will continue with the spudding of the ETBSM-1HB ST2 development well from the Avouma platform.

George Maxwell, VAALCO’s Chief Executive Officer, commented, "With the drilling of the Avouma 3H-ST well, VAALCO continues the success of our 2021/2022 drilling campaign. We are very excited by the high-quality Gamba sands that we encountered drilling the Avouma 3H-ST well. The well confirms the extension of the Avouma field into an updip location that should lead to increased recovery at Avouma and opens the potential for additional development well opportunities. The continued success of our drilling campaign further demonstrates the quality of our premier Etame asset. We expect the well to be online in the next few weeks and will provide the market with an update when we have initial production data.

“Post completion we will begin drilling the next planned well on the Avouma platform, the ETBSM-1HB ST2 development well. Our focus is on continuing to execute on our strategy and delivering strong operational and financial results. We are excited about the future for VAALCO with the continued development of our interests in offshore Gabon, upside opportunities in Equatorial Guinea and the potential to integrate accretive acquisitions aimed at further strengthening VAALCO and growing shareholder value."

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 63.6% participating interest in the Etame Marin block, located offshore Gabon, which to date has produced over 125 million barrels of crude oil and of which the Company is the operator.