VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ("VAALCO" or the "Company") today announced that it has drilled, completed and brought onto production four wells in Canada.
Highlights:
· Safely and successfully drilled, completed and brought online four long lateral wells in Canada;
o All wells were 2.75 mile lateral development wells;
o Strong initial production rates of approximately 500 barrels of oil per day ("BOPD") for three of the four wells, with production of approximately 350 BOPD for the fourth well, prior to the well being shut in for a regulatory required pressure build up;
o Average cycle time for the four wells was about 65 days from rig release to first production; and
· Strategically targeting an appraisal well in the third quarter of 2024 in the Company's Southern acreage
George Maxwell, VAALCO's Chief Executive Officer commented, "In Canada, we successfully and safely drilled and completed four wells in 2024, all of which were longer laterals at 2.75 miles. Based on our learnings from last year's program and to better optimize our Canadian prospects, we are drilling 2.5 to 3-mile laterals almost exclusively, which we believe will further improve the economics of our development program. Despite challenging winter and spring breakup conditions, this project was completed on budget and on schedule with all wells brought on production with encouraging early results of nearly 1,850 barrels of oil per day for the campaign. In addition, we are also targeting an appraisal well in the third quarter of 2024 in our Southern acreage that we hope will prove up additional long lateral wells in the future with the potential to add proved undeveloped locations. VAALCO continues to deliver outstanding results across our diversified assets and we are focused on profitably growing the business, all while returning value to our shareholders."