\nCary Bounds, Chief Executive Officer, commented, \u201cWe are proud of the highly successful and transformational drilling program that we completed earlier this year and look to build on that success by beginning to plan for future drilling programs. Our long-term strategy is to optimize every location that we plan to drill and identify new locations to add to our drillable inventory. We believe that by acquiring and processing a state-of-the-art proprietary 3-D, dual-azimuth seismic survey over our entire Etame block we are accomplishing these goals. As a result of our strong operational performance to date in 2020, we continue to be cash flow positive and the Company is fully funded for all current activities including the upcoming seismic program. We have lowered our operating cost per barrel and remain committed to optimizing production to ensure that we continue to generate free cash flow to fund future field development. We are confident in the long-term potential at Etame and believe acquiring and processing seismic is the first step toward preparing for our future drilling campaigns that we believe will deliver long-term growth, in line with our strategic objectives.\u201d<\/p>\n
VAALCO expects the seismic survey to begin and conclude in the fourth quarter of 2020, with processing to be fully completed by the fourth quarter of 2021. The Company expects the full field 3-D survey will optimize future drilling locations, provide better imaging of existing satellite and infill locations, as well as identify additional upside opportunities. VAALCO projects the gross cost of both the acquisition and processing of the seismic survey to be between $13 and $15 million, or $4 to $5 million net to VAALCO. The Company plans to fund the costs with cash on hand and through cash from operations.<\/p>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"
VAALCO Energy has announced that in connection with planning for future drilling programs at the Etame Marin block offshore Gabon, it will begin acquiring and processing new three-dimensional (3-D) seismic … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9241,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7447,7442,11],"tags":[8530,8531,944,2272,8532],"class_list":["post-9240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-central-africa","category-countries","category-top-news","tag-etame-block","tag-etame-marin-block","tag-gabon","tag-seismic","tag-vaalco","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/GABON-ETAME.jpg?fit=376%2C485&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2p2","jetpack-related-posts":[{"id":9525,"url":"https:\/\/www.oilnewskenya.com\/index.php\/vaalco-announces-completion-of-3-d-seismic-survey-data-acquisition-over-entire-etame-marin-block\/","url_meta":{"origin":9240,"position":0},"title":"VAALCO Announces Completion of 3-D Seismic Survey Data Acquisition Over Entire Etame Marin Block","author":"","date":"December 8, 2020","format":false,"excerpt":"VAALCO Energy has 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\u2026","rel":"","context":"In "Central Africa"","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/GABON-ETAME.jpg?fit=376%2C485&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9613,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-etame-marine-block-jv-partners-their-pre-emptive-rights\/","url_meta":{"origin":9240,"position":1},"title":"GABON: Etame Marine Block JV Partners Waive Their Pre-Emptive Rights","author":"","date":"January 3, 2021","format":false,"excerpt":"VAALCO Energy has announced that, in connection with VAALCO\u2019s previously announced acquisition from Sasol Gabon S.A.\u00a0 of Sasol\u2019s 27.8% working interest in the Etame Marin block offshore Gabon, the other joint owners in the Etame Marin block have not exercised their pre-emptive rights. As a result, VAALCO will now move\u2026","rel":"","context":"In "Central Africa"","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/GABON-ETAME.jpg?fit=376%2C485&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9432,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-vaalco-acquires-additional-working-interest-at-etame-marin-block\/","url_meta":{"origin":9240,"position":2},"title":"GABON: VAALCO Acquires Additional Working Interest at Etame Marin Block","author":"","date":"November 19, 2020","format":false,"excerpt":"Highlights \u2022 Acquiring an additional 27.8% working interest in the Etame Marin block offshore Gabon, increasing VAALCO\u2019s total working interest to 58.8%; \u2022 Nearly doubles VAALCO\u2019s total net production and reserves; \u2022 Increases net revenue interest (\u201cNRI\u201d) production from 4,850 to 9,150 barrels of oil per day (\u201cBOPD\u201d) based on\u2026","rel":"","context":"In "Central Africa"","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/GABON-ETAME.jpg?fit=376%2C485&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10812,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-vaalco-announces-binding-loi-for-fso-at-etame\/","url_meta":{"origin":9240,"position":3},"title":"GABON: VAALCO Announces Binding LoI for FSO at Etame","author":"","date":"August 26, 2021","format":false,"excerpt":"VAALCO Energy has signed a binding letter of intent with World Carrier Offshore Services Corp.\u00a0 to provide and operate a Floating Storage and Offloading (FSO) unit at VAALCO\u2019s Etame Marin field offshore Gabon for up to eight years with additional option periods available upon the expiration of the current Floating\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/GABON-ETAME.jpg?fit=376%2C485&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10012,"url":"https:\/\/www.oilnewskenya.com\/index.php\/vaalco-closes-the-acquisition-of-additional-interest-in-the-etame-field-from-sasol\/","url_meta":{"origin":9240,"position":4},"title":"GABON: VAALCO Closes the Acquisition of Additional Interest in the Etame Field From Sasol","author":"","date":"March 1, 2021","format":false,"excerpt":"Key Highlights Nearly doubles VAALCO\u2019s total net production and reserves; Expected to be immediately accretive to VAALCO, with minimal additional variable costs; Anticipated to materially increase free cash flow\u00a0in 2021 and beyond, particularly in the current increasing price environment; Paid $29.6 million in cash to Sasol, taking into account the\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/GABON-ETAME.jpg?fit=376%2C485&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12139,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-vaalco-energy-announces-successful-drilling-of-avouma-3h-st-development-well\/","url_meta":{"origin":9240,"position":5},"title":"GABON: VAALCO Energy Announces Successful Drilling of Avouma 3H-ST Development Well","author":"","date":"April 11, 2022","format":false,"excerpt":"VAALCO Energy has\u00a0announced 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\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=9240"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9240\/revisions"}],"predecessor-version":[{"id":9242,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9240\/revisions\/9242"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/9241"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=9240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=9240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=9240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}