Profile: VAALCO Energy Inc (EGY)
3 Dec 2013
VAALCO Energy, Inc. (VAALCO), incorporated in 1985, is an independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas. VAALCO owns producing properties and conducts exploration activities as operator in Gabon, West Africa, conducts exploration activities as an operator in Angola, West Africa, and has conducted exploration activities as a non-operator in the British North Sea. The Company owns minor interests in production activities as a non-operator in the United States. During the year ended December 31, 2011, the Etame, Avouma, South Tchibala and Ebouri fields produced approximately 8.1 million barrels of oil (2.3 million barrels of oil net to the Company).
The Company’s primary source of revenue is from the Etame Production Sharing Contract related to the Etame Marin block located offshore the Republic of Gabon. VAALCO operates the Etame Marin block on behalf of a consortium of companies. As of December 31, 2010, VAALCO owned a 30.35% interest in the exploration acreage within the Etame Marin block. The Company owns a 28.1% interest in the development areas surrounding the Etame, Avouma, South Tchibala and Ebouri fields, each of which is located on the Etame Marin block. The Company produces from the Etame, Avouma, South Tchibala and Ebouri fields on the block.
The Mutamba Iroru block is ocated onshore near the coast in central Gabon. The Mutamba Iroru block contains an exploration area of approximately 270,000 acres.
The Company has 40% working interest in Offshore Angola. The four year primary term with an optional three year extension awards the Company exploration rights to 1.4 million acres offshore central Angola.
In July 2011, the Company acquired a 480 acre lease in the Granite Wash formation in North Texas. In November 2011, the Company commenced drilling a second well on the initial Granite Wash formation lease.
In May 2011, the Company acquired a 70% working interest in approximately 5,200 acres (3,640 net acres) in Sheridan County, Montana in the Middle Bakken formation. In September 2011, it acquired a 65% working interest in approximately 22,000 gross acres covering the Middle Bakken and deeper formations in the East Poplar unit and the Northwest Poplar field in Roosevelt County, Montana.
The Company has minor interests in Brazos County, Texas producing from the Buda/Georgetown formations. The Company also owns certain minor non-operated interests in the Ship Shoal area of the Gulf of Mexico and in Pickens County, Alabama.
VAALCO Energy Inc
Suite 300, 4600 Post Oak Place
HOUSTON TX 77027