Profile: VAALCO Energy Inc (EGY)
29 Jul 2016
VAALCO Energy, Inc. (VAALCO), incorporated on February 28, 1989, is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of crude oil and natural gas. The Company's segments include Gabon, Angola, Equatorial Guinea, the United States, and Corporate and other, which includes corporate and operations support. The Company owns producing properties and conducts exploration activities as an operator in Gabon, West Africa; conducts exploration activities as an operator in Angola, West Africa, and participates in exploration and development activities as a non-operator in Equatorial Guinea, West Africa. In the United States, it operates unconventional resource properties in North Texas and hold undeveloped leasehold acreage in Montana. It also owns minor interests in conventional production activities as a non-operator in the United States. VAALCO's subsidiaries include VAALCO Gabon (Etame), Inc., VAALCO Production (Gabon), Inc., VAALCO Angola (Kwanza), Inc., VAALCO UK (North Sea), Ltd., VAALCO International, Inc., VAALCO Energy (EG), Inc., VAALCO Energy Mauritius (EG) Limited and VAALCO Energy (USA), Inc.
The Company's Etame Marin block is located offshore the Republic of Gabon (Gabon). The Etame Marin block covers an area of approximately 28,700 gross acres and consists of subsalt reservoirs that lie over 20 miles offshore in water depths of approximately 250 feet. The Etame, Avouma/South Tchibala, Ebouri, Southeast Etame and North Tchibala fields are included in the block. Production operations in the Etame Marin block include approximately 10 wells from over four platforms, approximately three subsea wells across all fields tied back by pipelines to deliver oil and associated natural gas through a riser system to allow for delivery, processing, storage and offloading the oil from a leased Floating, Production, Storage and Offloading vessel (FPSO) anchored to the seabed on the block. Its aggregate production from the block is approximately 6.8 million barrels (MMBbls).
The Company has exploration rights to approximately 1.4 million acres offshore central Angola. Additionally, the Company is required to carry the Angolan national oil company, Sonangol P&P, for approximately 10% of the work program.
VAALCO has working interest in a portion of Block P, offshore Equatorial Guinea for the exploration potential on the block. The Company and its partners are working for development and exploration activities in the production area (PDA), including the approval of a development and production plan.
The Company owns approximately 640-acre lease in the Hefley field (Granite Wash formation) in North Texas. The two wells produced approximately 3,000 barrels (Bbls) of condensate and over 180 million cubic feet (MMcf) net to VAALCO. The Company owns working interest in approximately 22,000 gross acres (over 14,300 net acres) covering the Middle Bakken and deeper formations in the East Poplar unit and the Northwest Poplar field in Roosevelt County, Montana.
VAALCO Energy Inc
9800 Richmond Ave Ste 700
HOUSTON TX 77042-4685