By the OGJ Online Staff
HOUSTON, June 11 -- Vaalco Energy Inc., Houston, Monday reported delineation well Etame 4V confirmed a large commercial discovery on the Etame Marin concession off Gabon, adding the company will develop the field on a fast-track basis.
The well was drilled 1.5 miles from the discovery well to a depth of 2,222 m, and log analysis indicates a gross oil column of 32 m with net pay of 24 m.
The well was cored and recovered 17 m of oil sand in the Gamba and Dentale formations. It cut 14 m in the Gamba sand, 30% more than other wells had found.
Vaalco Chairman and CEO Robert Gerry said, "Of the four wells drilled on the Etame concession, this well appears to contain the highest amount of pay sands. ... We anticipate completing three wells through subsea completions to a floating production, storage, and offloading facility."
He projects 12,000 b/d of oil will be loaded onto a tanker during the first quarter 2002.
Vaaloc Gabon (Etame) Inc. operates the Etame consortium with a 30.35% interest. Partners are Pan African Energy Corp. Ltd., 32.5%; Sasol Petroleum International (Pty.), 30%, PetroEnergy Resources Corp., 4.5%; and Nissho Iwai Corp., 2.65%.
Vaalco is an independent with oil and gas assets in Gabon, the Philippines, and in Texas. Etame field covers 3,000 sq km and holds a 3,700 b/d oil discovery drilled in 1998 (OGJ, June 28, 2000, p. 40).