Vaalco Energy Inc. restored 2,400 gross b/d with the restart of South East Etame 2H, in line with production prior to electronic submersible pump (ESP) failure in early March (OGJ Online, Mar. 26, 2020).
During the year’s first quarter, the company brought two new wells online, experienced normal operational downtime associated with simultaneous production, drilling and completion operations, and brought production back online from two ESP workovers. First quarter production was 18,298 gross b/d, or 4,944 b/d of oil net revenue interest (NRI) to VAALCO, reaffirming the full year 2020 production guidance of 4,400-5,000 b/d NRI.
The Vantage Topaz jackup was released Apr. 9 with no additional workovers scheduled to better preserve cash flow in the current environment.
Vaalco is operator of Etame with 33.6% interest (31.1% working interest). Partners are Addax (Sinopec) 33.9%, Sasol 30%, and PetroEnergy 2.5%. Tullow is a 7.7% working interest owner but not a joint interest owner.
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