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Drilling at Ebouri and Etame wells

07 January 2009

Vaalco Energy, Inc has commenced drilling its development well in the Ebouri field and at its appraisal well ( North Ebouri) in the Etame block. These two wells, together with the five other development and exploration wells planned, expose Vaalco to over 50 million net barrels, or an 8-fold potential increase to the Company’s current 6.2 million barrels of proved reserves.

Drilling at Ebouri and Etame wells

For the development well in the Ebouri field, the jack-up rig Adriatic 6 came on hire to Vaalco on November 6 2008 and was on location in mid-November. Vaalco announced that it has drilled one pilot hole to the south of the original Ebouri discovery and a second pilot hole to the northeast of the original discovery. Both of these pilot holes were successful in delineating additional Gamba sandstone reservoir above the oil water contact, thereby increasing the acreage and reserves of the Ebouri field. Vaalco is currently completing the development well horizontally on the same orientation as the second pilot hole.

First oil production from this well is expected in January 2009. Vaalco continues to expect production at a rate sufficient to bring the Company’s total production to approximately 25,000 barrels per day (bpd). The Company currently produces 20,500 bpd.

In the Etame block, the jack-up rig Pride Cabinda was on location in mid-November. In addition to the appraisal well (North Ebouri) where drilling has commenced for possible expansion of the Ebouri field, VAALCO plans two wells, North Etame and South East Etame, on newly mapped structures. The wells will be drilled back to back.

“Results from the Ebouri development drilling have exceeded expectations, and we are pleased with the initial results from our drilling program in the Etame block, with more wells to come,” said Robert L. Gerry, III, Chairman and CEO of Vaalco. “We have substantially enlarged the productive acreage of the Ebouri field, thereby greatly enhancing the recoverable reserves. We look forward to continued success with our exploration program.”