Vaalco has also started drilling the Etame 11H horizontal development well with production expected to commence in late January
Vaalco Energy has completed the Etame 9H development well at the Etame field, located offshore Gabon.
The Etame 9H development well came online at a stabilised rate of 5,500 gross barrels of oil per day (BOPD), 1,500 net to the company, with no hydrogen sulfide.
Production of Etame 9H well was higher than the pre-drill estimate
Vaalco said that the production was higher than the pre-drill estimate of 2,500-3,500 gross bopd due to high reservoir quality and increases its forecast 2019 net exit production rate to 4,500-4,700bopd from its earlier estimate of 3,800-4,100 bopd.
The company also expects to convert nearly 6.2 million barrels of undeveloped 2P oil reserves to developed 2P oil reserves.
Vaalco added that it has started drilling the Etame 11H horizontal development well with production expected to commence in late January.
It has also planned for a workover to replace an electric submersible pump ((ESP) in Etame 10H, and drilling of the SE Etame 4P appraisal wellbore from the Southeast Etame/North Tchibala platform to assess a Gamba step-out area on Southeast Etame.
Furthermore, Vaalco intends to drill a third development well as part of the 2019/2020 drilling campaign.
Vaalco Energy CEO Cary Bounds said: “The very strong stabilized net rate of 1,500 BOPD from the Etame 9H well is a significant first step toward increasing overall production by approximately 25% in 2020 compared to 2019.
“With the Etame 9H well online, we expect our 2019 net exit production rate to average 4,500 to 4,700 BOPD, 16% higher than our previous estimate of 3,800 to 4,100 BOPD net to Vaalco.
“We are in the midst of drilling the Etame 11H development well which will likely be followed by a workover on the Etame 10H well to replace the ESP. The Etame 10H workover, if undertaken, could restore additional production of 735 gross BOPD, or 200 BOPD net to Vaalco.”
In October, Vaalco Energy had announced that it made an oil discovery offshore Gabon following the drilling of the Etame 9P appraisal wellbore beneath the company-operated Etame field.