The company estimates gross recoverable oil resources of 2.5 million to 10.5 million barrels of oil present in Dentale reservoirs

Vaalco Energy

Image: Vaalco Energy has made an oil discovery offshore Gabon. Photo: courtesy of VAALCO Energy, Inc.

Vaalco Energy announced that it has made an oil discovery offshore Gabon following the drilling of the Etame 9P appraisal wellbore beneath the company-operated Etame field.

The US-based independent hydrocarbon exploration company said that Etame 9P appraisal well was drilled to a total depth of 10,260 feet and encountered both Gamba and Dentale oil sands.

According to Vaalco,  Etame 9P well verified the presence of a Dentale oil column, which was first found in the Etame 4V well drilled in 2001, and encountered 35 feet of good-quality Dentale oil sands.

The company estimates gross recoverable oil resources of 2.5 million to 10.5 million barrels of oil present in Dentale reservoirs.

Vaalco Energy CEO Cary Bounds said: “The successful Etame 9P is the first of many appraisal opportunities that we have identified that have the potential to create substantial organic value for our shareholders.

“The result reaffirms the upside potential yet to be exploited from the Etame field.

“We continue to assess the viability of drilling future Dentale development wells as we aim to extend the overall life of the field by continuing to add reserves and production.

“We are now focused on drilling the Etame 9H development well which, if successful, could result in additional production volumes coming online in December.”

In September, Vaalco Energy had commenced its 2019/2020 drilling campaign and started drilling of the Etame 9P appraisal wellbore at the Etame field.

The company had estimated that the Dentale reservoirs beneath the Etame field could hold up to 4.6 million gross barrels of recoverable oil.

Vaalco hired Vantage Drilling International Topaz jack up drilling rig for drilling campaign

Vaalco had contracted the Vantage Drilling International Topaz jack up drilling rig to execute the 2019/2020 drilling campaign, for two appraisal wellbores and up to three development wells.

The company is engaged in the development and production of crude oil, and it holds properties and acreage located mainly in Gabon and Equatorial Guinea in West Africa.