Gulf Oil and Gas accountACCOUNT

VAALCO Announces 10Y Extension of Etame Exclusive Exploitation Areas through 2028

Source: www.gulfoilandgas.com 9/25/2018, Location: Africa

Share |
VAALCO Energy, Inc. through its wholly owned subsidiary, VAALCO Gabon S.A. and the other Etame Participating Interest owners announced the receipt of the Presidential Decree approving the successful execution of an Amendment to the Etame Marin Production Sharing Contract (“PSC”) in Gabon between the Government of Gabon and the Etame Participating Interest owners. The Amendment provides for a 10-year extension of the three Exclusive Exploitation Areas under the PSC (“the Extension”).

VAALCO is the Operator with a 33.575% Participating Interest under the terms of the applicable Joint Operating Agreement. The remaining owners of Participating Interests under the Joint Operating Agreement are Addax Petroleum Etame, Inc. (33.900%), Sasol Gabon S.A. (30.000%), and PetroEnergy Resources Corp. (2.525%). VAALCO and the other Participating Interest Owners are referred to as the “Contractor Parties”.

Key Highlights of the Extension:
- Extends each of the existing three Exclusive Exploitation Authorizations under the Etame PSC for 10 years from the date of the signing of the Amendment, with two additional five-year option periods;
- Provides the opportunity to make future investments that will yield benefit to both the Contractor Parties and the government of Gabon through further development of the resource potential within the Exploitation Areas;
- Commits the Contractor Parties to complete, within two years of the Amendment coming into force, a drilling program to drill two development wells and two appraisal wells, as well as undertake technical studies;
- In addition, VAALCO has agreed individually to provide an increased commitment to corporate social responsibility projects in Gabon.

Cary Bounds, Chief Executive Officer, commented, “VAALCO, together with the other Contractor Parties, are very excited to announce this extension of our Exclusive Exploitation Authorizations in the Etame Marin Permit. The Extension will further strengthen our strategic partnership with the Government of Gabon and ensures the long-term viability of our premier Etame asset, which has produced more than 100 million barrels of oil since inception. This extension stabilizes VAALCO’s outlook for the future, removes uncertainty, and allows us to focus on generating further value and extracting additional reserves from the Etame block. We are now ready to move forward with our 2019 development and appraisal drilling program. We will provide additional details once the locations and timing are finalized. As we look to the future, we remain focused on creating substantial value for our shareholders by operating safely and efficiently, and continuing to execute on our growth strategy. The remaining opportunities in Etame are significant and we are well positioned to strengthen our financial and operational positions. We are also very pleased to continue our long-term relationship with the Government of Gabon and look forward to many more years of successful operations in the country.”

Representatives of Sasol Gabon, Addax and PetroEnergy have also executed the Amendment. The Contractor Parties have also agreed to their respective Participating Interest share of the work commitment and other obligations, including the drilling commitments, under the terms of the Extension. The Contractor Parties are optimistic that these wells will be part of a broader, long-term program to develop the economically recoverable portion of the hydrocarbon resources remaining in the field which will jointly benefit VAALCO, the other Contractor Parties and the Republic of Gabon.

For more information about related Opportunities and Key Players visit West Africa Projects

Exploration News in Gabon >>

Russia >>  10/10/2018 - NOVATEK has announced that its wholly owned subsidiary Arctic LNG 3has completed the testing of the first exploration well at the North-Obskiy license...
Colombia >>  10/9/2018 - Frontera Energy Corporation announced a light oil discovery from its Acorazado-1 exploration well on the 100% owned and operated Llanos-25 block in Co...

Mexico >>  10/9/2018 - Pemex CEO, Carlos Trevino, confirmed the discovery of seven reservoirs in two new wells in Mexico’s Southeast Basin, named Manik-101A and Mulach-1, wh...
Libya >>  10/8/2018 - Libya’s National Oil Corporation, BP and Eni signed an agreement expected to lead to Eni and BP working together to resume exploration activities on a...

Mozambique >>  10/8/2018 - The Mozambican government had signed oil exploration agreements with U.S. energy firm Exxon Mobil and Russia’s Rosneft. Mozambique’s National Petroleu...
Australia >>  10/5/2018 - Central Petroleum Limited, as Operator and 100% owner of Palm Valley Gas Field, announces that the Palm Valley 13 well (“PV13”), as of this morning, i...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Gabon Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Gabon >>

More News

 

Oil & Gas Companies in Gabon >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.