VAALCO to Forward Exploration on Angolan Block 5

Source: www.gulfoilandgas.com 8/7/2012, Location: Africa

VAALCO Energy, Inc. reported net income attributable to VAALCO of $10.4 million, or $0.18 per diluted share for the second quarter of 2012, compared to net income attributable to VAALCO of $11.8 million or $0.20 per diluted share for the comparable period in 2011. Second quarter 2012 revenues were $58.8 million compared to $58.5 million in the second quarter of 2011.

Robert Gerry, Chairman and CEO, commented: "VAALCO's drilling of its portfolio of exploration and development opportunities, both domestically and internationally, remains on schedule. We continue to make progress in Angola where, late last week, we received official notification that we have been granted a two-year extension of our exploration license on Block 5 in the Kwanza Basin, through November 2014. We believe that the notification removes any concern the concession will expire before we commence exploration drilling and will further advance discussions with our prospective partner. We remain committed to securing a drilling rig and commencing the drilling of our first pre-salt test upon acceptance of our proposed partner by the Angolan national oil company, Sonangol."


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