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Vaalco Provides Update on Mutamba Iroru Block

Source: www.gulfoilandgas.com 11/8/2012, Location: Africa

VAALCO Energy, Inc announced that the N'Gongui 2 exploration well being drilled onshore Gabon in the Mutamba Iroru concession has encountered hydrocarbons in the objective Gamba sandstone section.

Robert Gerry, Chairman and CEO, commented: "With our partner, Total Gabon, we have elected to drill this well as a "tight hole" and therefore specifics of the operation will not be released until a later date. Suffice to say that VAALCO is excited about the results as the reservoir encountered is the same oil bearing sandstone that produces so prolifically from our offshore fields in Gabon. We are presently conducting additional operations to ascertain the size of the reservoir, reserves and plan of development."

The discovery is located approximately six miles south of the producing Atora field operated by Total Gabon, and future development plans will investigate connecting into the field's export pipeline.

VAALCO, as operator, and Total each share a 50% working interest in the joint operation on the 270,000 acre Mutamba Iroru block, located onshore near the coast in central Gabon. The block is subject to an 18% Gabon government back-in interest in the event of a development.

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