Vaalco Energy reported strong Q4 and full year 2016 production results.
 |
|
Image from Vaalco. |
Production for Q4 2016 averaged approximately boe/d, above the previously provided guidance range of 3300-3600 boe/d. Volumes for include production from the acquisition of an additional 3.23% participating interest (2.98% working interest) in the Etame Marin Permit from Sojitz Etame for the month of December after closing the transaction in November.
Full year 2016 production was approximately 4200 boe/d, at the high end of the full year guidance range of 3900-4300 boe/d. As previously announced on 5 January, following the successful completion of workover operations on the Avouma Platform offshore Gabon, company production averaged approximately 4600 boe/d and has remained at those levels throughout the month of January.
Cary Bounds, Vaalco CEO said, “Following our successful well intervention campaign to quickly and efficiently replace down-hole pumps utilizing a hydraulic workover unit, our net production has risen to approximately 4600 boed/. With Q4 2016 production coming in above the guidance range and full year 2016 production near the top of the range, we continue to demonstrate our focus on delivering production from our world class Etame asset offshore Gabon. We will build on our strategic and operational successes while remaining focused on pursuing value adding growth opportunities in this improving commodity price environment.”
Read more:
Subscribe
