VAALCO's Offshore Gabon Drilling Campaign Yields Strong Results

VAALCO Energy has announced robust initial outcomes from its ongoing offshore drilling campaign in Gabon, with the Ebouri-5H development well achieving a flow rate exceeding 8,000 gross barrels of oil per day (bopd). This well, drilled, completed, and brought into production in the Ebouri field, encountered approximately 300 meters of net pay in the Gamba sands. The initial flow rate translates to about 4,700 bopd net to VAALCO, characterized by a low water cut.

Following the completion of Ebouri-5H, the drilling rig has been relocated to the SEENT platform. Here, the company plans to drill the ETBNM-3 development well, a directional well targeting gas and condensate resources within the Dentale D15 reservoir, located near the GMF-1X discovery on the North Tchibala structure. VAALCO noted that natural gas from a successful ETBNM-3 well could be utilized to support field operations, thereby reducing the reliance on diesel currently transported to the offshore facilities.

Drilling Progress in Egypt and Overall Production Outlook

In Egypt, VAALCO has drilled, completed, and brought online the HE-9 development well, marking the first well in its 2026 drilling campaign. This well encountered 26 meters of net pay in the Asl B reservoir and achieved an initial production rate of 529 gross bopd, which exceeded pre-drill expectations. The company confirmed that drilling activity in Egypt is continuing, building on the success of its 2025 campaign, while operations in Gabon remain focused on adding production and reserves through the ongoing development program.

VAALCO recently restarted production at the Baobab field and reported a record company production of 15,283 barrels of oil equivalent per day (boed) in May, representing a 41% increase year-to-date despite natural declines from legacy fields. The company continues to target an exit production rate of 18,000 to 20,000 boed by the end of 2026.