StockMarketWire.com - Vaalco Energy said it had found oil following drilling at its Etame 9P appraisal well.

The company encountered approximately 35 feet of Dentale oil sands with 27% porosity and 3,000 meter depth of permeability, with and estimates gross recoverable oil resources of 2.5 to 10.5m barrels of oil present in Dentale reservoirs, the company said.

The company also identified an oil column which was 'thicker than expected in the Gamba reservoir which may result in higher ultimate oil recovery from the planned Etame 9H and Etame 11H wells than previously expected,' it added.

Operations were underway to plug back to a shallower depth and drill the Etame 9H horizontal development well section in the Gamba reservoir, the company added.

Looking ahead, the company said it would continue to assess the viability of drilling future Dentale development wells as we aim to extend the overall life of the field by continuing to add reserves and production.

'We are now focused on drilling the Etame 9H development well which, if successful, could result in additional production volumes coming online in December,' Vaalco sid.

At 8:36am: [LON:EGY] share price was 0p at 162.5p



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