StockMarketWire.com - Vaalco Energy said production had been restored at two wells located offshore Gabon.

A recent workover restored production from the previously shut-in ETAME 10H and ETAME 4H wells and the company said it would be entering the next phase of drilling at the Southeast Etame North Tchibala platform.

'Our 2019/2020 program has significantly increased production and we are excited about drilling our next appraisal wellbore, the Southeast Etame 4P wellbore,' the company said.

Net production was increased 73% to just over 6,000 BOPD from the 2019 full-year average of 3,476 BOPD.

Pending positive results from the appraisal wellbore, Vaalco said it planned to promptly drill a third development well, the Southeast Etame 4H well, to develop the Gamba step out area.

'Following the drilling in the Southeast Etame field, we plan to complete additional workovers that we believe will save Vaalco time and money by replacing ESP systems that are nearing the end of their expected lives,' Vaalco added.

At 9:20am: [LON:EGY] share price was -2.5p at 182.5p



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