First Well Continues to Produce 3,000 BOEPD
VAALCO Energy (ticker: EGY), a Houston-based exploration and production company with operations focused in West Africa, has commenced drilling the second well in its North Tchibala field project. The first well, the North Tchibala 1-H, was brought online in mid-September and continues to produce approximately 3,000 BOEPD (750 BOEPD net to EGY) without artificial lift. The 1-H was an “industry milestone,” said Steve Guidry, VAALCO’s Chairman and Chief Executive Officer, considering its production was the first from the Dentale formation
The North Tchibala 2-H well is setting up to be the second, and EGY has already commenced drilling operations. The 2-H is targeting the deeper part of the formation and is being drilled to approximately 16,000 feet. Completion is expected in November.
Following the finalization of the North Tchibala 2-H, EGY will move its rig to the Avouma/South Tchibala Platform. Original plans called for the 2-H to be drilled after operations were completed at Avouma/South Tchibala, but adverse sea conditions prompted EGY management and its partners to re-sequence the program.
VAALCO in 2016
EGY is poised to enter 2016 with a de-risked project at North Tchibala and are aided by the potential of the Avouma/South Tchibala, whose two wells are currently offline and an additional one to two workovers are possible in further development. While presenting at EnerCom’s The Oil & Gas Conference® 20 in August, Guidry said the two Avouma workover wells can have an immediate impact on production.
