VAALCO Energy Commences Phase Three Drilling Program Offshore Gabon
VAALCO Energy announced that it has commenced its Phase Three Drilling Program offshore Gabon with the spudding of the ET-15 infill well on the Etame platform. George Maxwell, Vaalco's CEO, commented, "We are excited to commence our drilling campaign in offshore Gabon and are beginning the near-term series of value creation catalysts that we outlined to the market in our Capital Markets Day presentation this past May. The drilling rig arrived in late November, and we have spud our first well, the ET-15. We are initiating the program at the Etame platform with this infill well and the pilot holes. After drilling at the Etame platform, we expect to move the rig to the SEENT and Ebouri platforms where we have several wells and workovers planned to enhance production, lower costs and potentially add reserves. As we enter 2026, with major projects underway in both Gabon and Cote d'Ivoire, we are looking to drive meaningful growth that we believe will translate into value for our shareholders for the remainder of the decade." As previously announced, the company secured a drilling rig in December 2024 in conjunction with its Phase Three Drilling Program, with an affiliate of Borr Drilling.
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Vaalco Energy (EGY) Drills Two Successful Wells at Etame, Initial Estimates of 3.2M Barrels
- Successful Drilling: Vaalco Energy successfully drilled two wells at its Etame complex in Gabon, with the first well encountering high-quality reservoir sands in the Gamba formation at a depth of 2,397 meters, leading to initial estimates of 2.4M to 3.2M barrels, indicating strong production potential.
- Pressure Data Confirmation: Pressure data from the first well confirmed 'strong communication' with nearby producing wells, suggesting the presence of a connected and productive reservoir system, which enhances the company's confidence in further development in the region.
- Second Well Progress: The second well was drilled to a depth of 2,175 meters, also targeting the Gamba formation and intercepting multiple high-quality sand intervals, showcasing the resource richness of the area and potentially laying the groundwork for future commercial development.
- Production Plans: Vaalco is drilling a horizontal production sidetrack off the first well, expected to commence production in the current quarter, which will further enhance the company's cash flow and market competitiveness.

VAALCO Energy Reports 2025 Sales of 22,100 BOEPD and $35 Million Cash Increase
- Strong Sales Performance: VAALCO achieved sales volumes of approximately 22,100 barrels of oil equivalent per day in 2025, reaching the upper limit of its guidance range, indicating robust performance in the oil and gas market and sustained demand.
- Healthy Cash Flow: As of December 31, 2025, VAALCO increased its cash at bank by nearly $35 million to $58.8 million, reflecting the company's financial health and flexibility in capital expenditures.
- Successful Drilling Program: The Phase Three Drilling Program in Gabon commenced successfully, with the ET-15 well encountering high-quality reservoirs, estimated to hold between 2.4 and 3.2 million barrels of oil, enhancing the development potential of the Etame asset.
- Effective Receivables Management: VAALCO successfully reduced its accounts receivable in Egypt from $113 million to $31 million in 2025, demonstrating effective receivables management that strengthens future cash flow and financial stability.









