vaalco energy inc (EGY) Key Developments
Vaalco Energy Inc. - Special Call
Dec 11 14
To discuss the results of the recently completed Etame 8-H development well and the company's ongoing drilling campaign offshore Gabon
Vaalco Energy Inc. Announces Well Results At Etame Field
Dec 10 14
Vaalco Energy Inc. announced the completion of the Etame 8-H, the first development well drilled from the newly installed Etame platform, offshore Gabon. The Etame 8-H was drilled to a Measured Depth (MD) of 3196 meters and penetrated the Gamba Sand reservoir interval at 1820 meters True Vertical Depth (TVD), contacting 135 meters MD of high quality reservoir within the oil-bearing portion of the Gamba sand. Additionally, the wellbore encountered the current Oil-Water Contact (OWC) at 1829 meters TVD, resulting in a 9 meters vertical oil column. VAALCO subsequently shut in Etame 8-H as the well was determined to be producing hydrogen sulfide (H2S) during the initial testing process. Investigations are underway to ascertain the root cause of the H2S and develop a plan to produce the reserves in a timely manner. The contracted jack up rig, the Transocean Constellation II has been moved onto the next location to drill adevelopment well (designated the Etame 10-H), which is expected to spud this week. The well is targeting the Gamba sand formation in the 1-V fault block in the Etame field, where VAALCO has been producing oil since 2002 utilizing subsea wells. The 1V fault block, which lies south of the main Etame reservoir, has never encountered H2S. The Etame 9-H well, which was to be the third well in the Etame platform campaign, and which is located in the same fault block as Etame 8-H, will be reevaluated in light of the recent results. After drilling the Etame 10-H, the Constellation II will be mobilized to drill three additional development wells from the Southeast Etame/N. Tchibala, SEENT platform, beginning with a well to be drilled to Gamba formation in the Southeast Etame field where the Company drilled a successful exploration well in 2010. The remaining two development wells drilled from the SEENT platform will target Dentale sand formations in the North Tchibala field.
Vaalco Energy Inc. Presents at Cowen and Company 4(th) Annual Ultimate Energy Conference, Dec-02-2014 04:10 PM
Nov 20 14
Vaalco Energy Inc. Presents at Cowen and Company 4(th) Annual Ultimate Energy Conference, Dec-02-2014 04:10 PM. Venue: The New York Hilton Midtown, New York, New York, United States. Speakers: Gregory R. Hullinger, Chief Financial Officer and Principal Accounting Officer.
Vaalco Energy Inc. Presents at Capital One Southcoast 2014 Energy Conference, Dec-11-2014 04:20 PM
Nov 18 14
Vaalco Energy Inc. Presents at Capital One Southcoast 2014 Energy Conference, Dec-11-2014 04:20 PM. Venue: Omni Royal Orleans Hotel, 621 St. Louis St, New Olreans, Louisiana, United States. Speakers: Steven P. Guidry, Chairman and Chief Executive Officer.
Vaalco Energy Inc. Announces Unaudited Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Capital Expenditure Guidance for the Year 20104
Nov 10 14
Vaalco Energy Inc. announced unaudited earnings and operating results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net income of $3.1 million or $0.05 per diluted share for the third quarter of 2014 compared to net income of $2.4 million or $0.04 per diluted share for the comparable period in 2013. Third quarter 2014 revenues were $24.5 million compared to $37.7 million in the third quarter of 2013, primarily due to the lower number of barrels lifted from the Company's offshore Gabon operations and a decrease in the realized sales price per barrel in the third quarter of 2014 compared to the same period in 2013. The company reported operating income of $6.7 million in the third quarter of 2014 compared to operating income of $8.1 million in the third quarter of 2013. Capital expenditures were $26.370 million against $10.268 million a year ago period. The company's third quarter financial results were impacted by lower prices and reduced liftings due to the scheduled maintenance that was performed by the operator of its FPSO facility located offshore Gabon, together with significantly lower realized oil prices.
For the nine months, the company reported revenues of $104.659 million, operating income of $39.870 million and net income attributable to company of $20.788 million or $0.36 per diluted share compared to revenues of $110.995 million, operating income of $41.274 million and net income attributable to company of $16.696 million or $0.29 per diluted share a year ago period. Capital expenditures were $65.921 million against $44.569 million a year ago period.
For the quarter, the company reported net oil sales of 256 MBbls and net gas sales of 55 MMCF compared to net oil sales of 339 MBbls and net gas sales of 74 MMCF a year ago period.
For the nine months, the company reported net oil sales of 992 MBbls and net gas sales of 181 MMCF compared to net oil sales of 1,017 MBbls and net gas sales of 257 MMCF a year ago period.
The company’s capital expenditure budget for 2014 is expected to be approximately $99 million.