VAALCO Energy, Inc. Announces Successful Drilling Campaign Results in Canada

Core Viewpoint - VAALCO Energy, Inc. has successfully drilled, completed, and brought into production four long lateral wells in Canada, achieving strong initial production rates and maintaining project timelines and budgets [1][3][7]. Group 1: Operational Highlights - The company drilled and completed four wells in Canada in 2024, each with a lateral length of 2.75 miles [3][7]. - Initial production rates for three of the four wells reached approximately 500 barrels of oil per day (BOPD), while the fourth well produced about 350 BOPD before being shut in for regulatory reasons [7]. - The average cycle time from rig release to first production for the four wells was about 65 days [7]. Group 2: Future Plans - VAALCO is targeting an appraisal well in the third quarter of 2024 in its Southern acreage, aiming to identify additional long lateral well locations [3][7]. - The company plans to optimize its Canadian prospects by drilling longer laterals of 2.5 to 3 miles, which is expected to enhance the economics of its development program [3]. Group 3: Company Background - VAALCO Energy, Inc. is an independent energy company based in Houston, Texas, with a diverse portfolio of operated production, development, and exploration assets across multiple countries including Gabon, Egypt, Cote d'Ivoire, Equatorial Guinea, and Canada [4].