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    Vaalco development drilling underway on Gabon's Etame Field

    (6/18/2002 - Oil and Gas International: Lagos) Vaalco Energy reports that it has completed the first of its three-well development drilling program on the Etame Field offshore Gabon. The first of the three wells has been successfully completed, having been drilled by the Transocean Sedneth 701 semisubmersible.
    The first development well, the ET-3H flowed at a test rate of 7,630 b/d of oil on a 42/64-inch choke, restricted by surface equipment. Following this first well in the program, Vaalco is moving the semi to the next location on the field to prepare for drilling the second in the series of wells.
    Vaalco says it anticipates that the Etame Field will be going on production late in the third quarter of this year with production from the three wells providing a combined output of approximately 15,000 b/d to the FPSO Petroleo Nautipa.
    Vaalco is the operator of Gabon's Etame Marine Permit and the Etame Field with 30.35% interest. Its partners are Pan African Energy (32.5%), Sasol (30%), PetroEnergy Resources (4.525%), and Nissho Iwai (2.625%).



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