“Following the completion of the South East Etame 4H well, we began the planned workover on the South East Etame 2H well to replace ESPs. We expect to bring the South East Etame 2H well back online around the end of March, which should restore production of approximately 2,400 gross BOPD. As previously announced in March, the South East Etame 2H well stopped producing due to an ESP failure. “As of right now, Vaalco’s operations have not been disrupted, and we have managed through the logistical challenges that we have faced since the outbreak. Vaalco has contingency plans in place in the event that we are directly impacted, and we continue to put the safety of our workers and local stakeholders first.” “Our lowered operational breakeven, strong hedge position, and increased production has enabled us to establish a solid financial footing which puts us in a stronger position to navigate the current low price oil environment. After installing production equipment, the South East Etame 4H well was brought online at an initial rate of approximately 2,200 gross BOPD, (600 BOPD NRI to Vaalco), with no H2S which is at the high end of the February 2020 pre-drill initial production rate of 1,200 to 2,500 gross BOPD (325 to 675 BOPD NRI to Vaalco). The well was drilled and completed as planned. “With that said, the global pandemic and energy industry events that began in late February of 2020 have been unprecedented and caused significant uncertainty across the oil sector with regards to outlook and budgets. The world is battling COVID-19 which has disrupted our everyday lives and negatively impacted the worldwide economy. With the drilling of the South East Etame 4P appraisal wellbore, Vaalco has also satisfied the drilling commitment as part of the PSC extension that the company signed in late 2018. Vaalco is using the Topaz Driller jack-up for Gabon operations; Image source: Vantage No disruptions by coronavirus Vaalco Energy said on Wednesday that, with the drilling of the South East Etame 4H well, it had completed its 2019/2020 drilling campaign. Houston-based oil and gas company Vaalco Energy has completed its 2019/2020 drilling campaign in the Etame Marin permit offshore Gabon, which included three development wells and two appraisal wells that confirmed additional resources. The well was producing 2,400 gross BOPD, or 650 BOPD NRI to Vaalco, when the ESP failed. Vaalco will not perform any additional workovers with the contracted drilling rig and the rig will be released after completion of operations on the South East Etame 2H well. Cary Bounds, Chief Executive Officer, commented: “We are proud of the highly successful 2019/2020 drilling campaign in which we have drilled and brought online three development wells and drilled two successful appraisal wellbores that confirmed additional resources to exploit from this quality asset. The drilling campaign has been transformational for Vaalco and has added meaningful production and cash flow with minimal increase in operating costs. This has helped to improve our margins and drive our operational breakeven down to $31 per barrel of realized pricing. The drilling rig on the South East Etame North Tchibala (SEENT) platform was already scheduled to replace the ESP on that well in a preemptive workover upon completion of the South East Etame 4H well. The workover on the South East Etame 2H well is currently underway and the well is expected to be returned to production around the end of March.
Press Association It is not unusual for a less-fancied side to be among the big hitters at the start of a season but, with Leicester showing no signs of slipping off the pace heading into Christmas, this is developing into a very different story. “Leicester deserve to be top of the league,” Martinez said. “I think Claudio Ranieri deserves all the credit for developing the belief in that team. “Of course they are (title contenders). I don’t see why they shouldn’t be. It’s not because they are top of the league, it’s because they’ve been so competitive in every game. “I’ve seen a real change. The first two or three fixtures, they were testing themselves and seeing how they could compete. Now it’s different. “The last few games, there’s an incredible belief. They go out knowing they’re going to win the football game, and I think when you develop that momentum, it can be very powerful. “Of course in a competition of 10 months you’re relying on (a lack of) suspensions, injuries, you have to be a bit fortunate, and Leicester is no different, but, where they are now, the way they are playing and the momentum that they achieved, they are capable of achieving anything this season.” It has been a remarkable transformation for a team who were bottom of the table last Christmas and looked to be heading for relegation until a dramatic upturn in form at the end of the season. Martinez will hope to hand Leicester just a second defeat of the season on Saturday but the Spaniard thinks the Foxes’ rise is a fillip for football. The Toffees are the latest team to try to derail the flying Foxes, with Claudio Ranieri’s team the visitors to Goodison Park on Saturday. Leicester top the table by two points after Monday’s victory over Chelsea and are a full 12 points clear of Martinez’s 10th-placed team. “They are refreshing for modern football because we all know that finances dictate a lot,” he said. “Normally, in any competition, at the end of the season, more or less the expected sides are always there. I think when you see teams like Leicester and the nature of this year’s competition, I think it’s inspirational and it’s something you want every footballer to believe, that you can achieve something that probably you’re not predicted to. “It’s the belief, the momentum, the way they play, it’s very refreshing, so I’m sure every neutral football fan up and down the country will have a soft feeling towards what Leicester are achieving. “I think this campaign is the most open we have had for many years and I think that’s good for football in general.” Everton could well still be without midfielder James McCarthy for the game as he continues to recover from a hip problem, but defender John Stones has shown no ill effects from the knocks to his ankle and knee that he picked up before and during the draw against Norwich last weekend. Martinez, who reiterated that he will not be selling any of his key players in January, said: ” It’s been really good news. In the last two days (Stones) has been able to do his normal work. He’s in perfect condition for the weekend.” Midfielder Steven Pienaar, meanwhile, is closing in on his first appearance of the season after recovering from a hamstring problem. Leicester are capable of achieving anything this season, including winning the Premier League title, according to Everton boss Roberto Martinez.