Vaalco Energy, Inc. has initiated the third phase of its offshore drilling programme in Gabon with the spudding of the ET-15 well on the Etame platform. This new investment cycle is part of the company’s short-term strategy to enhance the value of the Etame Marin oil field, which it has operated for over two decades.
A strategy focused on optimising existing resources
The ET-15 well is an infill well aimed at extracting remaining volumes in already developed areas. This approach allows for maximised hydrocarbon recovery by leveraging existing infrastructure while limiting additional capital expenditure. Complementary exploratory drilling in the form of pilot holes is also planned to better assess the potential extension zones of the field.
The next steps in the programme include relocating the drilling rig to the SEENT and Ebouri platforms, where additional development wells are planned. Maintenance and optimisation operations (“workovers”) are also scheduled, aiming to boost productivity of existing installations and improve their profitability.
Drilling rig mobilised under contract with Borr Drilling
Vaalco secured a contract in December 2024 with a subsidiary of Borr Drilling to supply a rig suited to the offshore conditions of the Etame permit. The platform arrived on-site in November, allowing the programme to start within the announced timeline.
This programme aligns with the priorities shared during the Capital Markets Day held in May, where Vaalco outlined its growth roadmap. Management expects these operations to strengthen cash flow generation and support profitability of its African assets throughout the decade.
Parallel investments across West Africa
Beyond Gabon, the company is also pursuing development projects in Côte d’Ivoire. Vaalco aims to replicate the Etame field model, combining optimised operations with cost reduction. Listed on the New York and London stock exchanges, the company is consolidating its position as an integrated player in the West African oil sector.
