Gabon-focused Vaalco Energy has unveiled an extensive exploration programme for its Etame Marin block as it aims to conclude seismic acquisition before the end of this year.

The company plans to have the seismic processing fully completed by the end of next year.

The cost — on a gross basis — of acquiring and processing the 3D dual-azimuth seismic data is estimated at $15 million and results will help optimise future drilling locations, provide better imaging of existing satellite and infill locations and identify additional upside opportunities, Vaalco said.

The overall cost of the survey, net to Vaalco, is estimated at $5 million, with funding from cash on hand and from operations.

Field performance at the tract off the capital Libreville has been strong in the third quarter, with production currently pegged at 4370 barrels per day, net to Vaalco.

“Our long-term strategy is to optimise every location that we plan to drill and identify new locations to add to our drillable inventory,” said chief executive Gary Bounds.

As field operator, Vaalco holds a 31% working interest in the Etame Marin block. It is joined on the licence by Sinopec, Sasol and Petroenergy.

Listed on both London and New York stock exchanges, Vaalco also has a 43% working interest in nearby Block P, located off Equatorial Guinea’s mainland enclave of Rio Muni.

Exploration

Vaalco ratchets up exploration on Etame block off Gabon