VAALCO Energy announces drilling has commenced on block 5 offshore Angola

VAALCO Energy, Inc. (NYSE: EGY) announced that on March 2, 2015, the Company spudded the post-salt Kindele-1 well, its first exploration well on Block 5 offshore Angola. As previously announced, VAALCO contracted the Transocean “Celtic Sea” semi-submersible rig to drill the Kindele-1 well to a planned total depth of 2,250 meters in a water depth of approximately 100 meters.

Steve Guidry, Chairman and CEO, commented, “We are very pleased to announce this major step forward for our operations offshore Angola. After nearly nine years of continued commitment to our Block 5 license, we are embarking on an important phase in our efforts to explore for hydrocarbons from a second West African country. We continue to believe that Block 5 is within an area with potential in both post- and pre-salt formations including the syn-rift and sag play.”

As previously announced in October 2014, VAALCO, together with its working interest partner, Sonangol P&P, entered into the Subsequent Exploration Phase (“SEP”) on Block 5. Under the SEP, VAALCO and Sonangol P&P have committed to drill a total of four exploration wells during the exploration extension period, which expires in November 2017. The four-well obligation includes the original two-well commitment under the primary exploration period that carries over to the SEP period.

The Kindele-1 well will test a fault block adjacent to the Mubafo discovery which tested oil from the Mucanzo sand section within the Pinda group formations. The Kindele-1 will be drilled to a depth of 1,800 meters to evaluate the Mucanzo sand section. The well will then be deepened to the salt to an estimated depth of 2,250 meters for geologic and geophysical correlation. The well is expected to take approximately six weeks to drill to total depth.

Additionally, the Company is nearing finalization of the seismic processing in the outboard portion of Block 5. The seismic processing is being performed to image pre-salt structures as potential targets for future exploration wells on Block 5.

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