Vaalco Completes First Three Wells At Etame Development

Vaalco Energy, Inc. has successfully completed the first of three wells planned for the Etame Development Project offshore Gabon, West Africa. The ET-3H well flowed at a rate of 7,630 barrels of oil per day on a 42/64" choke, restricted by surface equipment. Vaalco will move the Sedneth 701 to its second location within the next few days. The Etame Field is expected to go on production late third quarter 2002 with the three wells producing a combined total of 15,000 BOPD.

Partners in the Etame Marine Permit are Vaalco Gabon (Etame), Inc. as operator; PanAfrican Energy Corp. Ltd.; Sasol Petroleum International (Pty) Ltd.; PetroEnergy Resources Corp. and Nissho Iwai Corporation.

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