LYCOS RETRIEVER 
Gabon: Companys
built 635 days ago
VAALCO operates the Etame Block offshore Gabon, West Africa, where it has sold 23.9 million gross bbls (5.7 million net bbls) from the Etame field since startup. The Company made two discoveries on the Etame block in 2004 (the Ebouri and Avouma discoveries). The Company recently set a platform to develop the Avouma discovery, and commenced drilling operations for two development wells on the platform last week. Last month the Company received approval from the Gabonese government for the development plan for the Ebouri discovery, with plans to construct and set a platform to develop Ebouri in late 2007.
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VAALCO Energy, Inc. (the "Company") announced that it has reached an agreement with the Government of Gabon for a five-year extension of the Etame Marine Permit. The extension, which will go into effect July 2006, is divided into a three-year first term and an optional two-year second term. An exploration well is required during each term.
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The Company signed a production sharing contract with the Government of Gabon in November of 2005 for the Mutamba block onshore Gabon. The five year contract awarded the Company exploration rights to approximately 270,000 acres along the central coast.
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