Vaalco concludes 3D seismic survey offshore Gabon
Houston-based oil and gas company Vaalco Energy has completed the acquisition of new proprietary 3D seismic data over the entire Etame Marin block offshore Gabon.
Vaalco Energy acquired nearly 1,000 square kilometers of dual-azimuth 3D seismic data at Etame Marin block which will be used to optimize and de-risk future drilling locations and potentially identify new drilling locations, the company said.
The work will also help enhance sub-surface imaging by merging legacy data with newly acquired seismic, allowing for the first continuous 3D seismic over the entire block.
The processing of the seismic data is expected to begin in January 2021, with all data expected to be fully processed and analyzed by the fourth quarter of 2021, according to Vaalco Energy.
The estimates of the total costs of both the acquisition and processing of seismic data are at approximately $14 to $16 million gross over the period from Q4 2020 through Q4 2021, according to Vaalco Energy, which said it expects to fully fund its portion with cash on hand and cash from operations.
Vaalco Energy also revealed it plans to start the next drilling campaign at Etame in late 2021 or early 2022.
Cary Bounds, Chief Executive Officer at Vaalco Energy, said: “Over the past 20 years, we have capitalized on the significant resource potential at Etame by increasing the ultimate recovery from the initial estimate of 30 million gross barrels of oil to 147 million gross barrels of oil on a 2P basis.
“Looking ahead, our new 3D seismic survey is a vital tool in helping us unlock the remaining 116 million gross barrels of oil reserves and resources identified on the license.
“The new seismic data will help us to optimize every location that we plan to drill and potentially identify new locations to add to our drillable inventory.
“Additionally, our recent announcement of the acquisition of Sasol’s interest at Etame combined with the new 3-D seismic survey underscore our confidence in the long-term potential at Etame”.