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Vaalco Vitality (EGY +3%) is on the transfer after saying it efficiently accomplished the Etame 8H-ST improvement properly offshore Gabon and that it produced 7,550 bbl/day throughout This autumn, up 62% over the identical interval a yr earlier.
Vaalco mentioned the sidetrack properly focused present Gamba hydrocarbons within the Etame subject that weren’t beforehand been produced by prior wells and is the primary properly of its 2021-22 drilling marketing campaign.
The corporate mentioned it plans to drill 4 wells as a part of the drilling marketing campaign at a complete estimated value of $117M-$143M gross, or $74M-$91M web to its 63.6% collaborating curiosity.
Vaalco mentioned This autumn manufacturing and full-year 2021 output of seven,120 bbl/day got here in above the midpoint of steerage.
Vaalco was one in all final week’s greatest performing power shares with a 24% achieve, and shares have soared 61% YTD.
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