VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Company”) announced that it has completed the two previously-announced workovers at the Etame field offshore Gabon and added a total of approximately 1,050 gross barrels of crude oil per day (“BOPD”), (540 net BOPD to VAALCO).

Highlights Include:

• Utilized VAALCO’s mobile hydraulic workover unit, which was purchased in early 2021, to rapidly mobilize and replace electrical submersible pump (“ESP”) units cheaper and more efficiently compared to using a drilling rig;
• Completed the workover of EEBOM-2H well to replace and upgrade the longest producing ESP unit at Etame; 
• Increased production from about 500 gross BOPD (255 BOPD net) prior to the workover to approximately 1,400 gross BOPD (715 BOPD net) in mid-October;
• Replaced both upper and lower ESP units and reconfigured the ESP design at ET-12H well; 
• Production restored to 1,800 gross BOPD (920 BOPD net) in late-October, an increase of approximately 150 gross BOPD (80 BOPD net) compared to the average rate prior to the workover.

George Maxwell, VAALCO’s Chief Executive Officer, commented, “We are pleased with the results from these workovers, in particular, the 1,050 gross BOPD of additional production. We purchased the mobile hydraulic workover unit earlier this year to allow us to quickly and efficiently react to ESP failures and to proactively prevent ESP failures as we deemed necessary. This allows us to maximize production and even incrementally increase production, which is particularly attractive in the current price environment. We will continue to efficiently operate at Etame which generates strong cash flow to fund our accretive strategic initiatives.”