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Vaalco Power (EGY +3%) is on the transfer after saying it efficiently accomplished the Etame 8H-ST improvement nicely offshore Gabon and that it produced 7,550 bbl/day throughout This fall, up 62% over the identical interval a 12 months earlier.
Vaalco mentioned the sidetrack nicely focused present Gamba hydrocarbons within the Etame discipline that weren’t beforehand been produced by prior wells and is the primary nicely 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 price of $117M-$143M gross, or $74M-$91M internet to its 63.6% taking part curiosity.
Vaalco mentioned This fall manufacturing and full-year 2021 output of seven,120 bbl/day got here in above the midpoint of steering.
Vaalco was one in every of final week’s greatest performing vitality shares with a 24% acquire, and shares have soared 61% YTD.
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