VAALCO Energy Powers Up for 2025/2026 Gabon Drilling with New Rig Contract

Deal News | Dec 11, 2024 | Phoenicia Group Libya LLC

VAALCO Energy Powers Up for 2025/2026 Gabon Drilling with New Rig Contract

VAALCO Energy, Inc. has announced a significant contract arrangement with Borr Jack-Up XIV Inc., tied to its highly anticipated 2025/2026 drilling campaign in Gabon, Africa. Under the terms, Borr Drilling Limited will provide drilling services for multiple development and appraisal/exploration wells, in addition to workovers, with potential for further drilling operations. The primary focus is on the Etame and Ebouri fields. CEO George Maxwell highlighted the strategy's role in bringing about substantial organic growth to VAALCO’s portfolio, underscoring collaborations with joint owners at Etame and revealing plans for the sequence and specifics of the drilling operations. The program is part of a broader effort towards increased production and reserve additions, building on successful efforts over the last three years.

Sectors

  • Energy
  • Oil & Gas Exploration and Production

Geography

  • Gabon – The drilling campaign and operations are explicitly planned to take place in Gabon, making it a key location of interest.

Industry

  • Energy – The article is centered around VAALCO Energy's plans for drilling operations, which are part of the energy industry.
  • Oil & Gas Exploration and Production – The discussion of drilling plans and increasing oil production highlights the focus on oil and gas exploration and production.

Financials

    Participants

    NameRoleTypeDescription
    VAALCO Energy, Inc.Target companyCompanyAn energy company focusing on exploration and production of oil and gas, leading the 2025/2026 drilling program in Gabon.
    Borr Jack-Up XIV Inc.Drilling ContractorCompanyA contract drilling subsidiary of Borr Drilling Limited, partnered with VAALCO for the drilling campaign.
    Borr Drilling LimitedAffiliated CompanyCompanyAn international drilling contractor focused on jack-up rigs for deep-sea oil exploration and production.
    George MaxwellCEO VAALCO EnergyPersonChief Executive Officer of VAALCO Energy, commenting on the strategic plans for the upcoming drilling operations.