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VAALCO's (EGY) Gabon Drilling Results Better Expectations

Zacks Equity Research
·2-min read

The Houston, TX-based independent energy company, VAALCO Energy Inc. EGY, recently declared the successful drilling of the North Tchibala 2H-ST well from the Southeast Etame North Tchibala  platform in the Etame field, offshore Gabon.

The company mentioned that the North Tchibala 2H-ST well came across 100 meters of gross Dentale sand, exceeding expectations and comparable to sands previously productive in the North Tchibala field, with similar porosity and permeability.

EGY also provided an operational update on the Teli Floating Storage and Offloading (FSO) vessel installation and field reconfiguration at Etame. The company mentioned it is close to completing the installation of the FSO.

The firm also installed over 90% of just about 5,100 meters of the latest subsea flexible pipe for the reconfiguration of the Etame field. Completion of all FSO and first oil field reconfiguration activities is anticipated within the first week of October 2022.

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"The positive result from this well gives us increasing confidence in targeting the Dentale sand for production at Etame in addition to the Gamba, thereby further increasing the production runway from this high-quality field," George Maxwell, VAALCO’s Chief Executive Officer stated.

VAALCO ENERGY is an independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas. The company is organized in Delaware with operations primarily in the Etame Marin block, offshore Gabon.

VAALCO currently carries a Zacks Rank #5 (Strong Sell). Some better-ranked stocks from the energy space that warrant a look include Equinor EQNR, Valero VLO, and Schlumberger SLB, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Equinor beat the Zacks Consensus Estimate for earnings in all of the trailing four quarters, the average being around 7.3%.

The Zacks Consensus Estimate for EQNR’s 2022 earnings stands at $7.11 per share, up about 130.8% from the year-ago earnings of $3.08.

Valero beat estimates for earnings in all the trailing four quarters, the average being around 33.5%.

The Zacks Consensus Estimate for VLO’s 2022 earnings stands at $27.55 per share, up about 880.4% from the year-ago earnings of $2.81.

The Zacks Consensus Estimate for Schlumberger’s 2022 earnings stands at $2.02 per share, up about 57.8% from the year-ago earnings of $1.28.

SLB beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 9.10%.


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Schlumberger Limited (SLB) : Free Stock Analysis Report
 
Valero Energy Corporation (VLO) : Free Stock Analysis Report
 
Vaalco Energy Inc (EGY) : Free Stock Analysis Report
 
Equinor ASA (EQNR) : Free Stock Analysis Report
 
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Zacks Investment Research