E&P

The Company is drilling additional wells in 2026.

With a drilling programme ongoing offshore Gabon, VAALCO Energy has reported impressive initial well results on the Ebouri-5H well and has mobilised a rig to the SEENT platform 

Successfully drilled, completed and placed on production the Ebouri-5H development well at the top of the structure with a lateral of 300 meters of net pay in high-quality Gamba sands. Tyhe company read excellent initial flow rate, which shot past 8,000 gross barrels of oil per day, 4,700 bopd net to Vaalco, with very low water cut.

The company aimed directional drilling of the slant well, lying adjacent to GMF-1X discovery well so that gas and condensate resources in the Dentale D15 reservoir from the crest of the North Tchibala structure can be accessed for operational use.

Natural gas obtained in this manner can be leveraged directly, significantly reducing the costs of higher priced diesel that is currently transported to the field by vessel. 

In line with its 2026 onshore drilling schedule in Egypt, the company has completed drilling of the first well in the region. The HE-9 development well that has encountered 26 meters of net pay in the Asl B reservoir is now placed on production. The well has  achieved excellent initial flow rate of 529 gross BOPD, above Vaalco’s predrill expectations.

George Maxwell, Vaalco’s Chief Executive Officer, commented, “We are very pleased with the continued positive results from our Gabon drilling campaign. The Ebouri-5H development well encountered 300 meters of net pay in high-quality Gamba sands in a crestal position within the Ebouri field. The well was brought online with initial rates exceeding 8,000 gross BOPD, or 4,700 net BOPD. We have mobilized the rig to the SEENT platform where we plan to drill two development wells. Our goal is to continue to successfully add production and reserves with the remainder of our Gabon drilling campaign. In Egypt, given the success of the 2025 drilling campaign, including captured efficiencies and accelerated technical subsurface evaluation, the Company is drilling additional wells in 2026. We completed and placed on production the HE-9 development well in early June, the first well in our 2026 drilling program, and are very pleased with the strong IP rates. With the Baobab field successfully restarted and the continued successes in the Gabon and Egypt drilling campaigns, we have many positive achievements year to date, and we believe that the remainder of 2026 will be profitable. We remain focused on execution and driving meaningful growth through our organic capital programs that we believe will translate into value for our shareholders in 2026 and beyond.”

The US$750mn facility was born out of an innovative capital mobilisation strategy. (Image source: Heirs Energies)

Nigerian company, Heirs Energies Limited's dual-tranche senior secured reserve-based lending (RBL) facility was bestowed with the Best Oil & Gas Deal of the Year title at the EMEA Finance Project Finance Awards 2026

The US$750mn facility was born out of an innovative capital mobilisation strategy to become self sufficient in local resources exploration. Heirs Energies successfully translated this vision into reality with African Export-Import Bank's support as it helped in project execution.

The facility aims to accelerate field development, optimise production, and support Heirs Energies' long-term growth ambitions, while maintaining disciplined capital management.

Commenting on the recognition, Osa Igiehon, chief executive officer of Heirs Energies, said, "This recognition reflects the confidence that African and international financial institutions continue to place in Heirs Energies, our strategy, and our long-term vision. The transaction demonstrates that indigenous African energy companies can successfully structure and execute world-class financing solutions that support investment, growth, and value creation. We are proud to receive this award and grateful to our financing partners, advisers, and stakeholders whose support made it possible."

Haytham ElMaayergi, executive vice president, Global Trade Bank at Afreximbank, said, “We are truly honoured that the US$750 million dual-tranche Senior Secured Reserve-Based Lending facility for Heirs Energies has been recognised as Best Oil & Gas Deal of the Year by the EMEA Finance Project Finance Awards.

"This recognition underscores the importance of well-structured, Africa-focused financing in supporting indigenous energy companies with strong governance, high-quality assets and clear long-term growth plans. Afreximbank was proud to support this landmark transaction, which demonstrates how African financial institutions can help mobilise capital for strategic businesses that advance energy security, production capacity and sustainable value creation across the continent.

"We congratulate Heirs Energies and all the partners involved in the transaction and are pleased to see this important financing recognised on such a respected international platform.”

Samuel Nwanze, executive director and chief financial officer of Heirs Energies, said "This award validates the strength of the transaction and the confidence our financing partners placed in Heirs Energies.
The facility was designed to support our long-term growth strategy, enabling continued investment in field development, production optimisation, and sustainable value creation. We are pleased to see the transaction recognised on such a respected global platform."

Kent to deliver construction management in Angola. (Image source: Adobe Stock)

Integrated engineering and project delivery company, Kent, has been awarded a contract by CABGOC (Cabinda Gulf Oil Company Limited) for Construction Management Services in Angola

Under the scope of the contract, Kent will deliver integrated construction management services across CABGOC’s operations, including the supervision and coordination of on-site construction activities and associated field execution support, leveraging its multidisciplinary expertise, Kent will support safe, efficient, and high-quality delivery across key disciplines such as mechanical, electrical and instrumentation, fabrication, and project planning.

Services will include the mobilisation of a highly capable workforce, combining a strong local presence with international expertise. The project will prioritise the development of local capability through structured knowledge transfer and skills development, supported by Kent’s global operational readiness training programme, helping to build a sustainable regional workforce.

This award reflects Kent’s continued growth in delivering complex construction and asset support services, as well as its commitment to helping clients achieve safe, reliable, and lower-carbon energy outcomes.

“Being awarded this contract by CABGOC is a testament to the strength of our relationship and our shared focus on safe, efficient project delivery,” said Iain Eddie, Executive Vice President of EMEA & APAC at Kent. “We are proud to support this project with our construction management expertise and look forward to delivering excellence while creating lasting value locally.”

With partners QatarEnergy and NAMCOR, Shell has found promising exploration results from its Merlin-1X exploration well in Petroleum Exploration Licence No. 0039 (PEL 0039), offshore Namibia

This pushes forward its evaluation of the Orange Basin block with the well successfully penetrating the Coniacian play. Delivering the most promising subsurface results to date in PEL 0039, it indicated good reservoir quality with light oil and limited associated gas, compared to prior results within the licence.

The Merlin-1X well, spudded on 8 April 2026, is the tenth well drilled in the licence, which is operated by Shell. 

The results enhance Shell’s understanding of the basin and support continued evaluation of the resource and its commercial potential across the licence. Further drilling later in 2026 is under consideration as part of a broader exploratory appraisal programme.

Eugene Okpere, Shell’s Executive Vice President for Exploration, Strategy and Portfolio, said, “These are encouraging results that add to our understanding of the Orange Basin potential. We are progressing this opportunity through a disciplined, data-led approach to establish commerciality, focusing our investment on options that are material, competitive and resilient within our portfolio. This is built on strong partnership and alignment, and I thank the Government of the Republic of Namibia, our partners and all teams involved.”