Exploration

The target zone was water bearing.

As part of phase three drilling programme offshore Gabon, Vaalco Energy has completed drilling the Etame West ET-14P exploration well

The target zone was water bearing even though 10 meters of high-quality Gamba sands were encountered in line with pre-drill predictions. Awaiting partner approval, this finding can be further pursued by utilising the well bore part to sidetrack it in the upper portion of the well. This move is expected to support the drilling of the ET-14H development well in the Main Fault Block of Etame. 

The lower portion of the well will be plugged and abandoned. Operations are expected to be completed in April.

George Maxwell, Vaalco’s chief Executive Officer, said, “When we committed to drilling the Etame West exploration well, we knew there was the geologic risk of not encountering commercial sands but the size of the potential reservoir made it a risk worth taking. Furthermore, we purposely designed the well so we could still utilise the well bore to drill a development well into a known productive area if the sands were non-commercial. This side-tracked well should be completed in April.” 

Vaalco has also been spudding the ET-15 infill well on the Etame platform as part of Phase Three Drilling Programme offshore Gabon.

This infill well is anticipated to significantly add to the production generation capacity of the floating storage and offloading vessel (FSO) that is operational on the Etame Block since 2022 following an extensive transition and field reconfiguration process. While a low cost solution, the FSO boasts of a high storage capacity and improved operational performance. It has helped Vaalco reach operational excellence, and production uptime and enhancement.

The agreement will considerably push Nigeria's deepwater development.

As Oil Prospecting Licence 245 (OPL 245) undergoes conversion, the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, and Eni's chief executive officer, Claudio Descalzi, met in Abuja to explore how the development can advance the Nigerian deepwater sectors

A significant feature of the agreement is the discontinuation of the international arbitration proceeding at the International Centre for Settlement of Investment Disputes (ICSID), thus allowing the conversion of the existing license into two development licences, Petroleum Mining Leases (PML) 102 and 103, and two exploration licences, Petroleum Prospecting Leases (PPL) 2011 and 2012, to Nigerian Agip Exploration Limited (NAE) as operator, alongside its partners Nigerian National Petroleum Company Limited (NNPC) and Shell Nigeria Exploration and Production Company Limited (SNEPCO). 

The agreement will considerably push Nigeria's deepwater development with Eni set to apply its know-how on the Zabazaba and Etan fields for optimal output. An extensive programme has been devised to generate approximately 500 MMbbl of reserves from the fields, including the deployment of a 150 kbopd capacity FPSO processing facility, while gas (200 MMSCFD at peak) will be exported through Nigeria LNG. The highly potential PPL 2011 and PPL 2012 exploration licenses will also be developed in line with the Zabazaba and Etan fields for a well-synced operational and production output from all facilities involved.

President Tinubu and Mr Descalzi also discussed Eni’s significant investment portfolio — including the Abo and Bonga fields and Nigeria LNG — as well as on potential new developments designed to expand the country’s offshore production capacity. Within this framework, and in line with its long-term strategy in the country, Eni has recently expanded its interests in deep-water developments, with the acquisition of an additional stake in OML 118, now holding 15%.

2025 will remain big for Seplat in terms of gas generation.

Nigerian exploration and production company, Seplat Energy, has recorded substantial results for 2025 driven largely by output from newly acquired offshore assets as well as by building on its already well established onshore portfolio

"In 2025 we clearly illustrated our ability to operate at scale. We benefitted from successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory," said Roger Brown, chief executive officer, Seplat, which recorded 14% year-on-year production delivery onshore. 

The last year will remain big for Seplat also in terms of gas generation as it completed the Sapele Gas Plant, and the ANOH gas plant which was up and running to generate gas starting January 2026. Production from ANOH is stable at 50-70 mn standard cu/ft per day, with ~60kbbl condensate currently in storage. 

"In recent weeks we were delighted to achieve first gas at the ANOH Gas Plant and are on track to doubling Joint Venture gas volumes at Oso-BRT to 240 mn standard cu/ft per day in the second half of 2026," said Brown while mentioning the company's aim to achieve working interest production to 200 kboepd by 2030.

In 2025, Seplat's group production averaged 131,506 boepd, up 148% from 2024 (52,947 boepd) on the back of offshore consolidation. The Yoho platform outage, however, limited growth rate at 9% year on year on a pro-forma basis. The company plans to restart it in 2Q 2026.

Natural gas liquids recovery from the company's first major offshore project, EAP IGE, peaked at approximately 20 kboepd in 2025. Idle well restoration programme was a success beyond expectations as it added 48.6 kboepd gross production capacity from 49 wells.

"Drilling will be a decisive factor in meeting our long-term growth ambitions and I am pleased to announce that the first jack-up drilling rig is contracted, in country and set to arrive at Oso in 3Q to commence a multi-year, multi-well drilling campaign," said Brown.

VAALCO is now the operator in Kossipo.

VAALCO Energy has reported of a positive financial year for 2025 in Gabon and Cote d’Ivoire

In Gabon, it has successfully drilled, completed and placed on production the Etame 15H-ST development well in the 1V block of the Etame field, with a lateral of 250 meters of net pay in high-quality Gamba sands near the top of the reservoir.

In West Etame a step out exploration well that has been spudded promises 57% geologic prospects, leading to anticipation towards a strong production and reserves report for VAALCO in 2026.

In Ivory Coast, VAALCO is now the operator with a 60% working interest in the Kossipo field on the CI-40 Block with a field development plan expected to be completed in second half of 2026.

George Maxwell, Vaalco’s Chief Executive Officer, said, “We have begun 2026 with some very meaningful events that are positioning Vaalco to deliver expected 225% organic production growth by 2030. We have been confirmed as the operator with a 60% working interest in the Kossipo field, a discovery with an estimated 293 MMBOE in place located southwest from our highly productive Baobab field on the CI-40 Block. We are actively working with our partner PetroCI to submit an FDP in the second half of 2026 that we believe will help Vaalco grow its production in Cote d’Ivoire. We are also pleased with the encouraging start of the Gabon drilling campaign, the ET-15H-ST which stabilized at approximately 2,000 BOPD. The rig has remained on the Etame platform and is now drilling an exploration prospect in West Etame, that has a 57% chance of geological success and if successful could add production and additional reserves in Gabon. With the Baobab FPSO on track to return to the field and commence production in Q2 2026, coupled with the Gabon drilling campaign, we are looking to drive meaningful growth that we believe will translate into value for our shareholders in 2026 and beyond.”