Picture 5

Exhibit 99.1



SOUTH EAST ETAME 4P APPRAISAL WELLBORE SUCCESSFUL



VAALCO ENERGY, INC. CONFIRMS OIL DISCOVERY IN NEW STEP OUT AREA WITH SOUTH EAST ETAME 4P APPRAISAL WELLBORE





HOUSTON – February 18, 2020

– VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (VAALCO or the Company) today announced that the South East Etame 4P appraisal wellbore drilled from the VAALCO operated South East Etame North Tchibala (SEENT) platform offshore Gabon in the Etame Marin permit area successfully encountered oil sands in the Gamba formation.



Highlights



·

Verified the presence of Gamba oil sands in the step out area at South East Etame;

·

Encountered approximately 20 feet of good-quality Gamba oil sands, with similar reservoir quality as exists in the South East Etame 2H well;

·

Drilled the South East Etame 4P appraisal wellbore to a total depth of 6,311 feet;

·

VAALCO currently estimates gross prospective resources of 1 to 2 million barrels of oil (MMBO), or 0.3 to 0.5 MMBO net revenue interest to VAALCO, present in this newly discovered step out area;

·

Drilling did not encounter H2S in the reservoir;

·

Operations are underway to begin drilling the South East Etame 4H development well based on this successful appraisal wellbore, and

·

Expected initial production rates are 1,200 to 2,500 gross BOPD, or 325 to 675 BOPD net revenue interest to VAALCO.



Cary Bounds, Chief Executive Officer, commented, “We are delighted by the continued success from our 2019/2020 drilling campaign, where we have now successfully confirmed additional resources from the two appraisal wellbores and brought two development wells online above predrill expectations.  The South East Etame 4P is an important appraisal wellbore and was drilled to further delineate our potential resource base at South East Etame.  This step out discovery is accessing new prospective resources that should be converted to 2P reserves by year-end 2020 following the successful drilling of the South East Etame 4H and further technical evaluation.  The initial analysis shows that this new step out discovery has similar reservoir quality as the reservoir from which the South East Etame 2H well is producing.  These encouraging results allow us to move ahead with plans to drill the South East Etame 4H development well. 



We believe that the 2019/2020 drilling campaign has been transformational for VAALCO and set us on the path to achieve our ambitious organic growth plans.  The campaign overall has been hugely successful

1

 


The following information was filed by Vaalco Energy Inc (EGY) on Wednesday, February 19, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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