-- (Updates with recent stock movement in headline and first paragraph.)
Vaalco Energy (EGY) shares were up about 12% in afternoon trading on Tuesday after the company said its Etame 14H development well is in an attic position after the company drilled, completed and placed it on production in Gabon.
The well is positioned within the main fault block of the Etame field, according to the company, adding that the well had an initial flow rate of roughly 4,850 gross barrels of oil per day.
Vaalco said it has also started drilling on the EEBOM-5H development well in Gabon.
Additionally, Vaalco said its Baobab Ivorien floating production storage and offloading vessel in Cote d'Ivoire has completed a 47-day tow from Dubai's Dry Dock World shipyard and arrived back in the country on April 2 after complete refurbishment, adding that production is expected to resume in Q2.
Price: $5.97, Change: $+0.62, Percent Change: +11.50%