West Africa is a prolific hydrocarbon province and the location of several major oil and natural gas discoveries and producing fields. We operate the Dussafu PSC offshore southern Gabon with a 66.667% working interest. The license is surrounded by producing oilfields to the northwest (Etame), northeast (Lucina), east (M?Bya) and southeast (Yombo) along with other satellite fields. The Etame field cluster, operated by Vaalco, lie just 30 miles to the north of and are a direct analog to our Dussafu prospect, and additional structures already identified on seismic.

After nearly two years of thorough seismic analysis and comprehensive planning to identify the most promising exploration drill site, we are poised to spud our first offshore exploration well, the Ruche Marin- A. We have contracted with Transocean for the semi-submersible drilling rig and have ordered long-lead items, including casing and a subsea wellhead. These critical components have arrived in-country. The drill site is located in 380 feet of water, and the well is designed to test multiple stacked pre-salt targets to a planned total measured depth of approximately 10,100 feet.