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VAALCO ENERGY ANNOUNCES OIL DISCOVERY IN THE PHILIPPINES

 HOUSTON, April 27 /PRNewswire/ -- VAALCO Energy, Inc. (NASDAQ: VEIX) announced today that its wildcat well located on the West Linapacan "B" structure is an oil discovery. The well located in 1100 feet of water, offshore Palawan Island, Republic of the Philippines was drilled to a total depth of 8,162 feet and was tested thru perforations at 7990-8010 feet and 8020-40 feet in the Linapacan limestone. The well flowed at a stabilized rate of 2,840 barrels of oil per day and 6.5 million cubic feet of gas per day on a 48/64 choke with a flowing tubing pressure of 1150 pounds and a gas oil ratio of 2329 cubic feet per barrel. The oil gravity is 32.6 degrees. Further testing of this well and a confirmation well are planned before development plans for this new field are finalized.
 VAALCO is the operator of the West Linapacan "A" field which currently is producing 8,500 barrels of oil per day. The company is currently redrilling a well in the "A" field to increase production to 12,000 barrels of oil per day. The West Linapacan "A" field is located approximately 5 miles northwest of this new discovery and produces from the same Linapacan limestone pay zone.
 As part of the evaluation of the development plan for the "B" field, VAALCO will seek to incorporate the use of the existing "A" field infrastructure to reduce overall development and operating costs.
 Production from the West Linapacan "B" field would raise the overall production level from the West Linapacan complex to in excess of 20,000 barrels of oil per day during 1994.
 -0- 4/27/93
 /CONTACT: Karen Merryman, director - financial reporting/investor relations of VAALCO Energy, Inc., 713-623-0801/
 (VEIX)


CO: VAALCO Energy, Inc. ST: Texas IN: OIL SU: DSC

WB-OS -- NY081 -- 1550 04/27/93 15:56 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
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