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VAALCO REPORTS DRILLING RESULTS

 HOUSTON, May 23 /PRNewswire/ -- VAALCO Energy, Inc., (Nasdaq: VEIX) announces oil flow test results of the West Linapacan A-4 well (previously referred to as A-2 side track) located in the West Linapacan field offshore Palawan Island, Republic of the Philippines. A test of the top portion of the Linapacan limestone through perforations at 6,580 ft. to 6,620 ft. measured depth, flowed at a rate of approximately 3,000 barrels of oil per day ("BOPD") with 32.5 API gravity on a 52/64" choke, 325 well head pressure, 350-1 gas oil ratio with no water, after a light acid treatment. It is calculated that the well is capable of producing in excess of 5,000 BOPD on an open choke.
 Plans are to flow the A-4 well to the FPSO II beginning May 26, 1994. The initial production rate will be restricted to approximately 3,000 BOPD to minimize the chances of premature water intrusions.
 Following the A-4 well being put on production, the Company will utilize the Sedco 703 rig to complete a work over on the A-1 well. The A-1 well is currently producing approximately 2,900 BOPD with 40% water cut. Attempts will be made to isolate the water bearing section.
 The West Linapacan field is scheduled to be back on full production in early June at a rate of approximately 7,000 BOPD.
 -0- 5/23/94
 /CONTACT: W. Russell Scheirman, President and Chief Financial Officer of VAALCO, 713-623-0801/
 (VEIX)


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

LG-MP -- NY028 -- 0610 05/23/94 10:55 EDT
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Publication:PR Newswire
Date:May 23, 1994
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