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VAALCO Energy Upgrading its FPSO Offshore Gabon

06-10-2008

VAALCO Energy will soon begin a planned upgrade of its floating production, storage and offloading (FPSO) facility serving the Etame and Avouma fields offshore Gabon.

The upgrade will improve the facility's water processing capacity, allowing a production increase of 10 percent to 25,000 b/d by the end of the year. VAALCO will also modify the FPSO's gas flare system to improve safety.

 The upgrade is scheduled to begin June 12, and be completed within seven to 10 days. Production will be temporarily shut-in during the upgrade.

VAALCO expects the capacity increase to compensate for the lost production and does not expect the shut-in to significantly affect the company's revenue or earnings for the quarter or the year.