Harvest Natural Strikes Again Offshore Gabon

- Harvest Natural Strikes Again Offshore Gabon

Thursday, July 21, 2011
Harvest Natural Resources Inc.

Harvest Natural Resources announced an update to its drilling operations in the Dussafu Ruche Marin-1 (DRM-1) well drilled in the Dussafu Marin PSC, offshore Gabon, West Africa. Harvest operates the Dussafu PSC, holding a 66.667% interest.

The DRM-1 well was initially drilled in 380 feet of water. On June 10, 2011, Harvest announced an oil discovery in the pre-salt Gamba reservoir with plans to deepen the well to test Middle and Lower Dentale exploration potential and sidetrack to appraise the extent of the Gamba oil discovery.

Subsequently the DRM-1 well has been deepened to reach a true vertical depth subsea (TVDSS) of 11,355 feet to test the prospectivity of the Middle and Lower Dentale Formations. Log evaluation, pressure data and a fluid sample indicate that Harvest has discovered a second oil accumulation with approximately 35 feet of oil pay within the secondary objective of the Middle Dentale Formation.

The Gamba discovery has been appraised by drilling a sidetrack (DRM-1ST1) 0.75 miles to the southwest to test the lateral extent and structural elevation of the Gamba reservoir. The sidetrack was drilled to a TD in the Upper Dentale of 11,562 feet, (9,428 feet TVDSS) and found 19 feet of oil pay in the Gamba reservoir.

Harvest will now sidetrack the DRM-1 well to the northwest of the original DRM-1 wellbore to further appraise the extent and structural elevation of the Gamba and the commerciality of the Ruche discovery.

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Petrobras Acquires Blocks Offshore Gabon

- Petrobras Acquires Blocks Offshore Gabon

Friday, June 17, 2011
Petrobras

Petrobras, has acquired, by means of its wholly-owned subsidiary Petrobras Participaciones S.L. – PPSL, 50 percent of the stakes in the Ntsina Marin and Mbeli Marin Blocks, located in the Coastal Basin of Gabon, offshore the Gabonese Republic, on the Western Coast of Africa. The region has geological structures that are considered comparable to the areas developed in Brazil.

The blocks were purchased from Ophir Energy, which is headquartered in the UK and will keep the remaining 50 percent of the interests. The deal was completed today and is pending final approval by the Government of Gabon.

The region the two blocks are in covers an area of 6,683 square kilometers, in water depths ranging from shallow to up to 2,400 meters. Petrobras commits to carry out a minimum program, which includes 2,000 square kilometers of 3D seismics until March 2012.

After this stage, Petrobras has the right to assess whether or not it will remain in the next phase of the exploration program, which includes drilling wells.

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Harvest Natural Hits Oil Pay Offshore Gabon

- Harvest Natural Hits Oil Pay Offshore Gabon

Monday, June 13, 2011
Harvest Natural Resources Inc.

Harvest Natural Resources has encountered oil in the wildcat well Dussafu Ruche Marin-1 (DRM-1) drilled in the Dussafu Marin PSC, in the offshore waters of Gabon, West Africa. Harvest operates the Dussafu PSC, holding a 66.667 percent interest. The well was spudded on April 28 and is being drilled to test the potential of the pre-salt Gamba and Dentale Formations.

Drilled with the Transocean Sedneth 701 semi-submersible drilling unit in 380 feet of water, the DRM-1 well has reached a vertical depth of 9,953 feet within the Upper Dentale Formation. Log evaluation, pressure data and samples indicate that Harvest has discovered approximately 55 feet of pay in a 90 foot oil column within its primary objective, the Gamba Formation.

Additional technical evaluation will be required to appraise this Gamba discovery. Forward plans include deepening the well to test Middle and Lower Dentale exploration potential and sidetracking to appraise the extent of the Gamba oil discovery.

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Harvest Natural Spins Bit Offshore Gabon

Harvest Natural Spins Bit Offshore Gabon

Friday, April 29, 201
Harvest Natural Resources Inc.

Harvest Natural Resources announced the commencement of drilling operations on the Ruche Marin-A exploration well located in the offshore waters of Gabon, West Africa. This exploration well will be drilled utilizing the Transocean Sedneth 701 semi-submersible drilling unit.

The Ruche Marin-A well will be drilled in a water depth of 380 feet to test multiple stacked pre-salt targets to a planned total measured depth of approximately 10,100 feet. Drilling is anticipated to require approximately 28 days. In the event of success, additional time will be required to test and evaluate the well.

VAALCO Shuts-In Portion of Production Offshore Gabon

VAALCO Shuts-In Portion of Production Offshore Gabon

Friday, April 01, 2011
VAALCO Energy Inc.

VAALCO provided an update on its operations following the commencement of industrial action in Gabon by the National Organization of Oil Employees (ONEP), which began at midnight, March 31, 2011. ONEP launched the action against the Gabonese government as part of a dispute over the government's labor regulations. ONEP is requesting the publication of a decree from the government of Gabon regulating the employment of foreign labor.

Reportedly, ONEP represents approximately 4,000 of the 5,000 workers in the industry, including approximately 45 VAALCO employees in Gabon.

VAALCO is in the process of shutting in a portion of the daily gross production in the Etame Marin block offshore Gabon, which has been recently averaging approximately 23,500 barrels of oil per day. Shutting-in is a staged process due to the configuration of the block containing two platforms, subsea wells, several miles of pipelines and the FPSO facility where the oil from the block is transported for processing and storage.

The impact to the daily gross production amount could be substantial in the upcoming days if the strike were to continue. The remaining production is required for power to provide for safe conditions aboard the FPSO facility. The Company is continuing to monitor the ONEP action.

VAALCO believes it is in compliance with all Gabon labor laws and the agreements to which the Company is a party.

Oil is the main export of Gabon, which VAALCO believes is approximately 220,000 to 240,000 barrels per day according to recent reports. Oil revenues constitute approximately 60% of the Gabon budget.

VAALCO believes the government of Gabon and ONEP will reach an amicable position in this matter quickly such that the Company can restore production to normal output levels.

The Company's subsidiary VAALCO Gabon Etame, Inc. operates the Etame Marin Permit in which it holds a 28.07% net interest in the Etame Field. Other participants in the permit are Sinopec Group (31.36%) through its subsidiary, Addax Petroleum Etame Inc., Sasol Petroleum Etame Limited (27.75%), Sojitz Etame Limited (2.98%), PetroEnergy Resources Corp. (2.34%) and Tullow Oil Gabon SA (7.5%).