VAALCO Energy, Inc. Acquires 70% Interest in and Becomes Operator of Offshore Côte D'Ivoire CI-705 Block

Core Viewpoint - Vaalco Energy, Inc. has announced its entry into the CI-705 block offshore Côte d'Ivoire, becoming the operator with a 70% working interest and a 100% paying interest, indicating a strategic expansion in a promising oil and gas region [1][2]. Company Overview - Vaalco Energy, founded in 1985 and incorporated in Delaware, is an independent energy company based in Houston, Texas, with a diverse portfolio of production, development, and exploration assets across multiple countries including Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, Nigeria, and Canada [3]. Investment Details - The CI-705 block covers approximately 2,300 km² and is located in the Tano basin, about 70 km west of Vaalco's existing CI-40 block. The block has seen limited exploration with only three wells drilled to date [1]. - Vaalco has invested $3 million to acquire its interest in the CI-705 block, which is believed to have significant prospectivity for both oil and natural gas [1][2]. Strategic Importance - The CI-705 block is strategically located near existing infrastructure and a growing domestic market, which presents attractive upside potential for the company [2]. - The company plans to conduct a detailed geological analysis and potentially drill up to two exploration wells to further assess the block's prospectivity [2]. Future Outlook - Vaalco's CEO expressed excitement about the expansion into Côte d'Ivoire and highlighted plans for major projects in 2025 and 2026, which are expected to deliver significant organic growth across the company's portfolio [2].