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, acquiring a 70% working interest and a 100% paying interest, positioning itself as the operator of the block, which is believed to have significant prospectivity [1][2]. Group 1: Company Overview - Vaalco Energy, Inc. 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]. Group 2: Investment Details - The CI-705 block covers approximately 2,300 km² and is located in the Tano basin, with water depths ranging from zero to 2,500 meters. The company has invested $3 million to acquire its interest in this lightly explored block, which has had three wells drilled to date [1][2]. - The company plans to conduct a detailed geological analysis to assess the block's overall prospectivity, which includes both oil and natural gas prospects [2]. Group 3: Strategic Expansion - The CEO of Vaalco expressed excitement about expanding the company's footprint in Côte d'Ivoire, highlighting the favorable location of the CI-705 block in a proven petroleum system and its proximity to existing infrastructure [2]. - The company aims to carry its partners through the seismic reprocessing and interpretation stages and potentially drill up to two exploration wells [2].