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 [1][2] Company Overview - Vaalco Energy, founded in 1985 and based in Houston, Texas, is an independent energy company 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 is located in the Tano basin, approximately 70 km west of Vaalco's CI-40 Block and 60 km west of ENI's Calao discovery, covering around 2,300 km with a water depth ranging from zero to 2,500 meters [1] - Vaalco has invested $3 million to acquire its interest in the CI-705 block, which is considered to have significant prospectivity [1][2] Strategic Importance - The CEO of Vaalco expressed excitement about expanding operations in Côte d'Ivoire, highlighting the block's favorable location in a proven petroleum system and access to existing infrastructure [2] - The company plans to conduct a detailed geological analysis and potentially drill up to two exploration wells to assess oil and natural gas prospects on the block [2]