VAALCO Energy Acquires 70% Interest in Côte d'Ivoire's CI-705 Block

VAALCO Energy has acquired a 70% working interest in the CI-705 block offshore Côte d’Ivoire, becoming the operator of this lightly explored area in the Tano Basin. The company will carry its partners, Ivory Coast Exploration Oil & Gas SAS and PETROCI, through seismic reprocessing and potentially drilling up to two exploration wells. The block, covering approximately 2,300 km², is strategically located near existing oil fields and infrastructure, and VAALCO's CEO, George Maxwell, expressed optimism about its significant prospectivity for both oil and natural gas. VAALCO has invested $3 million in acquiring this interest, which is expected to enhance its production capabilities in West Africa. The company has a diverse portfolio across several African countries and aims to conduct a detailed geological analysis to assess the block's potential. This move aligns with VAALCO's strategy to expand its footprint in investment-friendly regions with growing domestic markets.