Vaalco Energy acquires 70% interest in offshore Cote d’Ivoire CI-705 block

Vaalco announced that it has farmed into the CI-705 block offshore Cote d’Ivoire. Vaalco will become operator of the block with a 70% working interest and a 100% paying interest though a commercial carry arrangement and is partnering with Ivory Coast Exploration Oil & Gas SAS and Petroci. The CI-705 block is located in the prolific Tano basin and is approximately 70 kilometers to the west of Vaalco’s CI-40 Block, where the Baobab and Kossipo oil fields are located, and 60 km west of ENI’s recent Calao discovery. Block CI-705 covers approximately 2,300 km2 and is lightly explored with three wells drilled to date on the block. The water depth across the block ranges from zero to 2,500 meters. Vaalco has invested $3M to acquire its interest in the new block which it believes has significant prospectivity.