Vaalco Energy, Inc. has announced its entry into the CI-705 block offshore Côte d'Ivoire, expanding its presence in the West African region.

Key Point: Vaalco has acquired a 70% working interest and 100% paying interest in the CI-705 block, partnering with Ivory Coast Exploration Oil & Gas SAS and PETROCI, with plans to conduct seismic reprocessing and potentially drill up to two exploration wells.

The CI-705 block, located in the prolific Tano basin, covers approximately 2,300 square kilometers and is considered lightly explored, with only three wells drilled to date. Vaalco believes the block has significant prospectivity, with both oil and natural gas prospects identified.

Under the terms of the farm-in agreement, Vaalco will operate the block and carry its partners through the seismic reprocessing and interpretation stages, as well as potentially drilling up to two exploration wells.

The acquisition of the CI-705 block marks a significant expansion of Vaalco's footprint in Côte d'Ivoire, where the company already holds an interest in the CI-40 block. Vaalco's CEO, George Maxwell, expressed enthusiasm for the new opportunity, highlighting the block's favorable location, access to existing infrastructure, and potential for upside growth.

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