Houston, Texas-based VAALCO Power Inc. has acquired the operatorship of CI-705 block with a 70 p.c stake from Ivory Coast Exploration Oil & Gasoline SAS (ICE) for $3 million.
“We consider the CI-705 block is favorably positioned in a confirmed petroleum system, close to current infrastructure with entry to a robust rising home market with enticing upside potential”, Vaalco chief government George Maxwell stated in a web based assertion.
Situated within the offshore Tano Basin, CI-705 block is about 70 kilometers (43.5 miles) to the west of Vaalco’s CI-40 Block, which comprises the manufacturing Baobab discipline and the found however undeveloped Kossipo discipline, and 60 kilometers west of Eni SpA’s current Calao discovery, based on Vaalco.
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CI-705 spans about 2,300 sq. kilometers (888.03 sq. miles) in waters as much as 2,500 meters (8,202.1 ft) deep. Three wells have been drilled to date.
“Our preliminary evaluation is that there are each oil and pure fuel prospects on the block and we plan to conduct an in depth, built-in geological evaluation to evaluate and mature our understanding of the block’s general prospectivity”, Maxwell stated.
Earlier than the farm-in, ICE owned 90 p.c, with the remaining 10 p.c held by state-owned Petroci.
“Underneath the phrases of the farm-in, we’ll function the block with a 70 p.c working curiosity and a one hundred pc paying curiosity as we supply our companions at business phrases by the seismic reprocessing and interpretation phases and doubtlessly drilling as much as two exploration wells”, Maxwell stated.
ICE stated individually, “VAALCO will carry ICE’s retained curiosity in the course of the exploration section, together with the prices related to the licensing of 3D seismic information and, within the occasion the three way partnership progresses to the exploration drilling section, VAALCO will carry ICE in full on as much as two wells”.
“ICE can even obtain a money fee at completion predominantly referring to sure historic prices incurred on the block”, ICE added.
Maxwell famous, “Once we introduced our entry into the nation in 2024 as a non-operating associate within the CI-40 block, we famous our pleasure to be increasing our West African focus in a well-established and investment-friendly nation”.
Within the Ivory Coast Vaalco’s 27.39 p.c curiosity in CI-40, acquired 2024 by the takeover of Svenska Petroleum Exploration AB, represented a internet manufacturing of 4,500 barrels of oil equal a day in 2023, based on info on Vaalco’s web site. CI-40, operated by Canadian Pure Assets Ltd., had 25.8 million internet barrels of oil equal confirmed and possible reserves as of the top of 2023, based on Vaalco.
For now floating manufacturing, storage and offloading vessel Baobab Ivoirien MV10 has stopped operation, since January 2025, to bear refurbishment. The refurbishment will enable manufacturing to proceed till no less than 2028, Vaalco stated February 3.
“Now we have already been paid again 1.8×1 our preliminary internet funding in Côte d’Ivoire within the eight months since closing and the efficiency of the asset has tracked nicely forward of our expectations on the time of the acquisition”, Maxwell stated then.
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