VAALCO Energy has officially entered into a farm-in agreement for the CI-705 block, an offshore exploration area located off the coast of Côte d’Ivoire. Through this agreement, VAALCO will assume the role of operator for the block, securing a 70% working interest while maintaining a 100% paying interest under a commercial carry arrangement.
This strategic move aligns with the company’s broader objective of expanding its presence in West Africa’s energy sector.VAALCO is undertaking this project in collaboration with its partners, Ivory Coast Exploration Oil & Gas SAS and PETROCI, the national oil company of Côte d’Ivoire.
By leveraging its expertise and financial investment, VAALCO aims to advance exploration efforts in the region, identifying and evaluating potential hydrocarbon resources within the CI-705 block.VAALCO acquired a 70% stake in Côte d’Ivoire’s CI-705 block in the Tano Basin, 70 km from its CI-40 block and 60 km from ENI’s Calao discovery.
The 2,300 km² block, in waters up to 2,500m deep, has seen minimal exploration.CEO George Maxwell highlighted the block’s strategic location in a proven petroleum system with strong market access. VAALCO invested $3M and will lead seismic reprocessing and possibly drill two wells, targeting both oil and gas prospects.
