Vaalco Energy Acquires 70% Stake in Côte d’Ivoire’s CI-705 Block

Vaalco Energy has expanded its footprint in West Africa’s offshore oil sector, acquiring a 70% operating interest in the CI-705 block within the Tano Basin, Côte d’Ivoire. The company will partner with Ivory Coast Exploration Oil & Gas and PETROCI, holding a 100% paying interest through a commercial carry arrangement.

Strategic Expansion Near Proven Discoveries

Located 70km west of Vaalco’s CI-40 block, which houses the Baobab and Kossipo oilfields
Positioned 60km west of ENI’s Calao discovery
Spans 2,300km² with water depths ranging from 0 to 2,500m
Lightly explored, with only three wells drilled so far

Investment and Exploration Plans

$3 million investment for acquisition
Oil and natural gas prospects identified
Detailed geological analysis planned to assess the block’s full potential

Vaalco Energy’s CEO, George Maxwell, highlighted the strategic advantages of the acquisition:

“We believe the CI-705 block is favourably located in a proven petroleum system, near existing infrastructure with access to a strong growing domestic market with attractive upside potential.”

Future Growth and Regional Presence

Vaalco is actively expanding its portfolio across Canada, Côte d’Ivoire, Egypt, Equatorial Guinea, Gabon, and Nigeria. The company has major projects lined up for 2025 and 2026 to drive organic growth and strengthen its position in the global energy market.

Additionally, in November 2024, Vaalco joined BW Energy and Panoro Energy in signing production-sharing contracts for the Niosi and Guduma Marin blocks offshore Gabon, reinforcing its commitment to West African exploration and development.