|
VAALCO Energy, Inc. announced that it recently signed a definitive agreement for the purchase of a working interest in a concession for $10.0 million in a West African country new to the Company. The acquisition, which has been approved by the VAALCO Board of Directors, is expected to close prior to the end of the third quarter of 2012 and is subject to customary closing conditions, including approval of the agreement from the government of the West African country.
VAALCO announced that a potential partner has been identified to acquire the available 40% working interest in Block 5, offshore Angola, and the party has been submitted to the Angolan government for approval. VAALCO believes it has drilling opportunities in both the pre-salt and post-salt reservoirs and that it is likely that the Company can obtain a drilling rig and drill the first pre-salt exploration well within a reasonable time period upon transfer of the 40% working interest in Block 5 from the Angolan national oil company, Sonangol, to the new partner.
|
