Gulf Oil and Gas accountACCOUNT

VAALCO Announces Farm-Out Agreement in Gabon

Source: www.gulfoilandgas.com 8/16/2010, Location: Africa

VAALCO Energy, Inc. announced that it has executed a farm-out agreement with Total Gabon (“Total”) for the Mutamba Iroru Permit, onshore Gabon, which is 100 percent owned by VAALCO. Under the terms of the agreement, VAALCO and Total have committed to reprocess 400 kilometers of 2-D seismic data and drill one exploration well, superseding VAALCO’s prior obligation to acquire 200 kilometers of 2-D data on the Permit. In return for Total funding an agreed portion of the new work program, Total will receive a 50% interest in the Permit.

The agreement is subject to obtaining the approval of the Republic of Gabon for the amended work program, including a one year extension to allow sufficient time to conclude the seismic study and drilling operations. Government approval is expected within 30 days.

Mr. Robert Gerry, Chairman and Chief Executive Officer of VAALCO stated, “We are pleased to welcome Total as a partner and, given their expertise in Gabon, we look forward to working with them to high-grade potential prospects on the Permit.”

Under the terms of the agreement, VAALCO will remain as operator of the Mutamba Iroru Permit through the drilling of the exploration well. In the event that exploration results lead to a development plan, Total has the option to assume the operatorship of the Mutamba Iroru Permit. Total currently has production infrastructure in place as operator of the Atora field to the north of the Mutamba Iroru Permit.

VAALCO operates the Mutamba Iroru Permit through its wholly owned subsidiary VAALCO Gabon (Production), Inc. VAALCO also is the operator of the Etame Permit offshore Gabon where it currently has net production of approximately 5,000 barrels oil per day.

Acquisitions and Divestitures News in Gabon >>

Norway >>  12/10/2019 - Var Energi celebrates one year as a company and strengthens NCS position as the acquisition of ExxonMobil’s upstream business in Norway is completed. ...
United States >>  12/10/2019 - Talos Energy Inc. (Talos) (TALO) announced that the Company has entered into a series of definitive agreements to acquire a broad portfolio of U.S. Gu...

Brazil >>  12/9/2019 - Petroleo Brasileiro S.A.- Petrobras, following up on the release disclosed on 04/25/2019, reports that it has completed the sale of its entire stake i...
Colombia >>  12/9/2019 - Canacol Energy Ltd. (Canacol) (CNEC) is pleased to announce it has successfully secured a 100% operated working interest in three new conventional gas...

United States >>  12/6/2019 - Equinor and Repsol have completed their previously announced transaction, whereby Equinor has sold its 63% interest in, and operatorship of, its onsho...
Australia >>  12/5/2019 - Buru Energy Limited has reached agreement with Roc Oil (Canning) Pty Limited (Roc) for Roc to withdraw from its current 50% interest in Canning Basin ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gabon Oil & Gas 1 >>  2 | 3 | 4 |

Oil & Gas Projects in Gabon >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.