Vaalco Energy Granted Extension of PSA for Block 5

Source: www.gulfoilandgas.com 2/14/2012, Location: Africa

VAALCO Energy, Inc. provided an update on the company’s working interest in Block 5 offshore Angola. VAALCO recently received written confirmation from the Angolan national oil company, Sonangol, that the government of Angola has granted a time extension of the production sharing agreement for Block 5 through the end of 2012.

VAALCO is continuing to work with Sonangol both to identify a working interest partner and to explore possible options involving well drilling obligations and the acquisition and reprocessing of additional 3D seismic data to further develop additional pre-salt leads. VAALCO noted that recent discovery announcements by other operators appear to confirm the presence of prolific, mature, source rocks and thick, high quality pre-salt reservoirs in the Kwanza basin.

VAALCO’s Block 5, located in the northern portion of the basin, is situated to trap pre-salt hydrocarbons, which may have migrated up-dip from the deeper part of the basin.


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