Gulf Oil and Gas accountACCOUNT

VAALCO Acquires Interest Offshore Equatorial Guinea

Source: 11/1/2012, Location: Africa

VAALCO Energy, Inc announced that, having received the approval of the Government of Equatorial Guinea, it has acquired a 31% non-operating working interest in a production and development area ("PDA") in Block P, offshore Equatorial Guinea from PETRONAS CARIGALI OVERSEAS SDN BHD. VAALCO paid $10 million for the working interest.

The PDA, which is operated by GEPetrol, the national oil company of Equatorial Guinea, contains the Venus field discovered in 2005. The Venus field is estimated to contain between 15 and 30 million gross recoverable barrels of oil. The PDA also contains a number of exploration prospects that VAALCO believes are highly attractive, primarily the SW Grande Prospect and the Marte Prospect, each of which has the potential to add substantial reserves to VAALCO.

VAALCO expects the near-term plans for the PDA will be the drilling of exploration wells on both the SW Grande and Marte prospects in 2013 followed by completing a plan of development, including the Venus discovery.

Robert Gerry, Chairman and CEO, commented: "With this acquisition, we believe we will expose our shareholders to significant upside potential from the offshore prospects in Block P. Oil is present, as proved by the Venus discovery, and we are of the opinion that additional accumulations are potentially present on Block P in the untested prospects, which are expected to be drilled in 2013."

Additional partners in the PDA include GEPetrol (38.4%), Atlas Petroleum International Limited (5.6%), and Crown Energy Ventures Corporation (5.0%). In addition, the government of Equatorial Guinea has a 20% carried working interest.

Acquisitions and Divestitures News in Equatorial Guinea >>

Canada >>  2/19/2020 - Calima Energy Limited (CE1) (Calima) owns and operates drilling and production rights in British Columbia (”Calima Lands”). The Company is pleased to ...
Vietnam >>  2/14/2020 - KrisEnergy has announced that its wholly-owned subsidiary, KrisEnergy (Vietnam 115) Ltd, has entered into a farm-out agreement with a major internatio...

Ireland >>  2/13/2020 - Providence Resources P.l.c., the Irish based Energy Company provides the following corporate update. ...
United Kingdom >>  2/13/2020 - i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce the following update. ...

Egypt >>  2/12/2020 - Neptune Energy signed an operated exploration licence with the Egyptian General Petroleum Corporation (EGPC) for Egypt’s North West El Amal Offshore C...
Nigeria >>  2/12/2020 - Zenith Energy Ltd. has entered into final stage negotiations with a national oil authority to secure a material oil production license in West Africa....

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 

Equatorial Guinea Oil & Gas 1 >>  2 |

Oil & Gas Projects in Equatorial Guinea >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.