VAALCO Energy Provides Septemberís Update for Block 5

Source: www.gulfoilandgas.com 9/14/2012, Location: Africa

VAALCO Energy, Inc. provided an update on its recent activities. VAALCO previously announced that it signed a definitive agreement for the purchase of a working interest in a block in a West African country new to the Company. The only remaining condition to the closing of the transaction and the transfer of the working interest is formal regulatory approval from the government of the West African country. VAALCO and the other working interest partners have met and planning has commenced for the drilling of two offshore exploration wells in 2013.

VAALCO has been granted by the government of Angola an extension on Block 5, offshore Angola, through November 2014. As previously announced, a partner has been identified to acquire the available 40% working interest in Block 5 and the party has been submitted to the Angolan government for approval. Following approval by the Angolan government of this working interest partner, the consortium expects to proceed with the drilling of a pre-salt exploratory well.


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