Vaalco Ready to Find Rig in Kwanza Basin

Source: www.gulfoilandgas.com 12/6/2013, Location: Africa

VAALCO Energy, Inc. announced that the Company has received written confirmation from The Ministry of Petroleum of Angola that the available 40% working interest in Block 5, offshore Angola, has been assigned to Sonangol E.P., the National Concessionaire. The Ministry of Petroleum also confirmed that Sonangol E.P. will assign the aforementioned participating interest to its exploration and production affiliate, Sonangol P&P.

With this confirmation, VAALCO has begun the process of contacting drilling rig companies to secure a semi-submersible rig to commence the exploration phase of the pre-salt / post-salt Kwanza Basin program.

Steve Guidry, CEO, commented, "We are excited to begin drilling offshore Angola, especially given the recent significant discoveries made elsewhere in the Kwanza basin in which Block 5 is located. Having Sonangol as our partner, with their extensive knowledge of the basin, reaffirms our confidence in the potential of discovering commercial quantities of hydrocarbons on our 1.4 million acre concession."

Following the assignment, Sonangol and its affiliates will hold a 60% working interest in Block 5, comprising a 20% carried working interest and the newly assigned 40% participatory working interest. VAALCO, as operator, continues to hold a 40% operating working interest in Block 5.

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