VAALCO Energy Announces Signing of PSA With Angola

Source: www.gulfoilandgas.com 11/7/2006, Location: Africa

VAALCO Energy, Inc. announced today that the official signing of the Production Sharing Agreement (PSA) for Block 05/06 offshore Angola occurred on November 2, 2006 in Luanda, Angola.

VAALCO has a 40% interest in the block, and will be the operator of the concession for its partners Interoil Exploration & Production ASA (40%) and Sonangol (20%).

VAALCO has a 40% interest in the block, and will be the operator of the concession for its partners Interoil Exploration & Production ASA (40%) and Sonangol (20%).

In connection with the award of the block, VAALCO will pay a signing bonus of $10.5 million. The block has a term of four years during which two exploration wells must be drilled. A further three-year extension is available for a commitment of additional seismic work and two additional exploration wells.


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Related Categories: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

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