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VAALCO Announces Update at Equatorial Guinea

Source: www.gulfoilandgas.com 11/26/2019, Location: Africa

VAALCO Energy, Inc. provided an update on Equatorial Guinea. VAALCO Energy Mauritius (EG) Limited (“VAALCO EG”), a subsidiary of the Company, currently holds a 31% participating interest in Block P, located offshore Equatorial Guinea.

On November 26, 2019, the Equatorial Guinea Ministry of Mines and Hydrocarbons announced the results of the EGRONDA 2019 bid round. VAALCO EG is in preliminary commercial discussions with Levene Hydrocarbon Limited (“Levene”) regarding VAALCO EG serving as a contract operator for recently awarded onshore Blocks 3 and 4 and offshore Block 19 in Equatorial Guinea. VAALCO EG would not possess a participating interest in Blocks 3, 4 and 19.

VAALCO EG potentially serving as contract operator on Blocks 3, 4 and 19 is subject to further commercial arrangements and to Levene acquiring a portion of VAALCO EG’s existing 31% working interest in Block P. VAALCO EG and Levene have executed a Memorandum of Understanding and are engaging in preliminary discussions regarding a potential commercial relationship in Equatorial Guinea. However, the parties have not executed any binding agreements, and there can be no certainty that a transaction will be forthcoming.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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