Vaalco Energy has acquired a 70% interest in the CI-705 block in the Tano basin offshore Côte d’Ivoire.
The company will operate the block in partnership with Ivory Coast Exploration Oil & Gas and PETROCI, holding a 100% paying interest through a commercial carry arrangement.
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The CI-705 block is approximately 70km west of Vaalco’s CI-40 Block, where the Baobab and Kossipo oilfields are located, and 60km west of ENI’s Calao discovery.
The block spans a total area of approximately 2,300km². It is lightly explored, with only three wells drilled dso far.
Water depths vary across the block, ranging from zero to 2,500m.
Vaalco has invested $3m to acquire its stake in the block, citing its “significant prospectivity”.
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By GlobalDataVaalco chief executive officer George Maxwell said: “We believe the CI-705 block is favourably located in a proven petroleum system, near existing infrastructure with access to a strong growing domestic market with attractive upside potential.
“Our initial assessment is that there are both oil and natural gas prospects on the block and we plan to conduct a detailed, integrated geological analysis to assess and mature our understanding of the block’s overall prospectivity.”
The company has also planned for major projects in 2025 and 2026 that are anticipated to boost organic growth within the company’s portfolio.
Vaalco has a portfolio of production, development and exploration assets across Canada, Côte d’Ivoire, Egypt, Equatorial Guinea, Gabon and Nigeria.
In November 2024, BW Energy signed production sharing contracts for the Niosi and Guduma Marin exploration blocks offshore Gabon, in collaboration with Vaalco Energy and Panoro Energy.
