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,

Vaalco Energy, Inc. (EGY) drew investor attention on Monday morning after the company announced the acquisition of a 70% interest in the CI-705 block offshore Côte d’Ivoire. Vaalco Energy is based in Houston,

Vaalco will operate the block, carrying partners through the seismic reprocessing and interpretation stages and potentially drilling two exploration wells.

VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) announced that it has farmed into the CI-705 block offshore Côte d’Ivoire. Vaalco will become operator of the block with a 70% working interest and a 100% paying interest though a commercial carry arrangement and is partnering with Ivory Coast Exploration Oil & Gas SAS and PETROCI.

Block CI-705 covers approximately 2300 km 2 and is lightly explored with three wells drilled to date on the block. The water depth across the block ranges from zero to 2500 m. Vaalco has invested US$3 million to acquire its interest in the new block which it believes has significant prospectivity.