VAALCO Ready to Explore Angola

Exploration on Angolan Block 5 will move forward, although no exact time table was issued for the program. VAALCO Energy, one of the partners on the block, has been waiting for a replacement partner to be named by Angola’s state-run Sonangol.

The partners have been granted a two-year extension on the block, taking it to November 2014 and allowing time to advance drilling before expiration of the permit on the block.

Robert Gerry, chairman and CEO of VAALCO said, “VAALCO’s drilling of its portfolio of exploration and development opportunities, both domestically and internationally, remains on schedule. We continue to make progress in Angola where, late last week, we received official notification that we have been granted a two-year extension of our exploration license on Block 5 in the Kwanza Basin, through November 2014. We believe that the notification removes any concern the concession will expire before we commence exploration drilling and will further advance discussions with our prospective partner.”

The company said it is committed to securing a drilling rig and commencing the drilling of its first pre-salt test upon acceptance of its proposed partner by Sonangol.