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Thursday, December 1, 2016
VAALCO closed its purchse of an additional 3.23% interest in the Etame Marin Permit in Gabon from Sojitz Etame. The interest acquired by VAALCO represents Sojitz’ total stake in the block. VAALCO is operator of the fields in the Etame Marin block and, prior to the acquisition, owned a 30.35% participating interest. The transaction had an effective date of August 1.
The Etame Marin has four production platforms and nine wells currently producing, including three subsea well tiebacks. Production from the fields currently averages about 13,500 bpd.
Cary Bounds, COO and interim CEO of the company commenting on the close of the acquisition said, “We are very pleased to have closed our transaction with Sojitz and increased our participating interest in our flagship producing asset in offshore Gabon to 33.58%. One of our key strategic goals is to seek opportunities to grow the company in a cost-effective manner that enhances shareholder value. We believe this acquisition is an excellent example of the execution of that strategy. It immediately increases our production in a field we know extremely well and enhances our option value due to the significant upside potential remaining.”
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