Petroleum Africa
Find us on: 
Wednesday, August 3, 2016
Vaalco Energy increased its stake in Gabon’s Etame Marin Permit, acquiring Sojitz Etame Ltd.’s stake in the block. The two firms entered into a purchase and sale agreement that gives Vaalco an additional 3.23% participating stake in the acreage.
The transaction has an effective date of August 1.
Vaalco is operator and prior to the acquisition owned a 30.35% participating interest in the fields in the Etame Marin block. There are four production platforms and nine wells currently producing in the concession, including three subsea well tiebacks. Production from the fields averaged about 19,000 bpd in Q2 and over 93 million barrels of oil have been produced since production commenced in 2002. This acquisition is expected to boost the company’s net production by nearly 11%.
The transaction is expected to close within 90 days, subject to customary closing conditions. The company intends to fund the acquisition with the additional $5-million loan capacity available under the new term loan agreement announced in early July with the International Finance Corporation (IFC), subject to their approval, and with cash on hand.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
