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Thursday, September 27, 2018
VAALCO Energy, through its Gabonese subsidiary VAALCO Gabon, and other partners on the Etame Marin PSC received a Presidential Decree approving the successful execution of an amendment to the PSC.
The amendment provides for a 10-year extension of the three Exclusive Exploitation Areas under the PSC. VAALCO is the operator with a 33.575% participating interest under the terms of the applicable Joint Operating Agreement (JOA). The remaining owners of participating interests under the JOA are Addax Petroleum Etame (33.900%), Sasol Gabon (30.000%), and PetroEnergy Resources (2.525%). VAALCO and the other participating interest owners are referred to as the Contractor Parties.
The amendment extends each of the existing three Exclusive Exploitation Authorizations under the Etame PSC for 10 years from the date of the signing of the amendment, with two additional five-year option periods. It also provides for the opportunity to make future investments that will yield benefit to both the contractor parties and the government of Gabon through further development of the resource potential within the Exploitation Areas.
The amendment also commits the Contractor Parties to complete, within two years of the amendment coming into force, a drilling program to drill two development wells and two appraisal wells, as well as undertake technical studies. In addition, VAALCO has agreed individually to provide an increased commitment to corporate social responsibility projects in Gabon.
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