Vaalco Energy Receives Approval to Advance CI-705 Offshore Exploration in Cote d'Ivoire

Vaalco Energy, Inc. (NYSE:EGY) has completed its First Exploration Phase commitments at Block CI-705 offshore Côte d’Ivoire and received government approval to proceed to the Second Exploration Phase, which includes plans to drill an exploration well by the end of 2028.

The Houston-based energy company became operator of the CI-705 exploration licence in March 2025 after acquiring a 70% working interest in the block.

Located in the Ivoirien Basin, CI-705 is approximately 70 kilometres west of Vaalco’s CI-40 Block, which contains the Baobab and Kossipo oil fields.

Second Exploration Phase Includes Drilling Commitment

During the First Exploration Phase, Vaalco evaluated and interpreted existing seismic and well data to assess the block’s geological characteristics and exploration potential.

Following completion of these commitments, the government of Côte d’Ivoire authorised the company to advance to the next stage of exploration.

The Second Exploration Phase requires additional seismic data reprocessing, relinquishment of 25% of the exploration block and the drilling of an exploration well by the end of 2028.

These activities will support further evaluation of potential hydrocarbon resources within the licence area.

Vaalco Identifies Exploration Prospects in Ivoirien Basin

Vaalco said its geological assessment identified potential exploration targets associated with structural and stratigraphic traps in the Upper Cretaceous and Albian formations.

Chief Executive Officer George Maxwell commented on the company’s interpretation of the block’s exploration potential.

“We see encouraging prospectivity on the block in the play types proven throughout the Ivoirien Basin including both structural and stratigraphic traps in the Upper Cretaceous and Albian sections. Recent nearby discoveries are on trend with CI-705 and provide additional validation of our play concepts and our view of the block’s prospectivity.”

The company considers nearby discoveries relevant to its geological interpretation of CI-705, although the presence of commercially recoverable hydrocarbons within the block has not yet been established.

Exploration Programme Continues Through 2028

Vaalco’s progression to the Second Exploration Phase represents the next stage of its exploration activities offshore Côte d’Ivoire.

The company will undertake further seismic processing and reduce the block’s exploration acreage by 25% before completing its drilling commitment by the end of 2028.

Vaalco is an independent energy company headquartered in Houston, with operations in Gabon, Egypt, Côte d’Ivoire and Equatorial Guinea.

The planned exploration well will provide additional geological information to support the assessment of CI-705’s hydrocarbon potential.

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