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Stock Market & Financial Investment News

News Breaks
November 1, 2012
16:39 EDTEGYVAALCO Energy acquires offshore working interest for $10M
VAALCO Energy announced that, having received the approval of the Government of Equatorial Guinea, it has acquired a 31% non-operating working interest in a production and development area in Block P, offshore Equatorial Guinea from Petronas Carigali Overseas SDN BHD. VAALCO paid $10M for the working interest.
News For EGY From The Last 14 Days
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October 24, 2014
08:05 EDTEGYVAALCO Energy enters subsequent exploration phase on Block 5 offshore Angola
VAALCO Energy announced that the company has entered into the Subsequent Exploration Phase on Block 5 offshore Angola together with its working interest partner, Sonangol P&P, as provided for in the Production Sharing Agreement signed in 2006 with the Republic of Angola. The SEP extends the exploration license for an additional three year period such that the new expiry date for exploration activities is November 30, 2017. The SEP requires the company and its partner to acquire a 3D seismic program covering six hundred square kilometers and to drill two additional exploration wells. The seismic obligation has been satisfied with a seismic program already completed covering 1,058 square kilometers over the outboard portion of the block. By entering the SEP, the Company is now required to drill a total of four exploration wells during the exploration extension period. The four well obligation includes the two well commitment under the primary exploration period that carries over to the SEP period. A $10M assessment applies to each of the four commitment exploration wells, if any, that remain undrilled at the end of the exploration period in 2017. The decision to enter the SEP was made in part to remove uncertainty that the primary term of the exploration license would be extended by the Republic of Angola before the November 30, 2014 expiration date.

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