US-based Vaalco Energy acquires 70% stake in Ivory Coast offshore block

Vaalco Energy has acquired a 70% interest in the CI-705 offshore oil and gas exploration block in the Tano Basin, Ivory Coast, the company announced.  

The company will operate the block in partnership with Ivory Coast Exploration Oil & Gas and state-owned PETROCI, holding a 100% paying interest through a commercial carry arrangement.  

The CI-705 block spans approximately 2,300km² and is located about 70km west of Vaalco’s existing CI-40 block, which contains the Baobab and Kossipo oilfields. It also lies 60km west of ENI’s recent Calao discovery. Despite being in a well-established petroleum region, the block has seen limited exploration, with only three wells drilled to date. Water depths range from zero to 2,500m.  

Vaalco has invested $3mn in the acquisition, citing the block’s “significant prospectivity” for both oil and natural gas. Chief Executive Officer George Maxwell highlighted its strategic position near existing infrastructure and a growing domestic market. The company intends to conduct seismic reprocessing and geological analysis to assess its potential, with plans to drill up to two exploration wells.  

The acquisition expands Vaalco’s footprint in Ivory Coast following its 2024 entry as a non-operating partner in the CI-40 block. The company, which has assets in Canada, Egypt, Equatorial Guinea, Gabon, and Nigeria, continues to focus on organic growth and exploration in West Africa.