HOUSTON – November 09, 2026 -- Vaalco Energy has won government approval to move into the Second Exploration Phase at Block CI-705 offshore Côte d'Ivoire, committing to drill an exploration well by the end of 2028.
Vaalco completes First Exploration Phase work commitments at CI-705
The company finished the evaluation and interpretation of existing seismic and well data, which made up the First Exploration Phase. Vaalco, listed on the NYSE and the London Stock Exchange under the symbol EGY, said the results encouraged it to progress to the next phase.
Vaalco farmed into CI-705 in March 2025 and became operator with a 70% working interest.
Second phase requires seismic reprocessing, 25% relinquishment and a well by 2028
The Second Exploration Phase commitment has three elements:
- further seismic reprocessing;
- relinquishment of 25% of the exploration block;
- drilling of an exploration well by the end of 2028.
Block sits 70 kilometers west of Vaalco's CI-40 producing fields
CI-705 lies in the Ivoirien Basin, about 70 kilometers west of Vaalco's CI-40 Block, home to the Baobab and Kossipo oil fields.
CEO George Maxwell said the company sees prospectivity in play types proven across the basin, including structural and stratigraphic traps in the Upper Cretaceous and Albian sections. He added that recent nearby discoveries are on trend with CI-705 and support Vaalco's play concepts.
Vaalco said its organic project pipeline supports its strategic focus on growing production, reserves and shareholder value. The company also holds assets in Gabon, Egypt and Equatorial Guinea.