CÔTE D'IVOIRE BLOCK CI-705 UPDATE
Summary by AI BETAClose X
THIS RELEASE CONTAINS INSIDE INFORMATION
VAALCO ENERGY, INC. ANNOUNCES CÔTE D'IVOIRE BLOCK CI-705 UPDATE
HOUSTON – November 9, 2026 - VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) (“Vaalco” or the “Company”) announced completion of the First Exploration Phase work commitments and approval to proceed to the Second Exploration Phase at Block CI-705, offshore Côte d'Ivoire.
Highlights:
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In March 2025, Vaalco farmed into and became the operator of exploration license CI-705 located offshore Côte d'Ivoire with a 70% working interest;
- CI-705 block is located in the prolific Ivoirien Basin and is approximately 70 kilometers to the west of Vaalco’s CI-40 Block, where the Baobab and Kossipo oil fields are located;
- Successfully completed the First Exploration Phase, which included the evaluation and interpretation of existing seismic and well data;
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Encouraged by the results of the First Exploration Phase, Vaalco chose to progress to the Second Exploration Phase and government approval has been granted;
- Second Exploration Phase commitment includes further seismic reprocessing, relinquishing 25% of the exploration block and commitment to drill exploration well by end of 2028.
George Maxwell, Vaalco’s Chief Executive Officer, commented, “We are pleased with the results of the First Exploration Phase and are excited to move into the Second Exploration Phase. 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. Our continued success and organic project pipeline support Vaalco’s strategic focus on growing production, reserves and value for our shareholders.”
About Vaalco
Vaalco Energy Inc. is an African-focused independent energy company with a diversified portfolio of production, development and exploration assets in Gabon, Egypt, Côte d'Ivoire and Equatorial Guinea. The Company combines cash-generative production assets with development and exploration opportunities supported by existing infrastructure and established operating histories.
Since 2021, Vaalco has transformed from a single-asset producer into a multi-country African operator through disciplined acquisitions, portfolio optimization and operational delivery. Led by an experienced management team with a proven track record of value creation, Vaalco combines disciplined capital allocation, shareholder returns and a visible, self-funded pathway to significantly increase production from resources already within its portfolio.
Vaalco is headquartered in Houston and listed on the New York Stock Exchange and the Main Market of the London Stock Exchange under the symbol EGY.
Vaalco’s Legal Entity Identifier (LEI) is 549300CFHFVIWB8M6T24.
For Further Information
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Vaalco Energy, Inc. (General and Investor Enquiries) |
+00 1 713 543 3422 |
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Website: |
www.vaalco.com |
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Al Petrie Advisors (US Investor Relations) |
+00 1 713 543 3422 |
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Al Petrie / Chris Delange |
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Camarco (Financial PR) |
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Georgia Edmonds / Rebecca Waterworth (UK) |
+44 20 3757 4980
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Rosie Driscoll (US) |
+00 1 771 241 3164 |
Forward Looking Statements
Information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, but are not limited to, statements relating to (i) estimates of future drilling, production, sales and costs of acquiring crude oil, natural gas and natural gas liquids; (ii) expectations regarding future exploration and the development, growth and potential of Vaalco’s operations, project pipeline and investments, and schedule and anticipated benefits to be derived therefrom; (iii) expectations regarding future acquisitions, investments or divestitures; (iv) expectations of future dividends; (v) expectations of future balance sheet strength; and (vi) expectations of future equity and enterprise value.
Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks related to early production data not being indicative of long-term performance; and the risks described under the caption “Risk Factors” in Vaalco’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC.
Any forward-looking statement made by Vaalco in this press release, is based only on information currently available to Vaalco and speaks only as of the date on which it is made. Except as may be required by applicable securities laws, Vaalco undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Inside Information
This announcement contains inside information as defined in Regulation (EU) No. 596/2014 on market abuse which is part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”) and is made in accordance with the Company’s obligations under article 17 of MAR. The person responsible for arranging the release of this announcement on behalf of Vaalco is Matthew Powers, Corporate Secretary of Vaalco.
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