The Houston-based player has taken the entire 3.23% holding Japan’s Sojitz held in the Etame Marin shallow-water permit, boosting its holding up to 33.58%.
No purchase price was given, but Vaalco said it will fund the transaction through a new $5 million loan and cash in hand.
The Etame block covers 28,700 acres and has four production platforms, with nine wells currently producing, including three subsea well tiebacks to a leader floating storage and offloading unit.
