By: Energy capital & power

Oil and gas company VAALCO Energy has assumed operatorship of Block CI-705 in Ivory Coast following its acquisition of a 70% working interest in the asset. VAALCO Energy will operate the block with a 100% paying interest, focusing on seismic reprocessing and interpretation.

Situated in the Tano basin, the block has seen moderate exploration, with three wells drilled to date. VAALCO Energy invested $3 million to acquire the stake, with plans to potentially drill an additional two exploration wells.

“We believe the CI-705 block is favorably located in a proven petroleum system, near existing infrastructure with access to a strong growing domestic market with attractive upside potential. Our initial assessment is that there are both oil and natural gas prospects on the block and we plan to conduct a detailed, integrated geological analysis to assess and mature our understanding of the block’s overall prospectivity,” stated George Maxwell, CEO, VAALCO Energy.

Developed in partnership with Ivory Coast’s national oil company Petroci and energy company Ivory Coast Exploration Oil & Gas, Block CI-705 lies west of the Eni-led Calao discovery made in 2024 as well as the VAALCO-operated CI-40 block, featuring the Baobab and Kossipo oilfields.