Côte D’Ivoire: VAALCO Energy, Inc. Announces Block CI-705 Update

VAALCO Energy 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.

• 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;
• 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 an 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.”