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Vaalco Energy to acquire further stake in Etame Marin block offshore Gabon
StockMarketWire.com
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Vaalco Energy said it had signed a sale and purchase agreement to acquire Sasol Gabon's 27.8% working interest in the Etame Marin block and 40% interest in Block DE-8 offshore Gabon for $44 million.
The transaction increased Vaalco's total working interest in the Etame Marin block 58.8%; almost doubling its total production and reserves.
Under the terms of the delay, Vaalco a contingent payment of $5 million to Sasol if Brent oil pricing averages greater than $60 per barrel for 90 consecutive days during the period from July 1, 2020 to June 30, 2022.
There was an additional contingent payment of $1 million if the DE-8 appraisal well in 2021 was successful, the company said.
At 8:47am: (LON:EGY) share price was 0p at 85p
Story provided by StockMarketWire.com
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