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Vaalco Energy acquires Sasols entire interest Etame Marin block offshore Gabon
StockMarketWire.com
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Vaalco Energy said it will now move forward with acquiring Sasols entire working interest in the in the Etame Marin block offshore Gabon.
Vaalco made the acquisition after the other joint owners in the Etame Marin block did not exercise their pre-emptive rights.
The firm said the purchase price for Sasols 27.8% working interest was $44 million, with maximum future contingency payments expected to be $5 million. Vaalco said in regard to Block DE-8 offshore Gabon, the 60% operated participating interest owner, Perenco, has exercised its preferential rights.
As a result, Perenco is acquiring Sasols 40% non-operated participating interest, releasing Vaalco from the potential obligation to drill an appraisal well.
At 2:09pm: (LON:EGY) share price was 0p at 85p
Story provided by StockMarketWire.com
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