VAALCO Energy (EGY) Issues Update for Interest in Block 5 Offshore Angola
Tweet
Share
E-mailGet Alerts EGY Hot Sheet
Join SI Premium – FREE
VAALCO Energy, Inc. (NYSE: EGY) provided an update on the company's working interest in Block 5 offshore Angola. VAALCO recently received written confirmation from the Angolan national oil company, Sonangol, that the government of Angola has granted a time extension of the production sharing agreement for Block 5 through the end of 2012.
VAALCO is continuing to work with Sonangol both to identify a working interest partner and to explore possible options involving well drilling obligations and the acquisition and reprocessing of additional 3D seismic data to further develop additional pre-salt leads.
VAALCO noted that recent discovery announcements by other operators appear to confirm the presence of prolific, mature, source rocks and thick, high quality pre-salt reservoirs in the Kwanza basin. VAALCO's Block 5, located in the northern portion of the basin, is situated to trap pre-salt hydrocarbons which may have migrated up-dip from the deeper part of the basin.
VAALCO is continuing to work with Sonangol both to identify a working interest partner and to explore possible options involving well drilling obligations and the acquisition and reprocessing of additional 3D seismic data to further develop additional pre-salt leads.
VAALCO noted that recent discovery announcements by other operators appear to confirm the presence of prolific, mature, source rocks and thick, high quality pre-salt reservoirs in the Kwanza basin. VAALCO's Block 5, located in the northern portion of the basin, is situated to trap pre-salt hydrocarbons which may have migrated up-dip from the deeper part of the basin.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Boeing names Ryan Shedd as new SVP and controller
- Cytek faces $56M damages award in Beckman Coulter patent case
- Elroy Air wins $46M U.S. Army contract for cargo drone system
Create E-mail Alert Related Categories
Corporate NewsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
