VAALCO Energy has secured government approval to advance exploration at its operated CI-705 block offshore Côte d'Ivoire, with plans to drill an exploration well by the end of 2028.
The approval follows the completion of the block's First Exploration Phase, which included the evaluation and interpretation of existing seismic and well data.
Under the Second Exploration Phase, the company is committed to carrying out further seismic reprocessing, relinquishing 25% of the exploration block and drilling an exploration well by the end of 2028.
VAALCO acquired a 70% working interest in CI-705 and became its operator through a farm-in agreement in March 2025.
The block is located in the Ivoirien Basin, approximately 70 kilometers west of VAALCO's CI-40 block, which contains the Baobab and Kossipo oil fields.
The company said it was encouraged by the results of the initial exploration phase, identifying potential in structural and stratigraphic traps within the Upper Cretaceous and Albian sections.
“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,” said George Maxwell, VAALCO's Chief Executive Officer.
Maxwell also pointed to recent nearby discoveries, which he said supported the company's assessment of the block's exploration potential.
VAALCO has production, development and exploration assets in Gabon, Egypt, Côte d'Ivoire and Equatorial Guinea.
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