StockMarketWire.com - Vaalco Energy said it will now move forward with acquiring Sasol’s 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 Sasol’s 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 Sasol’s 40% non-operated participating interest, releasing Vaalco from the potential obligation to drill an appraisal well.