VAALCO Energy advances Côte d’Ivoire exploration
By Brie CarterKey points
- VAALCO Energy has completed the first exploration phase at offshore Côte d’Ivoire Block CI-705 and received approval to enter the second phase.
- VAALCO holds a 70% working interest in the block, while its shares closed unchanged at US$5.38 on November 6, 2026.
- The next phase requires seismic reprocessing, relinquishment of 25% of the block and drilling an exploration well by the end of 2028.
VAALCO Energy (NYSE:EGY) has completed the first exploration phase at Block CI-705 offshore Côte d’Ivoire and secured approval for the second phase, advancing its exploration programme in the country.
The company became operator with a 70% working interest in March 2025, while the block is located approximately 70 kilometres west of its producing CI-40 Block.
VAALCO said its initial evaluation identified potential oil-bearing structural and stratigraphic traps within the Upper Cretaceous and Albian geological sections.
The second phase requires further seismic data reprocessing, the relinquishment of 25% of the exploration area and the drilling of one exploration well by the end of 2028.
The next phase will allow VAALCO to advance its assessment of potential drilling locations.
The CI-705 licence forms part of VAALCO's wider Côte d’Ivoire operations, which also include interests in the CI-40 Block, home to the Baobab and Kossipo oil fields.
VAALCO's wider strategy includes developing its West African oil and gas assets, expanding exploration activities and progressing existing discoveries towards production, alongside its operations in Gabon, Egypt and Equatorial Guinea.
Frequently asked questions
More from United States
argenx acquires Unnatural Products for $1.15 billion
CNH sells 70% construction business for $1 billion
Gray Media reports $972 million Q3 revenue as political advertising surges
VEON boosts 2026 outlook as Q3 revenue grows 17.2% to $1.31 billion
Utz Brands misses Q3 estimates as revenue falls 2.3% and losses widen
Elanco raises 2026 outlook as Q3 revenue grows 11% to $1.265 billion
