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  2. Share Prices
  3. Vaalco Energy Share Price
  4. Vaalco Energy Share News
  5. Vaalco Energy In Talks To Get Operatorship Of Equatorial Guinea Blocks

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Share Price: 522.50
Bid: 480.00
Ask: 565.00
Change: -15.00 (-2.79%)
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Open: 537.50
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Vaalco Energy In Talks To Get Operatorship Of Equatorial Guinea Blocks

Wed, 27th Nov 2019 13:43

(Alliance News) - West Africa-focused Vaalco Energy Inc on Wednesday said that it is in talks to serve as a operator for three Equatorial Guinea oil blocks recently awarded to Levene Hydrocarbon Ltd.

The Houston, US-based company said unit Vaalco Energy Mauritius (EG) Ltd is in preliminary talks with Levene to serve as a contract operator for onshore Blocks 3 and 4 and offshore Block 19.

Vaalco, however, clarified that it would not own any interest in Blocks 3 and 4 and offshore Block 19. The company via Vaalco Energy Mauritius separately owns a 31% stake in in Block P located offshore Equatorial Guinea.

"Vaalco EG potentially serving as contract operator on Blocks 3, 4 and 19 is subject to further commercial arrangements and to Levene acquiring a portion of Vaalco EG's existing 31% working interest in Block P," the company said, adding that there can be no certainty over any agreement being reached.

Vaalco Energy shares in London were untraded at 137.5 pence each on Wednesday afternoon.

By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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