Vaalco buys Sasol’s Gabon offshore assets

Gabon

LIBREVILLE, November 18, 2020 – Vaalco Energy has agreed to acquire Sasol’s offshore assets in Gabon for USD 44 million, the US independent announced on Tuesday.

The sale and purchase agreement includes the South African major’s 27.8%  interest in the Etame Marin block, in which Vaalco already holds 31.1%, as well as its 40% stake in Block DE-8.

The deal’s USD 44-million value will be topped off by future contingent payments of as much as USD 6 million.

“The strong operational and economic performance of Etame in recent years has enabled us to grow our net cash position, which we are now using to fund this value accretive acquisition and profitably expand our reserve base,” Vaalco CEO Cary Bounds said.

Read our latest insights on:

• Gabon

Previous

Nigeria oil reform on way ‘within 6 months’

Next

Oil down as Covid-19 surges