US VAALCO Energy Approved to Advance Exploration in Côte d'Ivoire's CI-705 Block

en.Wedoany.com Reported - On November 9, US oil and gas company VAALCO Energy announced that it had completed Phase 1 exploration work on the CI-705 block offshore Côte d'Ivoire and received approval from the Ivorian government to enter Phase 2. Under the Phase 2 work commitment, the company will conduct seismic data reprocessing, relinquish approximately 25% of the original exploration block area, and drill one exploration well by the end of 2028.

VAALCO entered the CI-705 block in March 2025 through a farm-in (equity transfer and participation agreement), acquiring a 70% working interest and becoming the operator of the exploration license. The company previously completed Phase 1 work, which mainly involved evaluating and interpreting existing seismic data and historical drilling data on the block. In September 2026, the company and its partners decided to apply to enter Phase 2 and submitted an approval application to Côte d'Ivoire's General Directorate of Hydrocarbons, receiving government approval on November 9.

The CI-705 block is located in the Ivorian Basin offshore Côte d'Ivoire, approximately 70 kilometers west of the CI-40 block operated by VAALCO. The CI-40 block contains the Baobab and Kossipo oilfields, in which VAALCO already participates in development activities. CI-705 is a separate exploration license; the current approval advances a new round of exploration work on this block and is not an expansion of the CI-40 oilfield development project.

In addition to reprocessing 3D seismic data, Phase 2 work includes geological and geophysical studies and, in accordance with production sharing contract (PSC) requirements, the relinquishment of approximately 25% of the Phase 1 block area. Drilling one formal exploration well is the minimum work commitment for this phase, planned for completion by the end of 2028.

VAALCO stated that the CI-705 block has exploration potential in Upper Cretaceous and Albian formations, with target geological traps including structural traps and stratigraphic traps. The company believes that recent oil and gas discoveries in adjacent areas have a certain geological trend correlation with the exploration targets of CI-705.