Vaalco advances to second exploration phase at offshore Côte d'Ivoire block CI-705

what happened

Houston-based independent Vaalco Energy said it has completed the work required in the first exploration phase at block CI-705 offshore Côte d'Ivoire and received government approval to proceed to the second. The company became operator of the block in March 2025 and holds a 70% working interest.

The second phase includes further seismic reprocessing, relinquishing 25% of the block and committing to drill an exploration well by the end of 2028. The block sits roughly 70 km west of CI-40, where the Baobab and Kossipo oil fields are located.

Chief Executive George Maxwell said the prospectivity looks encouraging and that recent nearby discoveries support the company's view of the acreage.

why it matters

The news is local: it concerns exploration rather than production, so its effect on the oil market in the near term is limited. For Vaalco investors it is a sign of progress in the project pipeline, though the outcome of drilling remains uncertain.

market impact

Vaalco Energy: progress on an exploration project supports the company's outlook

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