Vaalco Energy Stock Rises Pre-Market On Gaining 70% Interest In Offshore Côte D’Ivoire CI-705 Block: Retail Sentiment Improves

Vaalco said it has invested $3 million to acquire interest in the new block, which “has significant prospectivity.”

Vaalco Energy, Inc. (EGY) drew investor attention on Monday morning after the company announced the acquisition of a 70% interest in the CI-705 block offshore Côte d’Ivoire.

Vaalco Energy is based in Houston, Texas, and has a diverse portfolio of production, development, and exploration assets in Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria, and Canada.

Vaalco Energy said it has invested $3 million to acquire interest in the new block, which “has significant prospectivity.”

The company said it will become the operator of the block with a 70% working interest and a 100% paying interest through a commercial carry arrangement and is partnering with Ivory Coast Exploration Oil & Gas SAS and PETROCI.

CI-705, located in the Tano basin, covers approximately 2,300 square kilometers and is lightly explored. Three wells have been drilled on the block to date.

Vaalco first entered Côte d’Ivoire in 2024 as a non-operating partner in the CI-40 block.

CEO George Maxwell noted that the CI-705 block is favorably located in a proven petroleum system, near existing infrastructure with access to a strong growing domestic market with attractive upside potential.

“Our initial assessment is that there are both oil and natural gas prospects on the block, and we plan to conduct a detailed, integrated geological analysis to assess and mature our understanding of the block’s overall prospectivity,” he said.

In 2024, Vaalco Energy witnessed sales volumes of 24,100 to 24,600 working interest (WI) barrels of oil equivalent per day (boepd) at the midpoint of its guidance range of 23,500 to 25,100 WI boepd.

Its full-year 2024 sales volumes stood at 19,400 to 19,800 net revenue interest (NRI) boepd, at the midpoint of the company’s guidance range of 18,800 to 20,300 NRI boepd.

Following the development, retail sentiment on Stocktwits improved marginally but continued to trend in the ‘bearish’ territory (41/100).

Vaalco shares have lost over 9% in 2025 and are down over 6% over the past year.

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