VAALCO Energy, Inc. has entered into the Subsequent Exploration Phase (“SEP”) on Block 5 offshore Angola.
VAALCO has entered the SEP together with its working interest partner, Sonangol P&P, as provided for in the Production Sharing Agreement signed in 2006 with the Republic of Angola, the company explains.
The SEP extends the exploration license for an additional three year period such that the new expiry date for exploration activities is November 30, 2017. The SEP requires the company and its partner to acquire a 3D seismic program covering six hundred square kilometers and to drill two additional exploration wells. VAALCO says the seismic obligation has been satisfied with a seismic program already completed covering 1,058 square kilometers over the outboard portion of the block.