BW, VAALCO and Panoro sign PSCs for Niosi and Guduma Marin blocks in Gabon [Yahoo! Finance]
VAALCO Energy, Inc. (EGY)
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Source: Yahoo! Finance
This strategic move enhances the consortium's resource base for infrastructure-led exploration in the region. The Niosi and Guduma blocks, covering a surface area of 2,974km² and 1,927km², respectively, are strategically located adjacent to BW Energy's existing Dussafu Marin licence. BW Energy, holding a 37.5% working interest and operatorship, will work alongside VAALCO Energy and Panoro Energy, which hold 37.5% and 25% respectively, as non-operating joint venture (JV) partners. The PSC for the Niosi block includes a five-year initial exploration period, with commitments to acquire new 3D seismic data and drill one exploration well. The Guduma block's PSC stipulates a three-year initial exploration period focused on geological and geophysical studies. Both blocks offer an option to extend exploration and commit to additional wells. The consortium has pledged to drill a well in the Niosi Marin block within the exploration period and plans a 3D seismic acquisition campaign
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