VAALCO to acquire Svenska for $66.5M, adding 27.39% WI in Baobab field offshore Côte d'Ivoire

VAALCO ENERGY INC /DE/

Gross purchase price $66.5M; net cash due at closing expected $30-40M, funded from cash on hand with no debt or equity.
Svenska holds 27.39% non-operated WI in producing Baobab field (CI-40) with current production ~4,500 WI BOEPD (99% oil).
1P WI CPR reserves 13.0 MMBOE; 2P WI CPR reserves 21.7 MMBOE (97% oil). Transaction valued at $5.12/BOE 1P.
Acquisition expected to close in Q2 2024, subject to regulatory approvals in Côte d'Ivoire and Sweden.
Includes 21.05% WI in OML 145 offshore Nigeria (non-producing); FPSO planned upgrade in 2025 with drilling program in 2026.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

VAALCO ENERGY INC /DE/ entered into Share Purchase Agreement with Petroswede AB valued at $66.5 million in cash (effective 2024-02-29).

Action: entry
Agreement: asset purchase
Counterparty: Petroswede AB
Value: $66.5 million in cash
Effective: 2024-02-29

Exact text from the filing

On February 29, 2024, VAALCO Energy (Holdings), LLC (“Buyer”), a Delaware limited liability company and wholly-owned subsidiary of the VAALCO Energy, Inc. (“VAALCO” or the “Company”), and Petroswede AB, a company incorporated in Sweden (“Seller”), entered into a Share Purchase Agreement (the “Share Purchase Agreement”) pursuant to which the Buyer will purchase all of the issued shares in the capital of Svenska Petroleum Exploration Aktiebolag, a company incorporated in Sweden (“Svenska”) for $66.5 million in cash (the “Purchase Price”), subject to adjustment as described below (the “Acquisition”).

View on SEC.gov

737 material agreements filed in the last 30 days. Browse all material agreements →

VAALCO ENERGY INC /DE/ filing history →

Source: SEC EDGAR

accession 0001140361-24-010268

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.