VAALCO Energy (EGY) has secured government approval to proceed with the second exploration phase at Block CI-705 offshore Ivory Coast, the company said Monday.
Work commitments under the first exploration phase, including the evaluation and interpretation of existing seismic and well data, have been completed and the results were "encouraging," VAALCO Energy said.
The second phase will include further seismic reprocessing, relinquishing 25% of the exploration block and targeting to drill an exploration well by end of 2028, the company added.
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