Eric Watkins
Senior Correspondent
LOS ANGELES, Nov 10 -- Vaalco Energy Inc. has signed a production-sharing agreement (PSA) with the government of Angola for Block 05/06 offshore.
Vaalco will drill two exploration wells over 4 years and has the option of a 3-year extension allowing for further seismic work and two more exploration wells.
Vaalco (operator) holds a 40% share in the block, while Interoil Exploration & Production ASA holds 40% and state-owned Sonangol holds the remaining 20%.
Photo from Odfjell Drilling.
