US-based Vaalco Energy has acquired a 60% operational stake in the offshore Kossipo field in Cote d’Ivoire, with PetroCI retaining 40%. The field, discovered in 2002 and appraised in 2019, holds an estimated 102 million barrels of oil equivalent, with gross 2C resources. Recent advancements include new seismic data utilization.

Vaalco plans to finalize a field development plan for the Kossipo field in the latter half of 2026. The company aims to enhance development strategies using ocean bottom node seismic data and exploit the field’s resources, including over 293 million barrels of oil in place. Testing showed promising results in 2019.

In Gabon, Vaalco has successfully drilled and brought into production the Etame 15H-ST well, achieving a flow rate of approximately 2,000 barrels of oil per day. An exploration well on the West Etame prospect is underway, with expectations to reach target zones by mid-March. Results could boost production and reserves by year-end.

Vaalco CEO George Maxwell highlighted the company’s progress, positioning them for 225% organic production growth by 2030. The operatorship in the Kossipo field and successful drilling campaign in Gabon are key drivers of this growth strategy. Vaalco remains committed to expanding its operations in both Cote d’Ivoire and Gabon.

Read more at Yahoo Finance: Vaalco Energy secures operatorship in Cote d’Ivoire’s Kossipo field