An announcement from Vaalco Energy Inc (EGY) is now available.
VAALCO Energy has successfully completed its acquisition of Svenska Petroleum Exploration from Petroswede AB, making Svenska a wholly-owned subsidiary and expanding VAALCO’s portfolio with significant interests in two West African offshore fields. The deal, valued at $40.2 million in cash, was financed through VAALCO’s existing cash reserves. This strategic move enhances VAALCO’s position in the region, adding a 27.39% stake in Cote d’Ivoire’s Baobab field and a 21.05% stake in a Nigerian discovery.
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