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The latest announcement is out from Vaalco Energy Inc (EGY).
VAALCO Energy, through its subsidiary, has inked a deal to purchase Svenska Petroleum Exploration for $66.5 million, gaining significant interests in offshore oil fields in Cote d’Ivoire and Nigeria. This strategic acquisition, which is expected to close in the second quarter of 2024, is contingent on regulatory approvals and customary closing conditions. The final purchase price will be adjusted for interest, closing costs, and other standard modifications. VAALCO plans to fund the acquisition through Svenska’s balance sheet dividends and its own cash reserves, estimating a closing cash contribution of $30-$40 million.
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