Ashurst has advised VAALCO Energy, Inc. on the proposed acquisition of Sasol Gabon S.A.’s 27.8% working interest in the Etame Marin block offshore Gabon.
Since VAALCO currently owns and operates a 31.1% working interest in Etame, the transaction will almost double VAALCO’s total production and reserves once completed. In addition, VAALCO has agreed to acquire Sasol’s 40% non-operated participating interest in Block DE-8 offshore Gabon, with Perenco, the operator, holding the remaining 60%.
VAALCO has agreed to total cash consideration for both interests of approximately US$44 million and certain contingent payments of up to US$6 million.
The Ashurst team was led by partner Yann Alix (Picture), supported by senior associate Quentin Robinson and associate Claudia Cicone.
Law Firms: Ashurst;
Clients: Vaalco Energy Inc. ;