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Gold/Mining/Energy : VAALCO Energy, Inc.

EGY 3.470

-0.1%

Dec 24 12:59 PM EST

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From: Condo	11/8/2006 10:52:23 AM
	of 1

VAALCO Energy Announces Signing of PSA With Angola Tuesday November 7, 2:48 pm ET HOUSTON, Nov. 7 /PRNewswire-FirstCall/ -- VAALCO Energy, Inc. (NYSE: EGY - News), (the "Company) announced today that the official signing of the Production Sharing Agreement (PSA) for Block 05/06 offshore Angola occurred on November 2, 2006 in Luanda, Angola. VAALCO has a 40% interest in the block, and will be the operator of the concession for its partners Interoil Exploration & Production ASA (40%) and Sonangol (20%). Block 5 covers an offshore area of approximately 1.4 million acres. During the 1980's and 1990's twelve wells were drilled on the block with at least five successfully discovering hydrocarbons, though none of the discoveries were developed at that time. A 3D survey has been shot and VAALCO and its partners are preparing to reprocess and interpret the data in anticipation of exploratory drilling in the later part of 2007 or early 2008. In connection with the award of the block, VAALCO will pay a signing bonus of $10.5 million. The block has a term of four years during which two exploration wells must be drilled. A further three-year extension is available for a commitment of additional seismic work and two additional exploration wells. biz.yahoo.com

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