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VAALCO Energy announces accretive all cash acquisition expanding its West African footprint

Published by , Editorial Assistant
Oilfield Technology,

VAALCO Energy has announced that it has entered into a sales and purchase agreement to acquire Svenska Petroleum Exploration AB.

Svenska’s primary asset is a 27.39% non-operated working interest in the deepwater producing Baobab field in Block CI-40, offshore Cote d’Ivoire in West Africa.

The gross consideration for the Acquisition is US$66.5 million, subject to customary closing adjustments, with an effective date of October 1 2023. The gross purchase price will be partially funded by a pre-closing dividend of cash on Svenska’s balance sheet to the Seller with the balance funded by a portion of VAALCO’s cash-on-hand with no issuance of debt or equity. Closing of the acquisition is expected in the 2Q24, with ultimate timing dependent on final receipt of all necessary approvals. VAALCO currently estimates that the net cash due at closing will be in the range of approximately US$30 to US$40 million, dependent on timing.

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