VAALCO is now the operator in Kossipo.

VAALCO Energy has reported of a positive financial year for 2025 in Gabon and Cote d’Ivoire

In Gabon, it has successfully drilled, completed and placed on production the Etame 15H-ST development well in the 1V block of the Etame field, with a lateral of 250 meters of net pay in high-quality Gamba sands near the top of the reservoir.

In West Etame a step out exploration well that has been spudded promises 57% geologic prospects, leading to anticipation towards a strong production and reserves report for VAALCO in 2026.

In Ivory Coast, VAALCO is now the operator with a 60% working interest in the Kossipo field on the CI-40 Block with a field development plan expected to be completed in second half of 2026.

George Maxwell, Vaalco’s Chief Executive Officer, said, “We have begun 2026 with some very meaningful events that are positioning Vaalco to deliver expected 225% organic production growth by 2030. We have been confirmed as the operator with a 60% working interest in the Kossipo field, a discovery with an estimated 293 MMBOE in place located southwest from our highly productive Baobab field on the CI-40 Block. We are actively working with our partner PetroCI to submit an FDP in the second half of 2026 that we believe will help Vaalco grow its production in Cote d’Ivoire. We are also pleased with the encouraging start of the Gabon drilling campaign, the ET-15H-ST which stabilized at approximately 2,000 BOPD. The rig has remained on the Etame platform and is now drilling an exploration prospect in West Etame, that has a 57% chance of geological success and if successful could add production and additional reserves in Gabon. With the Baobab FPSO on track to return to the field and commence production in Q2 2026, coupled with the Gabon drilling campaign, we are looking to drive meaningful growth that we believe will translate into value for our shareholders in 2026 and beyond.”

The transaction will accelerate debt reduction for Kosmos. (Image source: Kosmos Energy)

In terms with an agreement in place, Panoro Energy has acquired 40.375% non-operating working interest in the Ceiba Field and Okume Complex production assets offshore Equatorial Guinea

Alongside future contingent payments that add up to US$39.5mn, the transaction is worth US$180mn.

This will give Panoro ownership of interests in Block G, with contingent payments of US$12.5mn linked to production performance at the Ceiba field and US$9mn payable in each of 2027, 2028 and 2029, subject to price and production volatilities. 

The transaction enhances liquidity from monetising non-core assets and accelerates debt reduction for Kosmos. Proceeds will be used to reduce borrowings outstanding under the reserves-based lending (RBL) credit facility.

Put in place during January, the transaction process will be through mid-year. It has been approved by the Government of Equatorial Guinea, and completion only remains subject to CEMAC customary approval. Over the two-year period post completion of the transaction, Kosmos expects to realise approximately US$100mn in total savings across capital expenditures and general and administrative expenses.

Andrew G Inglis, Kosmos Energy’s chairman and chief executive officer said, “This transaction reflects our continued focus on capital discipline and balance sheet resilience. The high-grading of the portfolio by accelerating the monetisation of later-life, non-operated production assets enables Kosmos to focus our capital and expertise on our world-class assets where we can add the most value for our stakeholders over the long-term. The proceeds from the transaction enhance liquidity and accelerate debt reduction, while the contingent payments ensure we retain exposure to future upside.”

Capricorn has drilled a total of 18 development wells for 2025.

Working interests in Egypt has generated US$217mn, with an anticipated production count of approximately 20,024 boepd for British exploration company, Capricorn Energy, during financial year 2025 

It recorded a marginal increase above the midpoint of the guidance range of 17,000-21,000 boepd, which sets a slightly higher range for 2026 at 18,000-22,000 boepd. 

The measured anticipation is guided by the necessity of two maintenance shutdowns at the Badr El Din (50% WI) facility and withstanding uncertainty from a possible shift in working interests equation on the North East Abu Gharadig (NEAG) asset. 

BED and NEAG besides, Capricorn enjoys hold on Obaiyed (50% WI) and Alam El Shawish West (20% WI) as well. 

The company, in discussion with partners, is prioritising BED, where development drilling and a waterflood programme have supported the maintenance of production goals. Heightened drilling activity with multiple rigs deployed has boosted gas generation from BED15-31 well from the Lower Bahariya since last October. The partners are now focusing on follow-up wells considering the advantages of the stacked reservoir system in BED and the Lower Bahariya reservoir. For the first half of the year, development drilling in BED will continue with a combination of oil producers and water injectors. The company is awaiting well sequencing, with several wells to be high-graded in a new development lease area. 

Capricorn has aims to evaluate merger and acquisition opportunities as it seeks further expansion in the Middle East and North Africa region, while continuing to build presence in Egypt. 

"Our focus in 2025 was to extract value from our existing assets while pursuing the integrated concession agreement with EGPC and our partners in Egypt. We drilled a total of 18 development wells across our portfolio, while fulfilling our exploration commitments, with positive results in North Um Baraka (NUMB) and South East Horus (SEH)," said Randy Neely, chief executive, Capricorn Energy.

Following the drilling of NUMB-6, the joint venture is working on acquiring a development lease in the NUMB. The SEH-6X well from the SEH concession, on the other hand, has indicated the presence of an active petroleum system, encouraging further exploiration activities.

Block CI-501 is operated by Eni.

Following the drilling of the first exploration well in Block CI-501 in Ivory Coast, Eni has made a significant gas and condensate discovery from Murene South-1X

Known by the name, Calao South, the discovery establishes the potential of the Calao channel complex that includes also the Calao discovery and represents the second largest in the country after Baleine, with estimated volumes of up to 5.0 trillion cubic feet of gas and 450 million barrels of condensate (approximately 1.4 billion barrels of oil). The discovery was made in high-quality Cenomanian sands.

Block CI-501 is operated by Eni (90%)alongside Petroci Holding (10%). Murene South-1X is located approximately 8km southwest of Murene-1X discovery well in the adjacent CI-205 block. Drilled by the Saipem Santorini drilling ship to a total depth of around 5,000 meters in a 2,200 meter water depth, the well underwent an extensive data acquisition campaign. Murene South-1X confirmed the main hydrocarbon bearing interval with a gross thickness of around 50 meters, with excellent petrophysical properties. Murene South-1X will undergo a full conventional drill stem test (DST) to assess the production capacity of the Calao discovery.

Currently, the Baleine field produces over 62 thousand barrels of oil and more than 75 million cubic feet of gas per day from Phases 1 and 2. With the launch of Phase 3, production is expected to rise to 150 thousand barrels of oil and 200 million cubic feet of gas per day, reinforcing Baleine as a key asset in meeting Côte d’Ivoire’s domestic energy needs.

Eni has been active in Ivory Coast since 2015. In addition to block CI-501, the company holds interests in nine other exploration blocks: CI-205, CI-504, CI-526, CI-706, CI-707, CI-708, in partnership with Petroci Holding, and CI-401, CI-801, CI-802 and Baleine AEE (in partnership with Petroci Holding, Vitol and SOCAR, subject to Governmental approvals).