Vaalco Energy, Inc. (EGY), an oil and gas company, Tuesday confirmed media speculation and said that it is in discussion to acquire Svenska Petroleum Exploration AB, whose primary asset is a 27.39 percent interest in Block CI-40, offshore Cote d'Ivoire. The financial details of the transaction are not yet revealed.
Block CI-40 asset has a current working interest production of around 4,500 barrels of oil equivalent per day net.
The company said that the acquisition is expected to be funded by cash.
In pre-market activity, VAALCO shares are trading at $4.25, up 0.47% on the New York Stock Exchange.
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