Partner Bill Nelson, co-chair of the firm's Capital Markets and Securities Practice Group, and Associate Austin Elam represented VAALCO for Haynes and Boone.
The 3.23 percent purchased in the transaction is in addition to a 30.35 percent VAALCO participating interest in the Etame Marin block, which consists of about 28,700 gross acres in shallow water. The acquisition is expected to boost VAALCO’s net production by nearly 11 percent.
The transaction is expected to close within 90 days, subject to customary closing conditions. The company intends to fund the acquisition with the additional $5 million loan capacity available under the new term loan agreement announced in early July with the International Finance Corporation and with cash on hand.
VAALCO Energy, Inc. is a Houston-based independent energy company principally engaged in the acquisition, exploration, development and production of crude oil. The company's properties and exploration acreage are located primarily in Gabon, Equatorial Guinea and Angola in West Africa.