Vanco signs PSAs for Ivory Coast

Offshore staff

(West Africa) - Vanco Energy has signed two new production sharing contracts in Cote d'Ivoire. The contracts cover blocks CI-401 and CI-101 in the eastern deepwater area of Cote d'Ivoire.

Vanco has already conducted a new 2D seismic survey over the blocks and is currently processing and interpreting the data.

Petroci is the Ivorian state-owned oil company with a 10% carried and a 5% paying interest in each block. Vanco holds the remaining 85% participating interest.

John Imle, Vanco's president, said, "These two new blocks are an important addition to Vanco's extensive African deepwater portfolio. They build on the company's knowledge of the region obtained through the existing acreage positions in Ghana and Cote d'Ivoire.

"We are very optimistic about the geology of the eastern Cote d'Ivoire offshore area and we're also confident in Cote d'Ivoire and Petroci as long-term partners."

Vanco is a leading explorer in deepwater Africa with over 20 million acres (10.5 million net) under license in Cote d'Ivoire, Equatorial Guinea, Gabon, Ghana, Madagascar, and Morocco.

10/06/05