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VAALCO Energy, Inc. (NYSE:EGY, LSE: EGY))))) ("VAALCO" or the "Company") today announced that it has entered into a sales and purchase agreement ("SPA") to acquire Svenska Petroleum Exploration AB ("Svenska"), a privately-held exploration and production ("E&P") company based in Stockholm, Sweden (the "Acquisition"). 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 $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 second quarter of 2024, 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 $30 to $40 million, dependent on timing.
Posted In: EGY
