Vaalco said that it will pay a portion of the well costs to earn a 25% working interest in an exploration well to be drilled in the Block 48/25c located in the Southern Gas Basin of the North Sea.
The well will target the lower Rotliegende sands at a total vertical depth of approximately 7,900 feet. The estimated well cost is $20 million and operations are expected to commence in the third quarter of 2008.
