Vanco Signs Two PSAs for Ivory Coast

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.

The agreements were signed by Mr. Paul Antoine Bohoun Bouabre, Minister of State, Minister of Economy and Finances; Mr. Leon Emmanuel Monnet, Minister of State, Minister of Mines and Energy; Mr. Kassoum Fadika, General Manager of Petroci; and Mr. John Imle, President, Vanco Energy Company. 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 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 Energy Company is a Houston-based independent oil and gas company engaged in international exploration. 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.