VAALCO Energy, a company engaged in hydrocarbon exploration, completed the acquisition of an additional 27.8% stake in the Etame Marin block offshore Gabon from Sasol, an integrated energy and chemical company based in Sandton, South Africa, for $49m. "We are extremely pleased to close this transformational and accretive transaction in a rising price environment. All cash payments were funded entirely by cash on hand. With the additional production from the acquisition, we are forecasting significant cash flow generation in 2021. In addition, we believe the recently acquired 3D seismic will improve our subsurface interpretation at Etame and lead to another successful drilling campaign, starting late this year or early next year, funded from cash on hand and cash from operations. Sustained operational and robust financial performance at Etame serves as the foundation for growing the Company through future accretive acquisition opportunities in line with our strategy and operational expertise in West Africa," Cary Bounds, VAALCO Energy CEO.