VAALCO Energy to acquire Svenska Petroleum Exploration for $67m.

VAALCO Energy, a company engaged in hydrocarbon exploration, agreed to acquire Svenska Petroleum Exploration, a privately-held exploration and production company, for $67m. “Building a diversified portfolio of high performing assets is a key component of our strategic vision. We believe that this acquisition enhances all the key aspects of our strategy. It provides us with additional diversification, strong production and reserves from a proven producing asset, significant organic upside opportunity that is well defined, enhances our ability to generate sustainable cash flow and continue to return cash to shareholders," George Maxwell, VAALCO Chief Executive Officer.