VAALCO Energy has finally completed its tortuous time off Angola after having paid for failing to meet its drilling commitment.The US independent became operator of Block 5 in the Kvvanza Basin in 2006 and was due to spud the first well a year later-an event that was delayed by a decade.This was firstly put on hold by problems with cash-starved partner Interoil and then by lengthy new partner negotiations.VAALCO committed to four wells to keep the block but even at that point seemed half hearted,pointing out that it only had to pay US $5m per well that it failed to drill.It finally drilled in 2017 but was unsuccessful and told Sonangol it wanted to hand the acreage back with an expected penalty of $15m.
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