Block CI-40 — Baobab Field (Cote d'Ivoire)

Deepwater offshore oil field on Block CI-40 in the Tano/Ivorian Basin offshore Cote d'Ivoire, in which VAALCO holds a 27.4% non-operated working interest (30.4% paying interest), acquired through the April 2024 Svenska Petroleum acquisition. Baobab is produced to a dedicated FPSO with associated gas delivered onshore via subsea pipeline; the field has 24 subsea production wells and five water injectors. The FPSO ceased production in January 2025 for a planned dry-dock refurbishment (completed February 2026) and is expected to return to service in Q4 2026, so all wells were shut in at year end. The PSC term runs to April 2038.