Russian energy giant Lukoil has acquired a large stake in a block in waters off West AfricaRussian energy giant Lukoil has acquired a large stake in a block in waters off West Africa
The London-listed company has acquired 49 per cent in the block off Sierra Leone from Nigerian independent Oranto Petroleum.
No purchase price for the stake in the SL-5-11 Block was given by Lukoil in today’s announcement which saw its share price nudge up half of one per cent.
Under the terms of the deal, Lukoil will be required to drill one exploration well on the block, which covers 4022 sq m, before 2013. Water depths at the block range from between 100 m and 3300 m.
Seismic surveys
"2D and 3D seismic surveys have been conducted at the block, revealing several promising structures,” Lukoil wrote.
"The block is part of the Sierra Leone-Liberia geological basin, where a number of major oil fields have been discovered during the last two years, thus proving its potential productivity.”
Oranto secured the right in January to secure a farm-in partner in the block. The company also aims to drill its first wildcat on Ivory Coast deep-water Block CI-205 later this year with Russia's Lukoil.
