Lukoil Inks PSC for Offshore Block in Ivory Coast

Today, in Abidjan (Republic of Cote-d’Ivoire) LUKOIL Overseas, subsidiary of LUKOIL, has signed with the government of the country a production sharing agreement on offshore block CI-524 in the Gulf of Guinea.

Block CI-524 covering the area of 450 square kilometers with water depth ranging from 800 to 1,500 meters represents an eastern part of block CI-401 which LUKOIL Overseas has been exploring since 2006. Operator LUKOIL Overseas holds a 60% interest, PanAtlantic (former Vanco) has 30% and state-owned PETROCI Holding has 10%.

A large prospect Barracuda was identified on the block. Minimum exploration program for the block consists of three periods: the first period covers 1.5 years and includes reprocessing of existing 3D seismic data (if required, additional seismic data will be acquired) and two other periods will have the total duration of 6 years and provide for drilling of two exploration wells.

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Press Release, October 3, 2012