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Lukoil inks PSA on offshore block in West Africa

      RBC, 02.10.2012, Moscow 16:45:14.Lukoil's subsidiary Lukoil Overseas has signed a production sharing agreement (PSA) with the government of the Republic of Cote d'Ivoire to develop the CI-524 block in the Gulf of Guinea, the company said in a statement today.

      A promising structure called Barracuda has been discovered within the block. The minimum exploration program for the block will be divided into three stages: the first 18-month period includes processing of the existing 3D seismic data, and the next two periods with a total duration of six years envisage drilling two exploration wells, Lukoil said.

      The 450-square-meter block, with a depth between 800 meters and 1,500 meters, is an eastern part of the CI-401 block, which Lukoil Overseas has been developing since 2006. Lukoil Overseas is the operator of the project, with a 60% stake; PanAtlantic, formerly known as Vanco, owns a 30% interest; and state-owned PETROCI Holding has a 10% interest.

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