January 13, 2012
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Lukoil Overseas discovers oil in Cote d'Ivoire

LUKOIL Overseas Cote d'Ivoire together with Vanco Cote d'Ivoire and PETROCI Holding, has announced oil discovery in Block CI-401, the company reported in a news release. 

The Independance-1X exploration well drilled on Block CI-401 has penetrated the targeted objective and found a series of good-quality sandstones containing light oil and gas condensate. 

Full analysis of well results, including wireline logs, reservoir pressures and fluid samples, confirms that the well penetrated 8 metres (26 feet) of hydrocarbon pay in two good-quality Turonian-aged sand packages. Hydrocarbon samples recovered from the Independance-1X well indicate 40 degrees API gravity. The well will be temporarily abandoned at a total depth of 4,132 metres. 

Independance-1X was drilled in a water depth of 1,689 metres, approximately 93 kilometers (58 miles) southeast of Abidjan. The Independance -1X is the second exploration well to be drilled in Block CI-401, which encompasses an area of 619 square kilometres (152,948 acres) in water depths ranging from 950 to 2,100 metres.

LUKOIL, which has a 56.66% holding in the project, will continue the analysis of the discovery, its scale and development prospects in order to make further investment decisions for the commercialization of the project.
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