Vanco has agreed to acquire from Oranto Petroleum Ltd. a 21% stake in the Petroleum Agreement for SL-5-11 Offshore Block in the Republic of Sierra Leone (West Africa), subject to customary conditions precedent. The Petroleum Agreement for SL-5-11 provides for the drilling of one exploration well before 2013.
The SL-5-11 offshore block, covering 4,022 square kilometers, is located offshore the Republic of Sierra Leone on the shelf and continental slope of the Atlantic Ocean. The water depth within the Block ranges from 100 to 3,300 meters. 2D and 3D seismic data reveal the presence of several promising exploration prospects. 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.
The acquisition will extend Vanco’s acreage position in West Africa, which will now include high potential blocks in Sierra Leone, Cote d’Ivoire, Ghana and Equatorial Guinea. Block SL-5-11 interests will include Vanco (21%), Lukoil (49%) and Oranto Petroleum Ltd. (30%).
[mappress] Source: BusinessWire, July 22, 2011;