African independent oil and gas company Taleveras has signed a Farm-Out Agreement with a subsidiary of LUKOIL, Russia's largest private oil company, for Block CI-504 off the Ivory Coast.

Block CI-504 is located in close proximity to the producing Baobab field, covering 399 square kilometers in water depths ranging from 800 to 2100 meters. PETROCI, the national oil company of the Ivory Coast, also holds an interest in the block. In the south, CI-504 borders onto block CI-205, which is already operated by LUKOIL.

The committed work program for the block includes three periods, the first exploration period calls for the interpretation of historical 2D and 3D seismic data as well as additional 3D seismic acquisition by January 2014. Two other periods covering five years in total provide for the drilling of two exploration wells.

Tags: Lukoil, Taleveras