HOUSTON – Vanco has agreed to acquire a 21% stake in the SL-5-11 offshore block in the Republic of Sierra Leone from Oranto Petroleum Ltd. The lease agreement requires an exploration well to be drilled before 2013.
SL-5-11 covers 4,022 sq km and has water depths from 100 to 3,300 m (328 to 10,827 ft). Vanco says existing 2D and 3D seismic data shows several promising prospects.
With this agreement, the block SL-5-11 is divided 21% Vanco, 49% Lukoil, and 30% Oranto Petroleum Ltd.
Vanco farms-in Sierra Leone permit