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LukOil(OAO) LKOB Further re Block 10 Project in Iraq

  LukOil(OAO) (LKOB) - Further re Block 10 Project in Iraq

RNS Number : 2927O
LukOil (OAO)
09 October 2012




                 IRAQI GOVERNMENT APPROVES BLOCK 10 CONTRACT

                                      

The Iraqi Government  has approved the  geologic exploration, development  and 
production contract for Block 10 located  in the southern part of the  country 
in Di-Kar and Mutannah provinces.

In June of 2012, based on  the licensing round results, the consortium  formed 
by  LUKOIL  Overseas  (an  OAO  LUKOIL  subsidiary)  and  the  Japanese  INPEX 
Corporation obtained a license to operate in Block 10 which covers an area  of 
5,500 square  km. LUKOIL  Overseas will  have a  60% (operator)  stake in  the 
project with INPEX, the remaining 40%. South Oil Company will represent  Iraqi 
authorities in the contract. The document is expected to be signed in November
of 2012.

The development of Block 10 will result in a synergistic effect due to the
block's location a mere 100 km away from the West Qurna-2 field developed by
LUKOIL Overseas.

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


FURBXBDGUGGBGDC -0- Oct/09/2012 13:06 GMT