Russian oil major OAO Lukoil Holdings (LKOH.RS) has acquired a 70% stake in the SL-5-11 block off the coast of Sierra Leone in West Africa from Oranto Petroleum Ltd., the company said Wednesday.

Under the exploration program, Lukoil is required to drill one exploration well before 2013, the company said.

The SL-5-11 offshore block covers 4,022 square kilometers with water depth varying from 100 meters to 3.3 kilometers, Lukoil said.

"2D and 3D seismic surveys have been conducted at the block, revealing several promising structures," it said in a statement.

"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, thus proving its potential productivity," the company said.
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