FREETOWN, Sierra Leone (AP) Sierra Leone's government says Russia's Lukoil has completed its first exploration well off the coast of the West African nation, confirming the presence of "high-quality oil."
In a statement issued late Monday, the government congratulated Lukoil and said a full appraisal of the amount ofpotential oil would be completed by the end of the year.
Lukoil could not immediately be reached to confirm the government's statement.
The company acquired a 49 percent stake in the offshore block where the well is located in June 2011. The block is located on a basin where multiple sizable oil fields have recently been discovered.
Lukoil also owns a 25 percent stake in a separate nearby oil block. Sierra Leone officials have said they want the country to begin producing oil by 2017.
