LUKOIL: SECOND OIL FINDING AT BLOCK 10 IN MEXICO

PJSC LUKOIL (hereinafter – the Company) announces a new oil finding in the Sayulita prospecting area of Block 10 offshore Mexico following the drilling of an exploratory well. According to preliminary estimates, the initial geological resources of the new accumulation may contain up to 200 Mboe in place.

The Sayulita-1 EXP well is the second consecutive successful well drilled by the Company in partnership with the operator Eni as part of its Block 10 commitments. It is located approximately 70 kilometers off the coast and just 15 km away from the previous oil discovery of Saasken (2020) that will be appraised toward year-end. The well was drilled by the Valaris 8505 Semisub in a water depth of 325 meters and reached a total depth of 1758 meters subsea level.

The well found 55 meters of oil net pay with excellent reservoir properties in the Upper Miocene sequences. Together with the operator, LUKOIL will immediately start defining the appraisal program of the discovery and identifying potential synergies for a commercial development.