ExxonMobil has acquired a stake in a frontier deepwater block offshore Liberia, with a commitment to drill a wildcat well within the first three years.

The US major bought an 80% interest in Liberia Block 13 (LB-13) from Canadian Overseas Petroleum (Bermuda) Ltd. (COPL), and will take over as operator. COPL will retain a 20% stake. The block covers more than 2,500sq km in water depths ranging from 75-3,000 m (250-10,000 ft), and is located around 30 km offshore Liberia’s central coast.

ExxonMobil and COPL received final approval of the transaction earlier this month from the Liberian government.