Cameroon is about to finalize an oil exploration agreement with the Russian-British firm Lukoil and NewAge, sources familiar with the negotiation disclosed Friday.

The agreement concerns the transaction of the license for the oil-rich Coastal region of Etinde covering three 2,316 km2 offshore blocs.

Earlier scheduled for December, the signature of the initial agreement scheduled for late February 2015 was moved following a second free agreement extension reached by the stakeholders.

Under the agreement Lukoil and NewAge will exploit 37.5 percent and 12.5 percent respectively of the oil.

According to the Edinburgh-based oil-gas group, a presidential decree allowing Lukoil and NewAge exploration of Etinde’s oil is expected to be signed by the end of the year.