Lundin lands Natuna Sea PSC

Offshore staff

STOCKHOLM, Sweden – Lundin Petroleum has won a production sharing contract for the Gurita block in the Natuna Sea offshore Indonesia. The Indonesian regulatory authority, MIGAS, issued the permit.

Gurita covers about 8,018 sq km (3,096 sq mi), and Lundin holds a 100% interest. The PSC is expected to be signed next month, and Lundin Plans to shoot 400 sq km (154 sq mi) of 3D seismic during the first three-year exploration period.

"The award of the Gurita PSC further emphasizes the continued expansion of Lundin Petroleum's exploration portfolio within the Natuna Sea area of Indonesia and Malaysia,” said Ashley Heppenstall, president and CEO. “This new block is a further addition to Lundin Petroleum's activities in the area, following the acquisition of the South Sokang PSC secured in December 2010."

03/23/2011



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