Lundin eyes development potential in Malaysia block

Offshore staff

STOCKHOLM, Sweden – Lundin Petroleum has agreed to farm into block PM307 off Peninsular Malaysia as operator, with a 75% interest. Current incumbent Petronas Carigali will retain a 25% stake.

The block covers an area of around 6,126 sq km (2,365 sq mi) and contains a proven oil discovery. Commitments include acquisition of 500 sq km (193 sq mi) of 3D seismic, an appraisal well on the discovery, and an exploration well.

Lundin now operates six blocks in the Malaysia sector, divided into Peninsula Malaysia (the contiguous PM307, PM308A and PM308B blocks), and the Sabah area, comprising the contiguous SB303, SB307 and SB308 blocks.

President and CEO Ashley Heppenstall said: “We are particularly encouraged by the recent announcement made by the Malaysian Government regarding fiscal incentives for small fields that when implemented could accelerate commercialization of the proven discovery that exists within the block.”

06/03/2011

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