Lundin makes third gas discovery offshore Malaysia

Offshore staff

STOCKHOLM, Sweden – Lundin Petroleum AB (NASDAQ:OMX; TSX:LUP) has completed Berangan-1 well in SB303 block, offshore Sabah, Malaysia, as a gas discovery. The well found a gross gas column of more than 165 m (541ft) in the target mid-Miocene aged sands.

The well was drilled to TD of 1,709 m in 70 m water depth 10 km southeast of the 2011 Tarap discovery and 15 km south of the Cempulut gas find.

“Berangan is the third gas discovery made by Lundin Petroleum in SB303 and the fourth in the contract area which also includes the Titik Terang discovery,” said Ashley Heppenstall, president and CEO of Lundin. “The four gas fields lie within a 10 km radius and present a clear opportunity to evaluate the potential for a gas cluster development."

The West Courageous rig now moves to offshore peninsula Malaysia for a three-well exploration campaign starting at the Merawan Batu-1 well in the PM308B block.

Lundin Malaysia BV’s partner is PETRONAS Carigali Sdn Bhd with 25% interest.

9/13/2012

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