Gas find for Lundin offshore Malaysia

Offshore staff

STOCKHOLM, Sweden – Lundin Petroleum (NASDAQ:OMX; TSX:LUP) has discovered gas with the Tembakau-1 well in the PM307 block off Peninsula Malaysia.

The jackup West Courageous drilled the well vertically to a depth of 1,565 m (5,134 ft) in 67 m (220 ft) of water. It intersected a series of stacked gas pay sands in the Miocene objective.

Nearest oil and gas infrastructure is 30 km (18.6 mi) to the east.

Lundin and partner Petronas authorized extensive data acquisition, including rock and fluid samples, pressure profiles and mini-DSTs. Further studies will follow to assess recoverable resources.

Ashley Heppenstall, president and CEO of Lundin, said the find was “very encouraging given its location in an unexplored area of PM307. We are hopeful this discovery has the potential to be commercial on a stand-alone basis given its close proximity to existing gas infrastructure and the strong demand for gas in Peninsular Malaysia.

“The discovery paves the way to evaluate further follow-up potential in an area where Lundin Petroleum acquired a large 3D survey in 2011.”

West Courageous is heading south to drill the fifth and final well of Lundin’s 2012 exploration campaign, the Ara-1 well in the PM308A block.

11/21/2012

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