Lundin starts up Tembakau appraisal well

Offshore staff

STOCKHOLM, Sweden Lundin Petroleum AB (TSX:LUP)(OMX:LUPE) has started up the first well in its 2014 Malaysian drilling campaign with the spudding of the Tembakau-2 appraisal well in offshore block PM307.

The well targets stacked gas reservoirs in Miocene-aged sands in a large, low-relief structure discovered by Lundin Petroleum's Tembakau-1 well in late 2012. The discovery well penetrated 60 m (197 ft) of net gas sands in five high-quality sand intervals between 800 m (2,625 ft) and 1,250 m (4,101 ft) subsea. The appraisal well will core the main reservoir section and is expected to confirm the extent and quality of the gas reservoirs 3.7 km (2.3 mi) to the south of Tembakau-1. Deliverability will be measured through production testing.

The objective of the well is to confirm the current gross contingent resource estimate of gas, as well as to test upside resource potential within the structure and to provide reservoir information for development planning.

Tembakau-2 is a vertical well to be drilled by the jackup rig West Prospero to a depth of 1,400 m (4,593 ft) in 70 m (230 ft) of water depth. The drilling of the well, including testing, is expected to take 60 days.

Lundin Petroleum holds a 75% interest in PM307 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV's partner is Petronas Carigali Sdn. Bhd. with 25% interest. Lundin Malaysia BV operates seven blocks in Malaysia, namely PM307, PM308A, PM308B, PM319, SB303, and SB307/308.



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