Lundin starts to drill Maligan exploration well off East Malaysia

Lundin Malaysia BV, a wholly owned unit of Lundin Petroleum AB, Stockholm, has started to drill the Maligan exploration well on Block SB307/SB308 offshore East Malaysia.

The Maligan prospect is in shallow water and lies north of a major producing field offshore East Malaysia. The well will target hydrocarbons in Miocene aged sands.

Maligan will be drilled using Seadrill Ltd.’s West Prospero jack up rig to a total depth of 1,700 m below mean sea level. The well is expected to take 30 days to drill.

Lundin Malaysia holds 85% working interest in SB307/SB308. Partner Petronas Carigali Sdn. Bhd. holds the remaining interest.

Separately, Lundin Petroleum reported its 2016 development, appraisal, and exploration budget will reach $1.08 billion, which is 26% below its 2015 capital expenditures. The company’s 2016 budgeted expenditures on exploration and appraisal activity will hit $145 million, which is a 64% decrease compared with exploration and appraisal spend in 2015.

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