Lundin discovers gas with Tarap-1 offshore Malaysia

By Phaedra Friend Troy

Lundin Petroleum (TSX:LUP) has discovered natural gas with its Tarap-1 exploration well on Block SB303 offshore Sabah, East Malaysia.

Seadrill's (NYSE:SDRL) Offshore Courageous jackup drilled the Tarap-1 discovery well directionally to a measured depth of 2,675 meters in waters measuring 70 meters deep. Encountering gross total pay thickness of 150 meters, the Tarap discovery is a stratigraphic trap, with the well transecting gas in five independently sealed stacked Miocene sands.

Lundin performed an extensive data acquisition program, obtaining pressure measurements, sampling and a mini flow test in selected zones. The data is currently being analyzed to determine the size of the reservoir.

"This is an encouraging start to the drilling campaign in Malaysia and provides strong support for our strategy in South East Asia of pursuing organic growth and value creation in focused core areas," said Ashley Heppenstall, president and CEO of Lundin. "With a large number of prospects and leads already identified within SB303, I'm confident that we can continue grow our resource base in this area in the coming years."

The Offshore Courageous jackup will now move to the Cempulut prospect on the SB303 Block, the second of five planned wells for Lundin offshore Malaysia in 2011.

Lundin Petroleum serves as the operator of SB303 with 75 percent interest. Petronas holds the remaining 25 working interest in the block.

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