Lundin Petroleum announces successful Bertam-2 appraisal well offshore Malaysia

Source: Lundin Petroleum AB

Lundin Petroleum AB (TSX: LUP.TO) (Stockholm: LUPE.ST) (Lundin Petroleum) is pleased to announce the successful results of Bertam-2 appraisal well in the PM307 Production Sharing Contract (PSC) area, offshore Peninsular Malaysia.

Bertam-2 was drilled to a total depth of 1,884 metres by the jack-up rig "Offshore Courageous". The objectives of the well were to appraise and test the Oligocene lower coastal plain sandstones of the PM307 PSC area.

The Bertam field was discovered by the Bertam-1 well drilled in 1995. Bertam-1 discovered oil in the K10 sandstone reservoir and flowed 34 degrees API oil at a rate of 624 barrels of oil per day on a short-term production test.

Bertam-2 proved the continuity and quality of the K10 oil reservoir sandstone to the northeast of the Bertam-1 discovery well. Deeper sands that formed a secondary exploration target were confirmed to be water-bearing. The K10 reservoir sand was fully cored and logged. Preliminary interpretation indicates oil interval with very good reservoir properties. Upon production testing a stabilised flow rate of 756 barrels of oil per day was achieved. Following the test the well was plugged and abandoned and the rig demobilised.

Ashley Heppenstall, President and CEO of Lundin Petroleum commented: "Bertam-2 is the fifth and final well in Lundin Petroleum's 2011 Malaysia exploration drilling campaign. I am pleased that four of the five wells drilled in our initial campaign have encountered hydrocarbons. Bertam is a potentially commercial oil field and we will undertake immediate studies to determine the range of oil resources with a view to rapidly selecting a concept and moving forward towards development; or planning further appraisal if required."

The PM307 PSC is operated by Lundin Malaysia BV with 75 percent equity interest. Partner in PM307 is PETRONAS Carigali Sdn. Bhd. with 25 percent.

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