Offshore staff

STOCKHOLM, Sweden -- Lundin Petroleum hopes to resume appraisal of its Morskaya oil discovery in the Russian sector of the Caspian Sea.

Discussions continue with potential new partners - the Russian government requires “strategic” assets to have 50% participation ownership by state-owned companies prior to development. The 2008 Morskaya discovery in the Lagansky block falls into this category, under Russia’s Foreign Strategic Investment Law, due to its offshore location.

In the meantime, Lundin largely has completed its work program for this year on the block, comprising the acquisition of 103 sq km (39.7 sq mi) of 3D seismic.

Offshore Malaysia, Lundin acquired 2,150 sq km (830 sq mi) on blocks PM 308A and SB 303 last year. Subsequent data processing and interpretation has identified various drilling targets for a planned exploration campaign in 2011/2012.

A jackup has been secured to drill five wells next year, starting in April 2011.

Earlier this year, Lundin Petroleum signed a new Production Sharing Contract for blocks SB307 and SB308 offshore Sabah. A 330 sq km (127 sq mi) 3D acquisition program was completed over the blocks this past spring.

11/03/2010