Lundin ramps ups drilling offshore Indonesia, Malaysia

Lundin Petroleum (NASDAQ:LUPE) plans to start exploration drilling next year on the Baronang and Gurita blocks in the Natuna Sea offshore Indonesia.

Offshore staff

STOCKHOLM, Sweden – Lundin Petroleum (NASDAQ:LUPE) plans to start exploration drilling next year on the Baronang and Gurita blocks in the Natuna Sea offshore Indonesia.

Earlier this year the company completed a 950-sq km (367-sq mi)3D seismic survey over Gurita. In the same region, another 3D survey on the South Sokang block is expected to be completed in 2013.

Offshore Peninsular Malaysia, Lundin holds three licenses. In block PM307, where the company has a 75% interest, conceptual studies are in progress for a potential development of theBertam field. A decision is likely to be made next year.

During the current quarter, Lundin will drill another well on the block, targeting the Tembakau prospect.

Block PM308A (Lundin 35%) contains theJanglau and Rhu oil discoveries. Recently the partners acquired 1,450 sq km (560 sq mi) of new 3D seismic data over the concession.

An exploration well will be drilled this year on the Ara prospect, targeting the Oligocene intra-rift sands discovered at Janglau in 2011.

10/31/2012

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