Lundin pursuing more gas for Malaysia cluster project

Lundin Petroleum (NASDAQ:LUPE;TSX:LUP) is evaluating a potential gas cluster development offshore Sabah, East Malaysia.

Offshore staff

STOCKHOLM, Sweden – Lundin Petroleum (NASDAQ:LUPE;TSX:LUP) is evaluating a potential gas cluster development offshore Sabah, East Malaysia.

This would take in last year’sTarap and Cempulut discoveries, drilled on block SB303, and the earlier Titik Terang discovery. All three are close to each other, with estimated gross resources of more than 250 bcf (7.1 bcm). Lundin will drill a further well on the block later this year, targeting the Berangan prospect.

Last November, the company’s second exploration well on Malaysian offshore concession PM308A –Janglau-1 – discovered oil, and proved a new play concept in Oligocene intra-rift sands.

The company plans a follow-up well this year, and two more wells on the Penyu basin in blocks PM308B and PM307.

Recently, it began acquiring 1,450 sq km (560 sq mi) of 3D seismic in PM308A.

Offshore Indonesia, Lundin expects to start exploration drilling on the Baronang block in the Natuna Sea in 2013.

In the same region, interpretation continues of a 2,400-km (11,491-sq mi) 2D seismic survey conducted last year on the South Sokang concession. The aim is to determine the location for a 3D seismic acquisition program next year.

Lundin has completed acquiring 950 sq km (366 sq mi) of 3D data over the Gurita block in the Natuna Sea.

8/1/2012

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