Lundin expands acreage off Malaysia

Lundin Malaysia has signed a production sharing contract with Petronas Carigali for blocks SB307 and SB308 offshore Sabah, Malaysia.

Offshore staff

STOCKHOLM -- Lundin Malaysia has signed a production sharing contract with Petronas Carigali for blocks SB307 and SB308 offshore Sabah, Malaysia.

The two permits cover an area of around 6,230 sq km (2,405 sq mi). They contain one oil discovery which will undergo further evaluation to determine its development potential.

Several other prospects and leads have been identified from previously acquired 2D and 3D seismic. The partners plan further seismic acquisition, reprocessing, and the drilling of at least one exploration well on the blocks.

Lundin Petroleum holds a 42.5 % operated interest in SB307 and SB308. Nio Petroleum and Petronas Carigali respectively hold the remaining 42.5 % and 15% interests. Both permits are adjacent to block SB303, which Lundin also operates with a 75 % stake, in partnership with Petronas.

05/19/2010

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