Lundin planning more wells offshore Indonesia, Malaysia

Lundin Petroleum (NASDAQ:LUPE) has outlined its exploration and development plans for this year on its licenses offshore Southeast Asia.

Offshore staff

STOCKHOLM, SwedenLundin Petroleum (NASDAQ:LUPE) has outlined its exploration and development plans for this year on its licenses offshore Southeast Asia.

In theNatuna Sea offshore Indonesia, exploration drilling should start on the Baronang block.

Following a 950-sq km (367-sq mi) 3D seismic acquisition program on the Gurita block last year, an exploration well will be drilled. Elsewhere in this region, Lundin expects to complete a 3D seismic survey over the South Sokang block.

Offshore Sabah, East Malaysia, Lundin holds two licenses. SB303 contains the Tarap, Cempulut, and Titik Terang gas discoveries with gross contingent resources of more than 270 bcf (7.6 bcm). A cluster development is the most likely scenario.

The company has four licenses off Peninsular Malaysia. They include block PM307, where the company has discovered oil and gas with wells on the Bertam and Tembakau structures.

Block PM308A contains the Janglau and Rhu oil discoveries. A new exploration well is under way on the block, targeting the Ara prospect in Oligocene intra-rift sands.

Offshore Norway, Lundin will drill six exploration wells this year in the Utsira High area of the North Sea.

Expectations are high for the Luno II (PL359), Kopervik (PL625), and Torvastad (PL501) prospects, which have the elements in place for potentially significant finds.

Elsewhere in the Norwegian sector, the company will drill the Gotha prospect in PL492. The company plans to drill a large prospect in the northern Norwegian Sea on PL330 targeting a little explored Jurassic high area.

2/6/2013

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