Lundin Completes Merawan Batu-1 Exploration Well Offshore Malaysia

Lundin Petroleum AB (Lundin Petroleum) has completed the Merawan Batu-1 exploration well in Block PM308B, offshore east coast Peninsula Malaysia.

The exploration well targeted hydrocarbons in Oligocene aged sands in a faulted anticline in an undrilled area 50 km to the west of the Janglau oil discovery made by Lundin Petroleum in 2011. The objective reservoirs were successfully penetrated but proved to be water-bearing. The well will be plugged and abandoned as a dry hole.

The jackup rig West Courageous will now move to drill the Tembakau prospect in Block PM307.

Lundin Petroleum holds 75 percent interest in PM308B through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV’s partner is PETRONAS Carigali Sdn Bhd with 25 percent interest. Lundin Malaysia BV operates six blocks in Malaysia, namely PM307, PM308A, PM308B, SB303, SB307 & SB308.

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Press Release, October 25, 2012