Lundin Petroleum Discovers New Gas Offshore Sabah, Malaysia

Lundin Petroleum AB (Lundin Petroleum) announces that it has completed Berangan-1 well in SB303 Block, offshore Sabah, Malaysia, as a gas discovery.

Berangan-1 is a vertical well drilled to a depth of 1,709 metres in approximately 70 metres water depth. The well penetrated a gross gas column of over 165 metres in the target mid-Miocene aged sands 10 km to the southeast of the Tarap gas discovery made by Lundin Petroleum in 2011, and 15 km to the south of the Cempulut gas discovery also made in 2011. An extensive data acquisition program was completed, including fluid samples and a pressure profile indicating a single continuous gas column is present and defining the probable gas-water contact. Further work will follow to estimate recoverable resource ranges.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments: “Berangan is the third gas discovery made by Lundin Petroleum in SB303 and the fourth in the contract area which also includes the Titik Terang discovery. The four gas fields lie within a 10 km radius and present a clear opportunity to evaluate the potential for a gas cluster development.”

Following Berangan-1 the West Courageous rig will move to offshore Peninsula Malaysia to execute a three-well exploration campaign, commencing with Merawan Batu-1 well in the PM308B block.

Lundin Petroleum holds 75 percent interest in SB303 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, September 12, 2012