Lundin Petroleum Starts Exploration Drilling Offshore Malaysia

 

Lundin Petroleum AB (Lundin Petroleum) announces that it has commenced its Malaysian drilling campaign with the spud of the Tarap-1 well in the SB 303 Block offshore Sabah, East Malaysia.

The well will target Miocene sandstones in the Kindu sub basin. The well will be drilled with the Offshore Courageous rig in a water depth of approximately 70 meters. It will be a deviated well, directionally drilled to intersect a series of stacked seismic anomalies, with a planned total depth of 2,140 meters subsea.

The well is the first of the five well programme planned in 2011 by Lundin Malaysia BV in its Malaysian Blocks.

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 a 25 percent interest. Lundin Malaysia BV operates five blocks in Malaysia, namely PM308A, PM308B, SB303, SB307 and SB308.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments:“We are very pleased to commence our five well drilling programme in Malaysia, a country where the Lundin Group achieved significant exploration success in the 1990’s.”

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, South East Asia, Russia and Africa. The Company is listed at the NASDAQ OMX, Stockholm (ticker “LUPE”) and at the Toronto Stock Exchange (TSX) (ticker “LUP”). Lundin Petroleum has proven and probable reserves of 187 million barrels of oil equivalent (MMboe).

The well will target Miocene sandstones in the Kindu sub basin. The well will be drilled with the Offshore Courageous rig in a water depth of approximately 70 meters. It will be a deviated well, directionally drilled to intersect a series of stacked seismic anomalies, with a planned total depth of 2,140 meters subsea.

The well is the first of the five well programme planned in 2011 by Lundin Malaysia BV in its Malaysian Blocks.

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 a 25 percent interest. Lundin Malaysia BV operates five blocks in Malaysia, namely PM308A, PM308B, SB303, SB307 and SB308.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments:”We are very pleased to commence our five well drilling programme in Malaysia, a country where the Lundin Group achieved significant exploration success in the 1990’s.”

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, South East Asia, Russia and Africa. The Company is listed at the NASDAQ OMX, Stockholm (ticker “LUPE”) and at the Toronto Stock Exchange (TSX) (ticker “LUP”). Lundin Petroleum has proven and probable reserves of 187 million barrels of oil equivalent (MMboe).

[mappress]

Source:Lundin Petroleum , May 17, 2011; Image:Kepcorp

Related news

List of related news articles