Lundin Starts Drilling Second Well Offshore Malaysia

Lundin Drills Second Well Offshore Malaysia

Lundin Petroleum has commenced the second well in its 2012 Malaysian drilling campaign with the spud of Berangan 1 exploration well in SB303 Block, offshore Sabah, Malaysia.

The well will target hydrocarbons in mid-Miocene aged sands in a faulted anticline in an undrilled sub-basin 10 km to the southeast of the Tarap gas discovery made by Lundin Petroleum in 2011. The vertical well will be drilled to a depth of 1700 metres in approximately 70 metres water depth. The well is being drilled with the West Courageous rig (renamed from Offshore Courageous).

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 five blocks in Malaysia, namely PM308A, PM308B, SB303, SB307 & SB308.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. 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 211 million barrels of oil equivalent (MMboe).

 

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Press Release, August 7, 2012

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