2011-06-21-2011-06-03

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
MM
Description

To acquire 75% WI and operatorship of Block PM307 offshore Peninsula Malaysia.

Lundin Petroleum AB, Stockholm, (Toronto: LUP) (Oslo: LUPE) reports its subsidiary, Lundin Malaysia BV plans to farm in to Block PM307 offshore Peninsula Malaysia with Malaysia-based Petronas Carigali Sdn Bhd.

Lundin will acquire 75% interest and operatorship.

Block PM307 covers an area of approximately 6,126 square kilometers and contains a proven oil discovery. Work commitments include 500 square kilometers of 3-D seismic, an appraisal well on the discovery and an exploration well.

Lundin Petroleum now operates a total six blocks in Malaysia divided into two core areas. The Peninsula Malaysia core area consists of PM307, PM308A and PM308B which are contiguous. The Sabah core area consists of SB303, SB307 and SB308 which are also contiguous blocks.

"The signing of this block marks a further important step forward in Lundin Petroleum's pursuit of organic growth opportunities in Malaysia and South East Asia," says Ashley Heppenstall, president and chief executive of Lundin.