Malaysia B.V. (Lundin Malaysia) is pleased to announce that it has entered into agreements to acquire a 50 percent interest in PM328, and operatorship of the block, from PETRONAS Carigali. The effective date of the transaction is 31st August 2014.
PM328 is located offshore Malaysia, north east of PM307 which is also operated by Lundin Malaysia. PM328 covers an area of 5,600 square kilometres.
The initial PSC term is for 3 years; within the first 18 months Lundin Malaysia has committed to undertake the acquisition of 600 square kilometres of 3D seismic. Lundin Malaysia then has the option to commit to drilling one well in the remaining 18 months, or elect to hand back its interests to PETRONAS Carigali without penalty.
The remaining interest in the block will be held by PETRONAS Carigali 40 percent and E&P Malaysia Venture Sdn Bhd 10 percent.
About Lundin Petroleum
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of worldclass 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 194 million barrels of oil equivalent (MMboe).
About Petronas
PETRONAS was incorporated on 17 August 1974 as the national oil company of Malaysia, vested with the entire ownership and control of the petroleum resources in the country. It has since grown from merely being the manager and regulator of Malaysia’s upstream sector into a fully integrated oil and gas corporation, ranked among the FORTUNE Global 500® largest corporations in the world.