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Lundin Petroleum acquires interest offshore Malaysia

Oilfield Technology,

Lundin Petroleum has entered into agreements to acquire a 50% interest in PM328, and operatorship of the block, from Petronas.

PM328 is located offshore Malaysia, north east of PM307 which is also operated by Lundin’s subsidiary, Lundin Malaysia. PM328 covers an area of 5600 km2.

The initial PSC term is for 3 years; within the first 18 months Lundin Malaysia has committed to undertake the acquisition of 600 km2 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.

The remaining interest in the block will be held by Petronas (40%) and E&P Malaysia Venture Sdn Bhd (10%).

The effective date of the transaction is 31 August 2014.

Adapted from press release by Katie Woodward

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