Indonesia: Lundin swaps Sareba block for West Papua tract

A unit of Lundin Petroleum AB, Stockholm, has signed a production-sharing contract amendment with SKKMigas to substitute the existing Sareba block acreage for new acreage named Cendrawasih VII offshore northeastern Indonesia.

The new block is awarded because the existing block acreage has been declared a protected nature conservation area, said Lundin Sareba BV.

The lightly explored CVII block covers 5,545 sq km in the shallow water portion of the Mamberamo delta on the West Papua northern shore. It contains an undeveloped gas discovery in Pliocene turbidite reservoirs.

Large carbonate build-ups have also been identified on 950 sq km of 3D seismic shot in 2009. Lundin Petroleum expects to reprocess the 3D seismic survey prior to possible future drilling.

The fulfilled Sareba Block commitments are carried over to the CVII Block PSC, and the remaining financial commitment for the purchase of geological and geophysical data shall be completed in year one of the PSC amendment agreement.

Lundin Petroleum operates five blocks in Indonesia and holds a nonoperated interest in an onshore gas producing block.

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