Lundin acquires stake in block off Cambodia

Lundin Petroleum AB has acquired a 34% interest in 5,559 sq km Block E in the Pattani basin off Cambodia.

By OGJ editors
HOUSTON, Oct. 29 -- Lundin Petroleum AB has acquired a 34% interest in 5,559 sq km Block E in the Pattani basin off Cambodia.

The deal, which is subject to governmental approvals, is with Medco International Petroleum Ltd., Kuwait Energy Co. KSCC, and JHL Petroleum Ltd.

Block E contains several plays, a rift basin, fault traps, and several identified structures. A 1,200 km 2D seismic survey has recently been completed.

The group plans to acquire 250 sq km of 3D seismic data and drill one exploration well. Also, Lundin Petroleum and Medco have agreed to collaborate on future oil and gas opportunities in Cambodia.

Block E interests after the transaction besides Lundin's will be Medco (operator) 41.25%, Kuwait Energy Co. 20.63%, and JHL Petroleum 4.13%.

More in General Interest