Malaysia: Lundin to operate PM307 block

Lundin Petroleum AB has acquired a 75% interest and operatorship of Block PM307 off peninsular Malaysia from Petronas Carigali Sdn. Bhd., which retains 25% interest.

By OGJ editors
HOUSTON, June 3
– Lundin Petroleum AB has acquired a 75% interest and operatorship of Block PM307 off peninsular Malaysia from Petronas Carigali Sdn. Bhd., which retains 25% interest.

Block PM307 covers 6,126 sq km and contains a proven oil discovery. Work commitments include 500 sq km of 3D seismic, an appraisal well at the discovery, and an exploratory well.

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

Lundin Petroleum said it is “particularly encouraged by the recent announcement made by the Malaysian government regarding fiscal incentives for small fields that when implemented could accelerate commercialization of the proven discovery that exists within the block.”

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