Lundin Petroleum acquires interest in PM328, offshore Malaysia
Lundin Petroleum acquires interest in PM328, offshore Malaysia
STOCKHLM, Sweden -- Lundin Petroleum, through its wholly-owned subsidiary Lundin Malaysia, has entered into agreements to acquire a 50% interest in PM328, and operatorship of the block, from Petronas Carigali. The effective date of the transaction is Aug. 31, 2014.
PM328 is located offshore Malaysia, northeast of PM307 which is also operated by Lundin Malaysia. PM328 covers an area of 5,600 sq km.
The initial PSC term is for 3 years; within the first 18 months Lundin Malaysia has committed to undertake the acquisition of 600 sq km 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%) and E&P Malaysia Venture (10%).
