Malaysian Well Comes Up Dry for Lundin

Sweden's Lundin Petroleum announced Thursday that it has completed the Merawan Batu-1 exploration well on Block PM308B, offshore the east coast of the Malaysian Peninsula. The well is to be plugged and abandoned as a dry hole.

The exploration well targeted hydrocarbons in Oligocene-aged sands in a faulted anticline in an undrilled area approximately 30 miles to the west of the Janglau oil discovery made by Lundin in 2011. The objective reservoirs were successfully penetrated but proved to be water-bearing. The well will be plugged and abandoned as a dry hole.

The jackup rig West Courageous (350' ILC) will now move to drill the Tembakau prospect in Block PM307.

Lundin Petroleum holds 75-percent interest in PM308B through its subsidiary Lundin Malaysia. Lundin Malaysia's partner is Petronas Carigali, which has a 25-percent interest. Lundin Malaysia BV operates six blocks in Malaysia, namely PM307, PM308A, PM308B, SB303, SB307 & SB308.

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