Lundin Petroleum AB (Lundin Petroleum) through its wholly owned subsidiary Lundin Malaysia B.V. (Lundin Malaysia) reported Thursday that it has entered into agreements to acquire a 50 percent interest in PM328, and operatorship of the block, from Petronas Carigali. The effective date of the transaction is Aug. 31.
PM328 is located offshore Malaysia, north east of PM307 which is also operated by Lundin Malaysia. PM328 covers an area of 2,162 square miles (5,600 square kilometers).
The initial PSC term is for 3 years; within the first 18 months Lundin Malaysia has committed to undertake the acquisition of 231.6 square miles (600 square kilometers) 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 percent and E&P Malaysia Venture Sdn Bhd 10 percent.
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