Lundin Spuds Kitabu-1 Exploration Well in Block SB307/308 Offshore Sabah

Sweden's Lundin Petroleum AB (Lundin Petroleum) announced Monday that it has spud the Kitabu-1 exploration well in Block SB307/308, offshore Sabah, Malaysia.

The Kitabu prospect is a stratigraphic trap located 2.48 miles (4 kilometers) to the north of the Shell-operated producing South Furious 30 oil field with target reservoirs in onlapping turbidite sandstones of the same Miocene sequence. Lundin Petroleum estimates the Kitabu prospect to have the potential to contain unrisked, grossprospective resources of 71 million barrels of oil equivalent.

Kitabu-1 is a vertical well to be drilled by the jackup rig West Prospero to a depth of 7,447 feet (2,270 meters) in approximately 164 feet (50 meters) water depth. The drilling of the well is expected to take approximately 35 days.

Lundin Petroleum holds a 42.5 percent interest in Block SB307/308 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV's partners are EnQuest with a 42.5 percent interest and Petronas Carigali with a 15 percent interest. Lundin Malaysia BV operates seven blocks in Malaysia, namely PM307, PM308A, PM308B, PM319, PM328, SB303 and SB307/308.


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