Lundin Petroleum AB announced that it has signed a new production sharing contract (PSC) for the Rangkas Block with BPMIGAS, the Indonesian oil and gas regulating authority in Jakarta, Indonesia. The Rangkas Block is located in the West Java Basin, onshore West Java.
The Rangkas Block covers an area of approximately 4,000 km2. Previous drilling in the Block and surface oil seeps have confirmed an active petroleum system. Several prospects and leads have been identified in the Block from earlier 2D seismic.
Lundin Petroleum holds a 100% interest in the Rangkas Block PSC.
Further seismic acquisition will be completed on the Block over the next three year exploration period.
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