Lundin Oil Awarded Block Offshore Malaysia

Limited ("Lundin"), has been awarded Offshore Malaysia Block PM305 by Petroliam Nasional Berhad ("Petronas") the National Oil Company of Malaysia.

Block PM305 covers approximately 2,200 square km and is located 230 km south of the prolific Block PM3 CAA operated by Lundin Oil. PM305 is in the central portion of the Malay Basin in which about 4.5 billion barrels of oil and 40 trillion cubic feet of gas have been discovered to date. The Block contains one discovery, known as Ophir, which flowed 2,000 barrels per day of crude oil. Lundin plans to acquire 3D seismic over the existing discovery and drill at least three exploration wells over the next three years.

Lundin Oil will be operator of Block PM305 with a 60% interest and Petronas Carigali Sdn Bhd, which is the operating arm of Petronas, will earn a 40% interest in the Block.