Lundin announced the signing of a Sale and Purchase Agreement (SPA) with RH Petrogas ("RHP"), to sell its non-operated interests in the Salawati Basin and Island assets, located in the eastern part of Indonesia.
Ashley Heppenstall, President and CEO of Lundin Petroleum commented, "We are very pleased with the sale of our Salawati Island and Basin assets in Indonesia with net reserves of 8 MMboe and production of 2,100 boepd to RHP. We remain committed to our exploration driven growth strategy in SE Asia where we will commence a 5 well drilling program in 2011."
Lundin Petroleum holds 25.936 percent interest in the Salawati Basin asset (Kepala Burung Production Sharing Contract) and 14.5122 percent interest in the Salawati Island asset (Kepala Burung Production Sharing contract), both operated by PetroChina.
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