Lundin Farms Out Stakes in 3 PSCs Offshore Malaysia to DYAS
Sweden's Lundin Petroleum AB announced Monday that its wholly owned subsidiary Lundin Malaysia BV (Lundin Malaysia) has signed farm-out agreements (FOA) with certain wholly owned subsidiaries of DYAS B.V. (DYAS) for part of its working interests across three Production Sharing Contracts (PSC) in Malaysia.
Ahead of the recently commenced exploration campaign in the Sabah region, offshore East Malaysia, Lundin Malaysia has entered into farm-out agreements with DYAS covering Blocks PM328, SB307/308 and gas holding areas in SB303 with an effective date of July 1, 2015.
The terms of the farm-out agreements are as follows:
- PSC SB307/308: DYAS to be transferred a 20 percent working interest for paying a promote on certain forward costs in relation to the upcoming exploration campaign on Block SB307/308 in the Sabah region offshore East Malaysia
- PSC SB303: DYAS to be transferred a 20 percent working interest in the gas holding area in Block SB303 in Sabah, offshore East Malaysia
- PSC PM328: DYAS to be transferred a 15 percent working interest in PM328 in the Malay basin, offshore Peninsular Malaysia
Subsequent to this transaction, Lundin Petroleum holds a 65 percent working interest in SB307/308, a 55 percent working interest in SB303 and a 35 percent working interest in PM328.
DYAS is a Dutch, privately owned, experienced and active non-operating minority partner and investor in oil and gas exploration and production projects, with a diverse portfolio of assets primarily located in the Netherlands and UK North Sea.
Completion of this transaction is subject to approval from relevant authorities.
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