Lundin Grabs Stake in 2 Offshore Indonesian Blocks

Lundin Petroleum has signed two new production sharing contracts (PSCs) for the Baronang and Cakalang Blocks with BPMIGAS, the Indonesian oil and gas regulating authority in Jakarta on November 13, 2008. Both blocks are located in the Natuna Sea, offshore Indonesia.

The Baronang Block covers an area of approximately 5, 157 km2 and the Cakalang Block 4,520 km2. Previous drilling activities on the blocks have confirmed the presence of active petroleum systems in or adjacent to both blocks. Several prospects and leads have been identified in the blocks from earlier 2D seismic campaigns.

Lundin Petroleum holds a 100 percent interest in both the Baronang and the Cakalang blocks.