Stockholm, 2016-01-25 08:26 CET (GLOBE NEWSWIRE) —
Lundin Petroleum AB (Lundin Petroleum) announces that its wholly owned subsidiary Lundin Malaysia BV (Lundin Malaysia) has completed the Bambazon exploration well in Block SB307/SB308, offshore East Malaysia.
The Bambazon well encountered approximately 15 metres of net logged reservoir pay with oil shows over three main reservoir intervals and the well has been plugged and abandoned and will be expensed in the first quarter of 2016.
Bambazon was drilled with the West Prospero jack-up rig to a total depth of approximately 1,380 metres.
Lundin Malaysia holds 85 percent working interest in SB 307/308. Partners are PETRONAS Carigali Sdn Bhd with a 15 percent working interest. Lundin Malaysia operates six blocks in Malaysia, namely PM307, PM319, PM308A, PM328, SB303 and SB307/308.
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed on NASDAQ Stockholm (ticker “LUPE”). Lundin Petroleum has proven and probable reserves of 187.5 million barrels of oil equivalents (MMboe) as at 31 December 2014 and 515 MMboe in respect of the Johan Sverdrup field as at 11 August 2015.
For further information, please contact:
Head of Corporate Communications
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50
VP Corporate Planning & Investor Relations
Tel: + 41 22 595 10 00
This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).
Certain statements made and information contained herein constitute “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Company’s future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
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