Swedish Lundin Petroleum AB has acquired a 34 percent interest in Block E, offshore Cambodia from Medco International Petroleum Ltd. (“Medco”), Kuwait Energy Company KSCC and JHL Petroleum Ltd. Completion of the transaction is subject to governmental approvals.
Block E covers 5,559 square kilometers and is located offshore Cambodia, in the Pattani Basin. The block contains several plays in addition to rift basin, fault traps and several structures have been identified. A 1,200 kilometer 2D seismic acquisition has recently been completed and is currently being processed and interpreted to define further exploration activities.
Future plans include 250 square kilometers 3D seismic acquisition and one exploration well. In addition, Lundin Petroleum and Medco have agreed to work together in respect of certain future oil and gas opportunities in Cambodia.
“We are very pleased to have expanded our exploration portfolio in South East Asia with the acquisition of an interest in Block E in Cambodia. We will continue to proactively seek further opportunities in the region.” says Ashley Heppenstall, President and Chief Executive Officer of Lundin Petroleum.
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, Africa, Russia and the Far East.
