First oil from Swedish Lundin Petroleum in Malaysia

Lundin Petroleum announced in early April 2015 that its wholly owned subsidiary Lundin Malaysia BV (Lundin Malaysia) has achieved the first oil from the Bertam field.

The Bertam field:
–    Has commenced production from four pre-drilled development wells. The remaining production wells will be drilled sequentially and put on stream through the remainder of 2015, with the field’s gross plateau rate of 15,000 barrels of oil per day expected to be achieved by late 2015.
–    Located on Block PM307, offshore the eastern side of Peninsular Malaysia. Lundin Malaysia is the operator with a 75 percent working interest and Petronas Carigali is partner with a 25 percent working interest.
–    Developed with a wellhead platform adjacent to a spread – moored FPSO in a water depth of 75 metres. The Plan of Development was approved by Petronas in September 2013, with first oil having been achieved within 18 months from approval of the Plan of Development. Through excellent collaboration with all stakeholders, the project has been delivered on time and on budget, amounting to approximately USD 400 million gross.

Lundin-Completes-Bertam-2-Appraisal-Well-Offshore-Malaysia-2_550x300

This is Lundin Petroleum’s third project to be put into production over the last

Four months and with the Edvard Grieg Field coming on stream during the fourth quarter 2015, the Company remains on track to achieve a 2015 exit production rate of in excess of 75,000 barrels of oil equivalent per day.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments: “Bertam is our first development project in Malaysia and as such we are very pleased to have achieved first oil safely, on schedule and within budget. The Bertam project is an excellent example of how fast-track projects can be developed through close collaboration between us, Petronas Carigali, Petronas and our contractors.”

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 equivalent (MMboe).