Lundin Petroleum completes exploration in Indonesia

The Swedish oil and gas exploration company, Lundin Petroleum AB, announced in a press release on March 4, that the exploration drilling of the Balqis prospect in the Baronang PSC, Natuna Sea, Indonesia has been completed.

www.offshoreenergytoday.com

www.offshoreenergytoday.com

Preliminary analysis of wireline logs indicates that the well encountered the targeted Oligocene Upper and Lower Gabus Formation sandstone in well developed reservoirs but no hydrocarbons were encountered. The Balqis-1 well reached basement at a total depth of 2,109 metres below mean sea level (MSL).

The lower section of the Balqis-1 will now be plugged and abandoned and the drilling of the Boni-1 exploration side-track well will commence below the Balqis-1 9 5/8″ casing shoe.

The Boni-1 side-track well will test the stratigraphic on-lap play of the Lower Gabus Formation sandstones against the Basement approximately 800 metres to the west of the vertical Balqis-1 well. Lundin Petroleum estimates the Boni prospect to have the potential to contain unrisked, gross, prospective resources of 55 million barrels oil equivalent (MMboe). The planned total vertical depth is 2,300 metres below MSL and the drilling is expected to take approximately 5 days.

Nido Petroleum Limited exercised its option in accordance with the farm-in agreement to increase its participating interest from 10 percent to 15 percent in the Baronang PSC on the 24th February 2014. The five percentage point increase remains subject to governmental approval.

Lundin Petroleum, through its wholly owned subsidiary Lundin Baronang BV, is the operator and has a 85 percent working interest in the Baronang PSC. Partners are Nido Petroleum Limited with 15 percent working interest. Lundin operates five PSCs in Indonesia, namely Baronang, Cakalang, Gurita, South Sokang and Cendrawasih VII.

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 at the NASDAQ OMX, Stockholm (ticker “LUPE”) and at the Toronto Stock Exchange (TSX) (Ticker “LUP”). Lundin Petroleum has proven and probable reserves of 194 million barrels of oil equivalent (MMboe).

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