Lundin Petroleum AB (Lundin Petroleum) of Sweden will start exploring a new area offshore north eastern Indonesia. The new area has been awarded Lunding because another area, it had originally contracted, has been declared a protected nature conservation area.
The new CVII Block covers an area of approximately 5,545 km2 and has been lightly explored. The block contains the shallow water portion of the Mamberamo delta and an undeveloped gas discovery in Pliocene turbidite reservoirs. Large carbonate build ups have also been identified on a 950 km2 3D seismic survey that was acquired in 2009. Lundin Petroleum expects to reprocess the 3D seismic survey prior to possible future drilling.
The red baloon marks the location of the mouth of the Mamberamo river on the island of New Guinea.
Lundin Petroleum operates a total of 5 Blocks in Indonesia and holds a non-operated interest in an onshore gas producing Block.
Ashley Heppenstall, President and CEO of Lundin Petroleum says, the new area marks a further important step forward in Lundin Petroleum’s pursuit of organic growth opportunities in Indonesia and South East Asia.
“We are particularly encouraged by the prospectivity of the CVII Block and securing this acreage provides us with the chance to continue with our exploration activities,” he says.
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 202 million barrels of oil equivalent.
Lundin has made the above information public in accordance with the Securities Market Act (sfs 2007:528) and/or the Financial Instruments Trading Act (sfs 1991:980).