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Lundin Petroleum Acquires Interest in PM328

Source: www.gulfoilandgas.com 9/25/2014, Location: Asia

Lundin Petroleum AB through its wholly owned subsidiary Lundin Malaysia B.V. is pleased to announce that it has entered into agreements to acquire a 50 percent interest in PM328, and operatorship of the block, from PETRONAS Carigali. The effective date of the transaction is 31st August 2014.

PM328 is located offshore Malaysia, north east of PM307 which is also operated by Lundin Malaysia. PM328 covers an area of 5,600 square kilometres.

The initial PSC term is for 3 years; within the first 18 months Lundin Malaysia has committed to undertake the acquisition of 600 square kilometres of 3D seismic. Lundin Malaysia then has the option to commit to drilling one well in the remaining 18 months, or elect to hand back its interests to PETRONAS Carigali without penalty.

The remaining interest in the block will be held by PETRONAS Carigali 40 percent and E&P Malaysia Venture Sdn Bhd 10 percent.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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