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Lundin Petroleum Signs New Production Sharing Contract in Indonesia

Source: www.gulfoilandgas.com 5/27/2008, Location: Asia

Lundin Petroleum AB signed a new production sharing contract (PSC) for the Rangkas Block with Bpmigas, the Indonesian oil and gas regulating authority in Jakarta on May 27, 2008. The Rangkas Block is located in the West Java Basin, onshore West Java.

The Rangkas Block covers an area of approximately 4,000 km2. Previous drilling in the Block and surface oil seeps have confirmed an active petroleum system. Several prospects and leads have been identified in the Block from earlier 2D seismic.

Lundin Petroleum holds a 100 percent interest in the Rangkas Block PSC.

Further seismic acquisition will be completed on the Block over the next three year exploration period.

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