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Lundin Petroleum expands stake offshore Peninsular Malaysia

12/5/2012 11:21:44 AM | Stockhouse Editorial

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The signing of block PM319 expands the Peninsular Malaysia core area significantly where the company is aiming to replicate recent exploration success.

Lundin Petroleum AB (TSX: T.LUP, Stock Forum) said that its subsidiary, Lundin Malaysia BV, has signed a new production sharing contract with PETRONAS covering block PM319, offshore Peninsular Malaysia.

Lundin Petroleum has proven and probable reserves of 211 million barrels of oil equivalent.

According to the Lundin Petroleum press release, block PM319 covers an area of approximately 8,400 kilometres squared and is located west of block PM307 where Lundin Petroleum and PETRONAS Carigali have achieved success during 2012 with the appraisal of the Bertam oil field and the discovery of gas with the Tembakau-1 well.

The area has very limited 3D coverage and work commitments include a full tensor gravity survey, 550 kilometres squared of 3D seismic and one wildcat exploration well. A number of leads have been identified on 2D seismic data.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company.

On Wednesday, Lundin was trading at $23.25 a share. The company has a market cap of $7.4 billion, based on 317.9 million shares outstanding. The 52-week high and low was $27.49 and $16.50 respectively.

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