Block E covers 5,559 square kilometers and is located offshore Cambodia, in the Pattani Basin. The block contains several plays in addition to rift basin, fault traps and several structures have been identified. A 1,200 kilometer 2D seismic acquisition has recently been completed and is currently being processed and interpreted to define further exploration activities.
Future plans include 250 square kilometers 3D seismic acquisition and one exploration well. In addition, Lundin Petroleum and Medco have agreed to work together in respect of certain future oil and gas opportunities in Cambodia.
Ashley Heppenstall, President and Chief Executive Officer of Lundin Petroleum commented: We are very pleased to have expanded our exploration portfolio in South East Asia with the acquisition of an interest in Block E in Cambodia. We will continue to proactively seek further opportunities in the region.
Partners in Block E will be Medco (operator), 41.25 percent, Kuwait Energy Company, 20.63 percent and JHL Petroleum, 4.13 percent.
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, Africa, Russia and the Far East. The Company is listed at the Nordic Exchange, Sweden (ticker "LUPE"). Lundin Petroleum has existing proven and probable reserves of 176.4 million barrels of oil equivalent (mmboe) as at 1 January 2007.
For further information, please contact:
C. Ashley Heppenstall,
President and CEO
Tel: +41 22 595 10 00
or
Maria Hamilton
Head of Corporate Communications
Tel: +41 22 595 10 00
Tel: 08-440 54 50