)--Swedish oil and gas company Lundin Petroleum AB (LUPE.SK) said Tuesday it has discovered gas in the Tarap-1 well that was drilled in Block SB303, offshore Sabah, East Malaysia.
MAIN FACTS:
-Tarap-1 was drilled with the Offshore Courageous rig in a water depth of approximately 70 meters.
-The well encountered gas in each of the 5 independently sealed stacked Miocene sands targeted.
-Gross total vertical pay thickness for the sands encountered is approximately 150 metres.
-The data recovered from the well will be analysed further in order to determine a range of resource estimates.
-Ashley Heppenstall, CEO, says: "This is an encouraging start to the drilling campaign in Malaysia and provides strong support for our strategy in South East Asia of pursuing organic growth and value creation in focused core areas. With a large number of prospects and leads already identified within SB303, I'm confident that we can continue grow our resource base in this area in the coming years."
-"Sabah currently has two gas demand centres located in Kota Kinabalu and Labuan Island that are supplied from existing offshore infrastructure. The addition of a third demand centre with the construction of the Sabah Oil and Gas Terminal at Kimanis and the Sabah-Sarawak gas pipeline gives us a broad range of options to explore for gas monetisation in the area."
-The rig will now move to drill the Cempulut prospect, also in SB303, the second well in Lundin Petroleum's five well drilling campaign in Malaysia in 2011.
-Lundin Petroleum holds a 75% interest in SB303 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV's partner is PETRONAS Carigali Sdn Bhd with a 25% interest.
-At 0936 GMT shares traded 2.8% lower at SEK86.05.
-The well encountered gas in each of the 5 independently sealed stacked Miocene sands targeted.
-Gross total vertical pay thickness for the sands encountered is approximately 150 metres.
-The data recovered from the well will be analysed further in order to determine a range of resource estimates.
-Ashley Heppenstall, CEO, says: "This is an encouraging start to the drilling campaign in Malaysia and provides strong support for our strategy in South East Asia of pursuing organic growth and value creation in focused core areas. With a large number of prospects and leads already identified within SB303, I'm confident that we can continue grow our resource base in this area in the coming years."
-"Sabah currently has two gas demand centres located in Kota Kinabalu and Labuan Island that are supplied from existing offshore infrastructure. The addition of a third demand centre with the construction of the Sabah Oil and Gas Terminal at Kimanis and the Sabah-Sarawak gas pipeline gives us a broad range of options to explore for gas monetisation in the area."
-The rig will now move to drill the Cempulut prospect, also in SB303, the second well in Lundin Petroleum's five well drilling campaign in Malaysia in 2011.
-Lundin Petroleum holds a 75% interest in SB303 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV's partner is PETRONAS Carigali Sdn Bhd with a 25% interest.
-At 0936 GMT shares traded 2.8% lower at SEK86.05.
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