Lundin Oil: Malaysia/Vietnam Production Boosted by 30%
VANCOUVER, B.C.--(BUSINESS WIRE)--April 9, 2001--Lundin Oil AB (Nasdaq:LOILY - news; SSE:LOILB.) together with Petronas Carigali Sdn Bhd and PetroVietnam Exploration and Production, are pleased to announce the completion of a production enhancement program and the commencement of a new exploration well on Block PM-3 CAA, offshore Malaysia/Vietnam.
The production enhancement program has increased production rates from the Kekwa Field by 30% to approximately 18,000 barrels of oil per day (bopd). This represents 7,500 bopd net to Lundin Oil on a working interest basis. The project included the drilling of two new development wells and the workover of four existing wells. The two new development wells, BK-A8 and BK-A9, tested 5,880 barrels of oil per day and 4,375 barrels of oil per day respectively.
The drilling unit has now been repositioned and is currently drilling the East Bunga Raya-1 exploration well. This well will test a large shallow gas prospect and several deeper oil targets.
Lundin Oil's President, Ian Lundin commented, ``We are very pleased with the results of this production enhancement program. The cash flow from this increased production level in the present climate of high oil prices will contribute significantly to the funding of the Phase 2 development project.''
The Phase 2 development project remains on schedule and on budget with first production of 250 million cubic feet of gas and 40,000 barrels of oil per day planned for the end of the 3rd quarter in 2003.
Lundin Oil is a Swedish independent oil company exclusively engaged in oil and gas exploration and production. The Company is producing oil and gas in the UK sector of the North Sea and oil offshore Malaysia/Vietnam. The Lundin Oil Group has a development project in Libya and ongoing exploration projects in Libya, Albania and the Sudan. The Company's shares are publicly listed on the Stockholm Stock Exchange (symbol ``LOILB'') and on NASDAQ (symbol ``LOILY'').
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Contact:
Lundin Oil AB
Ian H. Lundin, +4122-319-6600
or
Lundin Oil AB
Sophia Shane, 604/689-7842
www.lundinoil.com
info@lundinoil.com |
