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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (1929)	11/28/2000 7:14:18 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Sweden's Lundin in Malaysia Oil Deal KUALA LUMPUR, Nov 28 (Reuters) - Malaysian state oil firm Petronas said on Tuesday it had signed a production sharing contract with Sweden's Lundin Oil AB for a block off Malaysia's northeast. Petronas said Lundin Malaysia Ltd, wholly-owned by Lundin Oil, would have a 60 percent stake in Block PM305, while Petronas exploration arm, Petronas Carigali Sdn Bhd would hold the remaining 40 percent. Lundin will operate the block, located about 150 km (94 mile) off Kuala Terengganu, capital of the northeastern state of Terengganu. The block, covering an area of 2,200 sq km and is in water depths of about 100 metres, is situated on the southern margin of the oil-prolific Malay Basin. Various parts of the block had been operated by two other PSC contractors respectively prior to 1987 and from 1987 to 1993. A total of four wells has been drilled in the block, and one oil field, Ophir, with a recoverable reserve of 20 million barrels, has been discovered. Under the deal, Lundin will in the next three years drill three additional exploration wells and acquire 300 sq km of 3D seismic data. It will also study the feasibility of developing the Ophir field. Lundin's total financial commitment to the block is 45.6 million ringgit ($12 million). (US$ = 3.8 ringgit).