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

To: Tomas who wrote (1933)	12/2/2000 6:29:33 PM
From: Tomas	Read Replies (2) \| Respond to of 2742

Malaysia: Firms sign pact on oil search at Block PM305 Business Times (Malaysia), December 1 PETROLIAM Nasional Bhd (Petronas) has signed a production sharing contract (PSC) with Lundin Malaysia Ltd and Petronas Carigali Sdn Bhd for oil exploration and drilling within Block PM305 offshore Peninsular Malaysia. In a statement, Petronas said the contract, which is the 15th Revenue- Over-Cost PSC, was signed on Monday at the Petronas Twin Towers in Kuala Lumpur. Under the contract, Lundin Malaysia, a wholly-owned subsdiary of Swedish independent oil company Lundin Oil AB, will have a 60 per cent interest in the block, while Petronas Carigali, the exploration arm of Petronas, will own the remaining 40 per cent. Lundin Malaysia will be the operator of the block. According to the statement, Block PM305, which is located about 150km offshore Kuala Terengganu, has an area of about 2,200 sq km. Geologically, the block, which is in water depths of about 100 metres, is situated in 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 that year 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 PSC, Lundin Malaysia will in the next three years drill three additional exploration wells to a dept of at least 2,000 metres each and will acquire 300 sq km of 3D seismic data. The PSC contractor will also conduct geological and geophysical studies on further exploration prospects of Block PM305 as well as carry out a development feasibility study on the Ophir field. Lundin's total financial commitment to this block is RM45.6 million. At the signing, Petronas was represented by its senior vice president of exploration and production business Datuk Mohamed Idris Mansor, while Lundin Malaysia was represented by its president Mr Ian H. Lundin, who is also the chief executive officer of Lundin Oil AB. Petronas Carigali, meanwhile was represented by its managing director Mohamd Johari Dasri.