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

To: Tomas who wrote (2415)	5/17/2001 7:05:52 PM
From: Greywolf	Read Replies (1) \| Respond to of 2742

Wildcat confidence pays off for Lundin Upstream 17.05.2001 Swedish operator Lundin Oil has made a significant oil discovery in offshore block PM-3 in the Malaysia/Vietnam commercial arrangement area that can be exploited at minimal cost. The partners' faith in the East Bunga Raya-1 well, which they earlier said could substantially increase the oil and gas reserves at the block, appears to have been confirmed and a re-assessment of certified resources is already under way. Prior to the discovery, proven and probable reserves on the block were in excess of 144 million barrels of oil and 1.5 trillion cubic feet of gas. The East Bunga Raya-1 well encountered seven new oil zones and two low-CO2 gas reservoirs with total net pay of 168 feet of oil and 328 feet of gas. A production test on the main oil interval flowed at a maximum 5500 barrels per day. "The additional hydrocarbon reserves delineated by this well can be developed using excess capacity from the current planned phase-two infrastructure with minor processing and production debottlenecking refinements," operator Lundin said. The PM-3 CAA co-venturers are Lundin with 41.44%, Petronas Carigali 46.06% and PetroVietnam 12.5%.