Lundin Petroleum increases stake in Salawati PSC
Posted: 28 July 2003
Lundin Petroleum is pleased to announce that it has completed the
acquisition of a further 0.936 per cent working interest in the
Salawati Basin Production Sharing Contract (PSC) and a further 0.52
per cent working interest in the Salawati Island PSC for a cash
consideration of 400,000 USD.
Both concessions are located onshore and offshore Papua, Indonesia
and are operated by PetroChina.
These interests were previously held by Ross Energy LLC and American
Energy Operations Indonesia Inc. The acquisition is effective as
of 1 January 2003 and was completed following the receipt of all
necessary partner and regulatory approvals.
The acquired interests will result in an increase to Lundin Petroleum’s
proven and probable reserves of 0.3 million barrels of oil equivalent
(mmboe) and currently producing approximately 2,485 barrels of oil
equivalent (boepd), net.
Ashley Heppenstall, President and CEO of Lundin Petroleum comments:
“The acquisition is in line with our strategy to consolidate
around our existing producing interests. The Salawati concessions
are solid producing assets which also have good upside potential
from ongoing exploration.”
Lundin Petroleum is a Swedish independent oil and gas exploration
and production company with a well balanced portfolio of world-class
assets in Albania, France, Indonesia, Iran, Netherlands, Norway,
Sudan, Tunisia and Venezuela. The Company is listed on the New Market
at Stockholmsbörsen, Sweden (ticker LUPE).
For more information see www.lundin-petroleum.com
Posted by Richard Price,
Editor Pipeline Magazine
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