Lundin petroleum takes block in Cambodia

Lundin Petroleum has acquired a 34 percent interest in Block E, offshore Cambodia from Medco International Petroleum Ltd. (”Medco”), Kuwait Energy Company KSCC and JHL Petroleum Ltd. Completion of the transaction is subject to governmental approvals.

Block E covers 5,559 square kilometers and is located offshore Cambodia, in the Pattani Basin. The block contains several plays in addition to rift basin, fault traps and several structures have been identified. A 1,200 kilometer 2D seismic acquisition has recently been completed and is currently being processed and interpreted to define further exploration activities.

Future plans include 250 square kilometers 3D seismic acquisition and one exploration well. In addition, Lundin Petroleum and Medco have agreed to work together in respect of certain future oil and gas opportunities in Cambodia.

Partners in Block E will be Medco (operator), 41.25 percent, Kuwait Energy Company, 20.63 percent and JHL Petroleum, 4.13 percent.