Lundin Petroleum signs farm-out agreements in Malaysia

March 26, 2016

This legal, and does PETRONAS know? MPM, speak up.

Dateline 2016-02-01, Your Oil & Gas News:

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Malaysia BV (Lundin Malaysia) has signed farm-out agreements (FOA) with certain wholly owned subsidiaries of DYAS B.V. (“DYAS”) for part of its working interests across three Production Sharing Contracts (PSC) in Malaysia.

Ahead of the recently commenced exploration campaign in the Sabah region, offshore East Malaysia, Lundin Malaysia has entered into farm-out agreements with DYAS covering Blocks PM328, SB307/308 and gas holding areas in SB303 with an effective date of 1 July 2015.

The terms of the farm-out agreements are as follows;

1. PSC SB307/308: DYAS to be transferred a 20 percent working interest for paying a promote on certain forward costs in relation to the upcoming exploration campaign on Block SB307/308 in the Sabah region offshore East Malaysia.