LUNDIN BOOKS $549MN IMPAIRMENT

February 9, 2017

Dateline 2017-01-19, Natural Gas World:

Sweden-based Lundin Petroleum announced January 19 a net 4Q2016 upstream impairment charge of $549mn ($632mn gross, offset by a $83mn tax credit) after having taken gas discoveries offshore Malaysia and oil found in the Russian Caspian off its balance sheet.

Lundin said it’s now unlikely any of the discoveries — offshore Sabah in east Malaysia, plus the Tembakau gas find offshore peninsular Malaysia, as well as the Morskaya find in the Caspian — can be commercialised in the near future. It did go into further detail on why they are unlikely to be developed. The affected Malaysia reserves are 60.6mn barrels of oil equivalent; those at Morskaya are 110.1mn boe.


Lundin makes gas find off shore of Malaysia

April 23, 2016

Lundin seems to be a good place to work, with continuing new on exploration and finds.

Dateline 2016-03-03, Marketwatch:

Swedish oil producer Lundin Petroleum AB (LUPE.SK) said Thursday it has completed the Maligan exploration well in Block SB307/SB308, offshore East Malaysia.

The company said the well encountered significant gas shows and it has now been plugged and abandoned. It will be expensed in the first quarter of 2016.

Lundin Malaysia holds 65% working interest in SB 307/308. Partners are DYAS B.V. with a 20% working interest and PETRONAS Carigali Sdn Bhd with a 15% working interest.

Swedish oil producer Lundin Petroleum AB (LUPE.SK) said Thursday it has completed the Maligan exploration well in Block SB307/SB308, offshore East Malaysia.

The company said the well encountered significant gas shows and it has now been plugged and abandoned. It will be expensed in the first quarter of 2016.

Lundin Malaysia holds 65% working interest in SB 307/308. Partners are DYAS B.V. with a 20% working interest and PETRONAS Carigali Sdn Bhd with a 15% working interest.


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.


Lundin commences Maligan exploration well

March 22, 2016

Dateline 2016-01-29, Your Oil & Gas News:

Subsidiary Lundin Malaysia BV (Lundin Malaysia) has commenced drilling of the Maligan exploration well in Block SB307/SB308, offshore East Malaysia.

The Maligan prospect is in shallow water and lies to the north of a major producing field in offshore East Malaysia. The well will target hydrocarbons in Miocene aged sands.

Maligan will be drilled with the West Prospero jack-up rig to a total depth of approximately 1,700 metres below mean sea level.  The drilling of the well is expected to take approximately 30 days.


Lundin Petroleum hits oil offshore Malaysia

March 19, 2016

That’s a high working interest.

Dateline 2016-01-25, Energy Voice:

Lundin Petroleum said it has hit oil after completing work on the Bambazon exploration well offshore East Malaysia.

The company said the well encountered 15 metres of reservoir pay with oil shows over three main reservoir intervals.

The well in Block SB307/SB308 has since been plugged and abandoned.

It was drilled with the West Prospero jack-up rig to a total depth of 1,380 metres.

Lundin Malaysia holds an 85% working interest in SB 307/308.

 


Lundin sells Malaysian infrastructure

March 17, 2016

M3nergy must be happy. FPSO operation team probably isn’t.

Dateline 2016-01-22, UPI:

Swedish energy company Lundin Petroleum said it was taking in cash after shedding infrastructure in Malaysia it said is not part of its core business strategy.

Lundin said it agreed to sell offshore floating production and storage vessel Bertram to M3Energy Investment Ltd., a state-controlled energy company in Malaysia, for $265 million.

“Owning infrastructure assets is not part of Lundin Petroleum’s core strategy and this transaction will allow us to redeploy this capital into other areas of our business to fund our value driven growth,” President and CEO Alex Schneiter said in a statement.


Lundin Abandons Well Offshore Malaysia After Minor Oil Shows

February 18, 2016

Hey, not my fault Lundin posts bad news after good back-to-back.

Dateline 2016-01-08, EPMag:

Lundin Petroleum subsidiary Lundin Malaysia BV has plugged and abandoned the Imbok-1 exploration well offshore East Malaysia after encountering minor oil shows, according to a news release.

The well, which is located in Block SB307/308, targeted hydrocarbons in Miocene-aged sands. Imbok-1 was drilled with the West Prospero jackup rig.

Lundin Malaysia holds 85 percent working interest in SB307/308. Partner is Petronas Carigali Sdn Bhd with a 15 percent working interest. Lundin Malaysia operates six blocks in Malaysia, the release said.