Lundin acquires more oil, gas interests in Papua
Monday, July 28 2003 - 05:35 PM WIB
Swedish independent oil and gas firm Lundin Petroleum AB announced Monday that it had completed the acquisition of a further 0.936 percent working interest in the Salawati Basin Production Sharing Contract (PSC) and a further 0.52 percent working interest in the Salawati Island PSC for a cash consideration of US$ 400,000.
Salawati Basin and Salawati Island PSCs are located onshore and offshore Papua province. Lundin said the acquired interests were previously held by Ross Energy LLC and American Energy Operations Indonesia Inc, respectively.
?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,? said Lundin in a statement.
With the completion of acquisitions, Lundin has 25.936 percent interest in Salawati Basin PSC and 14.409 percent in Salawati Island PSC.
Chinese oil and gas firm PetroChina is the operator both concessions.(robert)