Lundin farms out interest in West Java block to Carnarvon

Swedish independent oil company Lundin Petroleum AB announced on Thursday that it has entered into a farm-out agreement with Carnarvon Petroleum Limited of Australia to farm-out interest in Rangkas block onshore West Java.

Under the agreement, Carnarvon will acquire a 25 percent interest in the Rangkas block.

The block covers 3,977 km2 and several leads have been identified in the block. A 2D seismic acquisition program is due to commence in 2010, Lundin said in statement.

Lundin is the operator of the Rangkas block and will have the remaining 75 percent working interest. The completion of this transaction is subject to the approval of the Government of Indonesia, it said.

The block was awarded to Lundin in May 2008. (denny)