Lundin to double working interest in Blora block

Swedish E&P company Lundin Petroleum AB said Tuesday it would increase its working interest in Blora exploration block onshore Central Java from 40 percent to 83.3 percent following the withdrawal of two partners in the concession.

Lundin however did not name the partners. But according to government?s data, the block?s participants are Lundin (40 percent and operatorship), Amerada Hess (30 percent), Paladin Resources (13.3 percent), and CNOOC (16.7 percent).

Lundin said it had scheduled to drill an exploration well, the PADI-1, in the third quarter of 2004. ?The prospect has potential reserves in excess of 50 million barrels of oil equivalent,? Lundin added. (robert)