Lundin updates Indonesian oil, gas ops

Below is an excerpt of 9-month report from Swedish independent oil, gas firm Lundin Petroleum AB published on Wednesday. (Ed)

Salawati Island and Basin (Papua)
The net production from Salawati (Salawati Island WI 14.5% and Salawati Basin WI 25.9%) was 2,700 boepd for the first nine months of 2007. Production was below expectations primarily due to well downtime on the Walio field in Salawati Basin.

Lematang (South Sumatra)
The approval of the plan of development for the Singa gas field (WI 25.88%) by the Indonesian regulatory authorities was received in 2006. In 2007 a gas sales agreement was signed with PT PLN (PERSERO), a major Indonesian electricity generating company to supply a gross contracted volume of 133 billion cubic feet.

Commissioning and first gas from the Singa field is forecast for 2009 at production rates net to Lundin Petroleum in excess of 2,000 boepd.

In the first half of 2007, Lundin Petroleum completed the acquisition of an additional 10 percent working interest in the Lematang block from Serica Energy, increasing our interest to 25.88 percent.

Blora (Java)
The Tengis-1 exploration well (WI 43.3%) was completed in the third quarter of 2007. Two potential hydrocarbon zones were identified for testing operations. Gas flowed to surface with a high CO2 content. The well was plugged and abandoned and the Blora concession will now be relinquished.

Jemaja/Sokang (Natuna Sea)
Lundin Petroleum has been awarded by MIGAS two Direct Offer Joint Study areas located in the Natuna Sea, the Jemaja Block and Sokang Block. The two studies will be completed in 2007/2008.(end of excerpt)