Lundin updates Indonesian ops

The following is an excerpt taken from Swedish oil gas firm Lundin Petroleum?s quarterly report ended 30 June 2014 released on Wednesday.

Lundin Petroleum?s assets in Indonesia are located in the Natuna Sea and offshore northeastern Indonesia and onshore south Sumatra. The Indonesian assets consist of approximately 24,750 km? of exploration acreage and one producing field onshore Sumatra.

Production

Lematang (South Sumatra)

Production in Mboepd	WI	1 Jan 2014- 30 Jun 2014 6 months	1 Apr 2014- 30 Jun 2014 3 months	1 Jan 2013- 30 Jun 2013 ?6 months	1 Apr 2013- 30 Jun 2013 3 months	1 Jan 2013- 31 Dec 2013 12 months
Singa	25.9%	1.5	1.5	1.6	1.6	1.6

The production was slightly below forecast due to certain facility issues during the reporting period. In early 2014 a revised gas sales agreement was put in place for the Singa field (WI 25.28%) resulting in an increased gas sales price of USD 7.97 per million British Thermal Units (MMbtu) compared to the previous price of USD 5.20 per MMbtu with an effective date of 2 January 2014.

Exploration

Gurita (Natuna Sea)
The drilling of the Gobi prospect on the Gurita Block (WI 90%) is expected to commence late in the third quarter of 2014 with the Hakuryu 11 drilling rig. The Gobi prospect is estimated to contain gross unrisked prospective resources of 25 MMboe.

South Sokang (Natuna Sea)
A 3D seismic acquisition programme of 1,000 km? has been completed on the South Sokang Block (WI 60%) in 2013. The seismic processing and interpretation is substantially complete with both oil and gas prospectivity identified at Miocene and Oligocene levels.

Cendrawasih VII (Papua)
Lundin Petroleum is undertaking geological and technical studies on the Cendrawasih VII Block (WI 100%), offshore eastern Indonesia. (end of excerpt)