Lundin updates Indonesian ops

The following is an excerpt taken from Swedish oil gas firm Lundin Petroleum?s Interim report for the financial year ended 31 December 2009 released on Wednesday (ed).

Salawati Island and Basin (Papua)
The net production from Salawati (Salawati Island WI 14.5%, Salawati Basin WI 25.9%) was 2,400 boepd for the twelve month period ended 31 December 2009.

Following the successful drilling of the South East Walio-1 exploration well in Salawati Basin, three further appraisal wells have been completed in 2009 with results below expectation.

Lematang (South Sumatra)
The development of the Singa gas field (WI 25.9%) is ongoing and the facilities are substantially complete. The first of two production wells is expected to commence production in the first half of 2010.

The original Singa gas sales agreement with PT PLN (Persoro), an Indonesian state owned electricity company, was amended in February 2010 incorporating an increased gas price at in excess of USD 5 per million British thermal units (MMbtu) and to allow PT PGN (Persoro), an Indonesian state owned gas distributor, to buy the first three years of Singa gas production. The expected plateau production from the Singa gas field, net to Lundin Petroleum, is approximately 12.5 million standard cubic feet per day (2,000 boepd).

Rangkas (Java)
During 2009 a 49 percent interest in the Rangkas block (WI 51%) was farmed out to Carnevon Petroleum Limited and Top Oil Limited. A 2D seismic acquisition programme will be completed in 2010. (end of excerpt)