Wednesday, August 12, 2009

Lundin Indonesia oil output increased 7%

Lundin Petroleum AB reported higher oil production by 7% in the first half 2009 to 279,000 barrels from 259,500 barrels.
Lundin reported average oil price of US$51.72 per barrel in H1 2009, dropped significantly from US$97.42 per barrel.
Lundin controls 14.5% working interest in Salawati Island block and 25.9% working interest in Salawati Basin block, both in Papua, with net oil production of 2600 barrels of oil equivalent per day in the first half 2009. 
"Following the successful drilling of the South East Wallo-1 exploration well, two further appraisal wells have been completed. The results of the wells will be incorporated into a revised South East Wallo reserve estimate.
Lundin is also the owner of 25.9% working interest in Lematang block, South Sumatra where the development of the Singa gas field is ongoing with first gas production expected this year. A gas sales agreement is in place with PT PLN to supply a gross contract volume of 133 BSCF.

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