Thursday, September 17, 2009

Lundin farm-out Rangkas Block

Lundin Petroleum AB announced on Thursday that its wholly owned subsidiary Lundin Rangkas BV has entered into a farm-out agreement with Carnarvon Petroleum (Indonesia) Pty Ltd, a subsidiary of Carnarvon Petroleum Ltd (Australia) in respect of the Rangkas block onshore West Java, Indonesia.
According to Lundin, Carnarvon will acquire a 25% interest in the Rangkas block onshore Indonesia. The block covers 3,977 km2 and several leads have been identified in the block. A 2D seismic acquisition program is due to commence in 2010.
Lundin Rangkas BV is the operator of the Rangkas block and will have the remaining 75% working interest. The completion of this transaction is subject to the approval of the Government of Indonesia.




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