Lundin Petroleum says its Malaysian subsidiary has entered an agreement with Petronas Carigali Sdn to acquire a 75 per cent interest in an offshore oil block.The company also says it will operate the Block PM307 offshore Peninsula Malaysia.
Petronas would hold the remaining 25 per cent interest in the Block.
Lundin says the block covers an area of just over 6,000 square kilometres and contains a proven oil discovery.
Lundin Petroleum now operates a total of 6 Blocks in Malaysia divided into 2 core areas.
Company president Ashley Heppnstall says the agreement is an important step forward in Lundin Petroleum's pursuit of "organic growth opportunities in Malaysia and South East Asia."
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with assets in Europe, South East Asia, Russia and Africa.