Sodra Petroleum AB - Drilling Report
July 17 1998 - 12:49PM
UK Regulatory
RNS No 4975x
SODRA PETROLEUM AB
17th July 1998
SODRA PETROLEUM AB
Sodra Petroleum AB announces that its parent company, Lundin Oil
AB ("Lundin") has today issued the following announcement:-
"Lundin Oil AB: Block PM-3 Commercial Arrangement Area:
North Bunga Pakma Field Discovery Well flows over 100 million
cubic feet of gas and 2,000 bbls of condensate per day
LUNDIN OIL AB (The "COMPANY"), through its wholly-owned
subsidiary, IPC Malaysia Ltd., is pleased to announce the
discovery of the North Bunga Pakma field in the North West area of
the Block PM-3 CAA, the Commercial Arrangement Area between
Malaysia and Vietnam. North Bunga Pakma is the seventh field to be
discovered on this highly prospective block.
The discovery well, North Bunga Pakma-1, was drilled to a total
depth of 10,781 feet and encountered 12 commercially significant
hydrocarbon bearing reservoirs with a total gross thickness of 400
feet. Production testing of four representative sands from the J,
K and I sequences yielded a combined maximum flow rate of 111
million cubic feet per day and 2,036 barrels per day of
condensate. Apart from proving up significant additional reserves,
the well results have upgraded the potential of the North West
Pakma and North Orkid prospects which are adjacent to North Bunga
Pakma. Development studies will now be carried out to incorporate
the North Bunga Pakma field into the Block's development plans.
The remaining two wells planned on the Block this year will be
drilled on the Kekwa field and will be tied into the existing
production facilities as soon as they are completed. The Kekwa
filed currently produces in excess of 10,000 barrels of oil per
day from a Floating Production and Storage and Offloading vessel.
Ian H. Lundin, President of Lundin Oil AB, commented as follows:
"The reserves discovered by North Pakma represent a significant
addition to the Block reserves which is currently estimated at 140
million barrels of oil and condensate and 1.8 trillion cubic feet
of gas recoverable. Discussions are ongoing with the Government of
Malaysia and Vietnam with regards to the Gas Sales Agreement and
we expect to have a final resolution before year end which will
enable Phase-II of the project to proceed with a target start up
date in late 2,000 at an initial rate of 250 million cubic feet
per day and 40,000 barrels of oil per day."
Lundin Oil AB has a 41.44 percent working interest (held through
IPC Malaysia Ltd. 26.44 percent and Sands Malaysia AB 15 percent)
and is the Operator of Block PM-3 CAA. The remaining interest is
held by Petronas Carigal Sdn Bhd with 46.06 percent and
PetroVietnam Exploration and Production with 12.5 percent."
For further information, please contact:
Magnus Nordin
Managing Director - Sodra Petroleum AB
Tel: +46 705 766 555
Simon Rothschild
Millham Communications
Tel: 0171 256 5756
Notes for editors:
1. Lundin is the parent company of Sodra by virtue of its
holding of 40,506,500 Ordinary Shares of SEK0.05 each. The
40,506,476 Convertible Shares of SEK0.05 each in Sodra listed on
the AIM market are effectively convertible into the right to
subscribe for B Shares in Lundin in November 2001. Upon exercise
of the conversion right, for every 12 Convertible Shares, the holder
will receive a warrant to subscribe for 1 new Lundin B Share at the
nominal value of SEK0.50.
2. Convertible Shares in Sodra are also listed on the New Market
of the Stockholm Stock Exchange. Lundin B Shares are currently
quoted on the Stockholm Stock Exchange, Toronto Stock Exchange and
the Nasdaq National Market.
END
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