Block PM308A was awarded to Lundin Malaysia with a 35% stake, Petronas Carigali with 25%, Nippon Oil Exploration Peninsula Malaysia with 20% and Japan Energy Malaysia E&P with 20%.
Block PM308B and Block SB303 were each awarded to Lundin Malaysia with a 75% stake and Petronas Carigali with 25%. Lundin Malaysia will operate all the three blocks. Blocks PM308A and PM308B are situated in the Penyu Basin of peninsular Malaysia and cover an area of about 5,500sqkm and 8,600sqkm respectively.
Block SB303 is situated offshore Sabah in water depths of up to 150m and covers an area of about 5,000sqkm. Previously operated by Shell, it has one undeveloped gas discovery and has been identified to contain a number of leads and prospects with potential for both oil and gas.
The aggregate production sharing contract commitments for the three blocks are the acquisition and processing of a total of 1,250 line km of 2D seismic data, 2,150sqkm of 3D seismic data and drilling of eight wildcat wells. The minimum financial commitment for the three blocks is $157 million.
