The company has completed the vertical well, which was drilled to a depth of 1,565m in 67m water depth and penetrated about 60m of net gas pay in five high quality sand intervals targeting the Miocene objective.
Lundin completed data acquisition including rock and fluid samples, pressure profiles and mini-drill stem testings on the well.
Lundin Petroleum president and CEO Ashley Heppenstall said the company is expecting the gas discovery to have commercial potential.
"The discovery paves the way to evaluate further follow-up potential in an area where Lundin Petroleum acquired a large 3D survey in 2011," Heppenstall said.
"The discovery is the second successful well completed in PM307 in 2012 and continues our robust exploration performance in Malaysia that commenced in 2011 with six discoveries made from nine wells drilled."
The company has plugged and abandoned the well and will carry out work to measure recoverable resource ranges.
Lundin Petroleum through its subsidiary Lundin Malaysia holds 75% interest in PM307 whereas PETRONAS owns 25% interest in it.
