Swedish oil and gas firm Lundin Petroleum has signed an agreement with Petronas Carigali to farm-in to Block PM307, offshore Malaysia.

The company acquires a 75% interest and operatorship of the block, while Petronas holds the remaining interest.

The block covers an area of approximately 6,126 square kilometers (sq kms) and contains a proven oil discovery.

Work commitments include 500 sq kms of 3D seismic, an appraisal well on the discovery and an exploration well.

Lundin Petroleum president and CEO Ashley Heppenstall said the signing of this block marks a further important step forward in the company’s pursuit of organic growth opportunities in Malaysia and south east Asia.