The well plans to target hydrocarbons in mid-Miocene aged sands in a faulted anticline in an undrilled sub-basin 10km to the southeast of the Tarap gas discovery made by the firm last year.
Lundin said a vertical well will be drilled to a depth of 1,700m in about 70m water depth. The independent oil and gas exploration firm holds 75% interest in SB303 through its subsidiary Lundin Malaysia.
Lundin Malaysia, which has partnership with Petronas Carigali with 25% interest, operates five blocks in the country, namely PM308A, PM308B, SB303, SB307 and SB308.
The Swedish company, Lundin Petroleum’s assets are primarily located in Europe and South East Asia. The firm has probable reserves of 211 million barrels of oil equivalent.
