STOCKHOLM (Yosefardi) – Lundin Petroleum AB (Lundin Petroleum), through its wholly owned subsidiary Lundin Sareba BV, has entered into a production sharing contract (PSC) amendment with SKKMigas to substitute the existing Sareba Block acreage with new acreage named Cendrawasih VII (CVII), offshore north eastern Indonesia.
Under the amended agreement, Lundin Petroleum is awarded the new Block acreage as a result of the existing Block acreage being declared a protected nature conservation area.
The CVII Block covers an area of approximately 5,545 km² and has been lightly explored. The block contains the shallow water portion of the Mamberamo delta and an undeveloped gas discovery in Pliocene turbidite reservoirs.
Lundin Petroleum operates a total of 5 Blocks in Indonesia and holds a non-operated interest in an onshore gas producing Block.
Lundin Petroleum holds a 100 percent interest in the CVII Block PSC through its subsidiary Lundin Sareba BV.