OilVoice - Lundin Announces Farm-out Agreement For Rangkas Block, Indonesia

Lundin Announces Farm-out Agreement For Rangkas Block, Indonesia

Thursday, September 17, 2009

Lundin Petroleum AB announces that its wholly owned subsidiary Lundin Rangkas B.V has entered into a farm-out agreement with Carnarvon Petroleum (Indonesia) PTY LTD ("Carnarvon"), a subsidiary of Carnarvon Petroleum Limited of Australia, in respect of the Rangkas block onshore West Java, Indonesia.

Carnarvon will acquire a 25 percent interest in the Rangkas block onshore Indonesia. The block covers 3,977 km2 and several leads have been identified in the block. A 2D seismic acquisition program is due to commence in 2010.

Lundin Rangkas B.V. is the operator of the Rangkas block and will have the remaining 75 percent working interest. The completion of this transaction is subject to the approval of the Government of Indonesia.