Stockholm, 2015-04-14 11:11 CEST (GLOBE NEWSWIRE) --
Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Malaysia BV (Lundin Malaysia) has achieved first oil from the Bertam field on the 5th April 2015.
The Bertam field has commenced production from four pre-drilled development wells. The remaining production wells will be drilled sequentially and put onstream through the remainder of 2015, with the field’s gross plateau rate of 15,000 barrels of oil per day expected to be achieved by late 2015.
The Bertam field is located on Block PM307, offshore the eastern side of Peninsular Malaysia. Lundin Malaysia is the operator with a 75 percent working interest and PETRONAS Carigali is partner with a 25 percent working interest.
The Bertam field has been developed with a wellhead platform adjacent to a spread-moored FPSO in a water depth of 75 metres. The Plan of Development for the Bertam field was approved by PETRONAS in September 2013, with first oil having been achieved within 18 months from approval of the Plan of Development. Through excellent collaboration with all stakeholders, the Bertam field project has been delivered on time and on budget, amounting to approximately USD 400 million gross.
This is Lundin Petroleum’s third project to be put into production over the last four months and with the Edvard Grieg field coming onstream during the fourth quarter 2015, the Company remains on track to achieve a 2015 exit production rate of in excess of 75,000 barrels of oil equivalent per day.
Ashley Heppenstall, President and CEO of Lundin Petroleum comments:
“Bertam is our first development project in Malaysia and as such we are very pleased to have achieved first oil safely, on schedule and within budget. The Bertam project is an excellent example of how fast-track projects can be developed through close collaboration between ourselves, PETRONAS Carigali, PETRONAS and our contractors.”
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed on NASDAQ Stockholm (ticker "LUPE"). Lundin Petroleum has proven and probable reserves of 187.5 million barrels of oil equivalent (MMboe).
For further information, please contact:
| Maria Hamilton Head of Corporate Communications E-mail: maria.hamilton@lundin.ch Tel: +41 22 595 10 00 Tel: +46 8 440 54 50 | Teitur Poulsen VP Corporate Planning & Investor Relations Tel: + 41 22 595 10 00 |
This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).
Forward-Looking Statements
Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon. These statements speak only as on the date of the information and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading "Risks and Risk Management" and elsewhere in the Company's annual report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement.
