Lundin Expects Rewards In The Muglad - Africa’s premier report on the oil, gas and energy landscape.

Lundin Expects Rewards In The Muglad

Sudan

LUND1N PETROLEUM HAS REPORTED the spud of a new field wildcat, Wan Machar-1, in Sudan’s Block SB. The well, the second to be drilled in the company’s ongoing exploration programme, is located in the swamp area of the block, on the eastern flank of the basin. Lundin says the planned total depth of the well is 1,700 meters and the

partners on the block are targeting the Upper to Lower Cretaceous sandstone reservoirs that have proved highly productive in other producing fields in the Muglad Basin. Lundin said the gross unrisked recoverable reserves for the Wan Macbar prospect is estimated at 1,542 million barrels. The partners in Block 5B are Petronas as the operator with 39%, Lundin Petroleum holds 24.5%, ONGC Videsh Ltd. has a 23.5% stake, and Sudapet Ltd. holds 13%. Lundin said that the partners have accepted the recommendation of the National Petroleum Commission to assign a 10% share to the National Oil Company of Southern Sudan to be allocated on a “pro rata” basis from each of the partners’ shares.

Ashley Heppenstall, President and CEO of Lundin Petroleum, said that Wan Macbar is a world class exploration prospect which if successful “will transform Lundin Petroleum”. He said: “We remain optimistic on the overall prospectivity of the Muglad Basin and its extension into block 5B, an area of over 20,000 km2 which is virtually unexplored to date.”

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