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Lundin
Enters Into an Agreement With CNOOC For Block 9 in Kenya
06-05-2008
Lundin Kenya B.V., a wholly owned
subsidiary of Lundin Petroleum AB, has executed an agreement with CNOOC Africa
Ltd ("CNOOC Africa"), a subsidiary of CNOOC Ltd. to acquire an interest in Block
9, Kenya.
Lundin Petroleum will acquire, subject to approval by the Kenyan Ministry of
Energy, a 30 percent participating interest in the CNOOC Africa-operated Block
9, which is adjacent to the Lundin Petroleum-operated Block 10a in the Anza
Basin of northwest Kenya. Block 9 covers 27,778 km2 and has only had 3
exploratory wells drilled on it in the late 1980s. Operational plans for 2008
include finalising the acquisition of 2D seismic and preparation for well
drilling in 2009.
Ashley Heppenstall, President and CEO of Lundin Petroleum, comments: "I am
pleased to announce our entry into Block 9 with CNOOC Africa. This deal further
establishes Lundin Petroleum's strong position across the prospective Anza Basin
in Kenya. Our technical team identified both Blocks 10a and 9 as primary areas
to secure. We were successful signing up Block 10a directly with the Government
of Kenya last year, and through continued efforts, now have a material position
with CNOOC Africa in Block 9."
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