Lundin Petroleum AB subsidiary Lundin Malaysia BV has signed farm-out agreements with subsidiaries of DYAS B.V. (DYAS) for part of its working interests in three production-sharing contracts (PSC) offshore Malaysia, Lundin said in a news release.

The agreements cover blocks PM328, SB307/308 and gas-holding areas in SB303 with an effective date of July 1, 2015, the release said. The terms of the farm-out agreements are:

  • PSC SB307/308: DYAS will be transferred a 20 percent working interest for paying a promote on certain forward costs in relation to the upcoming exploration campaign on Block SB307/308 in the Sabah region offshore East Malaysia.;
  • PSC SB303: DYAS will be transferred a 20 percent working interest in the gas-holding area in Block SB303 in Sabah offshore East Malaysia and
  • PSC PM328: DYAS will be transferred a 15 percent working interest in PM328 in the Malay Basin offshore Peninsular Malaysia, according to the release.

Subsequent to this transaction, Lundin Petroleum holds a 65 percent working interest in SB307/308, a 55 percent working interest in SB303 and a 35 percent working interest in PM328, the release said.