Lundin Petroleum's assets offshore Malaysia consist of five gas discoveries and four oil discoveries giving a total of 12.7 MMboe in net 2P reserves and 81.7 MMboe of net best estimate contingent resources as at end 2012. Lundin Petroleum also has approximately 40,000 square kilometres of exploration acreage offshore Malaysia.
Lundin Petroleum operates in two core areas, offshore peninsular Malaysia and offshore Sabah, east Malaysia.
Lundin Petroleum entered Malaysia in 2008 and during the period up to end 2010 focused all resources on acquiring exploration acreage and shooting and interpreting 3D seismic. Exploration drilling offshore Peninsular Malaysia commenced in 2011 and has so far resulted in two oil discoveries, Janglau and Ara, confirmed one existing oil discovery, Bertam, and made one gas discovery, Tembakau. A PDO has been submitted for the Bertam project which schedules first oil in 2015.
Since 2011, Lundin Petroleum's exploration programme, offshore Sabah, has resulted in three gas discoveries, Tarap, Cempulut and Berangan. Lundin Petroleum is studying the possibility of a gas cluster development from these three discoveries in addition to one existing discovery called Titik-Terang.
Further exploration drilling is scheduled in both core areas during 2014.