Lundin Petroleum AB (“Lundin Petroleum”) announces that its wholly owned subsidiary Lundin Malaysia BV has received approval for the Bertam Field Development Plan from PETRONAS. The Bertam field is the first development project operated by Lundin Petroleum in Malaysia.

The Bertam field is located in Block PM307, offshore Peninsular Malaysia. Lundin Malaysia BV as operator holds a 75% working interest and PETRONAS Carigali holds the remaining 25% working interest.

The Bertam field will be developed using a 20 slot Wellhead Platform adjacent to a spread moored FPSO in a water depth of 76 metres. The subsurface development concept consists of 14 horizontal wells completed with Electric Submersible Pumps (ESP’s). The total gross capital investment associated with the Bertam field development, excluding any FPSO related costs, is estimated at approximately USD 400 million.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments; “The approval from PETRONAS of the Bertam Field Development Plan is a major achievement for the South East Asia business. We have built an experienced project team with strong record of completing similar projects and are confident we have the capability to deliver this major project on schedule and on budget.”

Press Release, October 10, 2013