Lundin Petroleum has completed the sale of 40,375 percent working interest in Block 5A, Sudan to Petronas Carigali Overseas. The cash consideration paid at completion is $142.5 million adjusted for working capital at March 31, 2003.
Block 5A is located in the Muglad Basin in Southern Sudan and contains the undeveloped Thar Jath field which contains gross proven and probable oil reserves of 149.1 million barrels. Lundin Petroleum will retain its 24.5 percent in Block 5B in Southern Sudan.
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a portfolio of international assets in Albania, France, Indonesia, Iran, Netherlands, Norway, Sudan, Tunisia and Venezuela. The Company is listed on the New Market at Stockholmsborsen, Sweden. — (menareport.com)
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