Lundin Malaysia signed farm-out agreements (FOA) with certain wholly owned subsidiaries of DYAS for part of its working interests across three production sharing contracts (PSC) in Malaysia.
The FOA covers Blocks PM328, SB307/308 and gas holding areas in SB303 with an effective date of 1 July 2015.
According to the FOA terms, DYAS will be transferred 20% working interest in PSC SB303, and 15% working interest in PM328. In addition, DYAS will be transferred 20% working interest in PSC SB307/308 for paying a promote on certain forward costs in relation to the upcoming exploration campaign on SB307/308 in the Sabah region offshore East Malaysia.
Following this transaction, Lundin Petroleum holds 65% working interest in SB307/308, 55% working interest in SB303, and 35% working interest in PM328.