Lundin Malaysia, a wholly owned subsidiary of Lundin Petroleum, has signed an agreement with Petronas Carigali to acquire a 75% interest in block PM307, offshore Peninsular Malaysia.

Petronas Carigali will continue to own the remaining 25% of block PM307.

The company will conduct a 500km² 3D seismic study to drill an appraisal well and an exploration well on the discovery.

Lundin president and CEO Ashley Heppenstall said that the signing of the block marked a further important step forward in Lundin Petroleum’s pursuit of organic growth opportunities in Malaysia and South East Asia.