Sweden-based Lundin Petroleum will plug the Tiga Papan 5 well located offshore of Sabah in Malaysia.

"Lundin Petroleum, through its subsidiary Lundin Malaysia, owns a 42.5% interest in the blocks SB307 and SB308."

Drilling has been conducted by the West Courageous rig which successfully penetrated the target reservoir interval at the well located in Blocks SB307 and SB308.

However, the reservoir proved to be water bearing, causing the company to abandon it as a dry hole.

Drilling undertaken targeted an un-appraised fault block of mid-Miocene aged sands of the Tiga Papan Unit, which was successfully tested in 1982 by the Tiga Papan 1 well.

The company said the West Courageous rig (formerly offshore Courageous) is expected to relocate to drill the Berangan prospect located in Block SB303.

Lundin Petroleum, through its subsidiary Lundin Malaysia, owns a 42.5% interest in the blocks SB307 and SB308.

Its co-partners include Petronas Carigali and Nio Petroleum, who own 25% and 32.5% interests respectively.

The company has proven and probable reserves of 211 million barrels of oil equivalent.