UPDATE: Lundin Petroleum Discovers Oil Well, Starts Makouala Marine-1 Well Drilling; Shares Edge Lower Amid Broad Selloff
Lundin Petroleum AB (LUP.TO) has two pieces of news for investors today, which failed to boost the company's shares at today's session amid a broad selloff.
The company said it has discovered oil in the Janglau-1 well that was drilled in Block PM308A, offshore Peninsular Malaysia. During drilling below 3,153 meters, oil was found in multiple pay sand units in an intra-rift sand/shale section that extended over a gross interval of approximately 300 meters.
The oil and gas exploration and production company also announced that drilling of exploration well Makouala Marine-1, located offshore in Block Marine XIV Congo (Brazzaville) has started.
LUP shares edged off to the lower end of a $25 to $25.37 range.
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