MURPHY OIL CORPORATION ANNOUNCED THAT IT HAS BEEN INFORMED BY PETRONAS …, THE OFFSHORE EXPLORATION AREAS DESIGNATED AS BLOCK L AND BLOCK M ARE NO LONGER A PART OF MALAYSIA.

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Murphy Oil Corporation Announces Termination of Production Sharing Contracts for Blocks L and M in Malaysia

Press Release Source: Murphy Oil Corporation On Wednesday April 21, 2010, 4:30 pm EDT

EL DORADO, Ark.--(BUSINESS WIRE)--Murphy Oil Corporation (NYSE:MUR - News) announced that it has been informed by PETRONAS that following the execution of the Exchange of Letters between Malaysia and the Sultanate of Brunei on March 16, 2009, the offshore exploration areas designated as Block L and Block M are no longer a part of Malaysia. As a consequence, the production sharing contracts covering Blocks L and M, awarded in 2003 to PETRONAS Carigali Sdn Bhd and Murphy, were formally terminated by letter dated April 7, 2010. Murphy’s potential participation in replacement production sharing contracts covering these areas is under discussion.

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