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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Bobby Yellin who wrote ()	8/9/1999 7:38:00 AM
From: Greywolf	Read Replies (1) of 2742

Exploration drilling resumes in Libya, Lundin Oil AB ("Lundin Oil") is pleased to announce that the C1-NC177 oil exploration well was spudded on August 8, 1999 on the Haruj A prospect in Area NC177 onshore Libya. It is anticipated that drilling will take approximately 56 days to complete. The well will be drilled to a depth of approximately 12,500 feet testing several Eocene, Paleocene and Cretaceous targets. Located 25 kilometres south of the En Naga discovery, the Haruj A prospect is one of many prospects and leads identified as a result of the extensive 1998 regional seismic campaign. It is parallel to the En Naga structural trend responsible for the company's En Naga North & West discoveries (71 million barrels) and the En Naga A & B discoveries made by Veba Oil in the mid 1980's (please see attached map). The prospect is a simple four-way dip closed structure 33 square kilometres in size similar to En Naga North's 10 square kilometre four-way dip closed structure. It is also analogous to the En Naga trend discoveries in terms of structural timing and depositional environment. The primary targets of the C1-NC177 well are the Lower Gir dolomites of Eocene age and the Paleocene Zelten "A" carbonates both of which proved to be proficient in the nearby discoveries. Deeper levels are also targeted in the Paleocene Beda, Upper Cretaceous Sirte, Rachmat and Etel levels. The Paleocene Beda and Upper Cretaceous Sirte are amongst the most prolific reservoirs in the Sirte Basin. An 80 kilometre 2D seismic campaign is currently underway on NC177 to firm up several other leads discovered during the 1998 seismic campaign. Red Sea Oil Corporation ("RSO") is the operator of Area NC177 and holds a 60% interest. The remaining 40% interest is held by Lundin Oil which also owns approximately 58% of the outstanding shares of RSO. For further information, please contact: Ian H. Lundin President & Managing Director Tel: +41 22 319 6606 Magnus Nordin Tel: +46 8 440 54 50

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