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

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To: Tomas who wrote (1246)	8/20/1999 12:02:00 PM
From: LARRY LARSON	Read Replies (2) of 2742

Home - Yahoo! - Help -------------------------------------------------------------------------------- Loan Amt. Int. Rate Term [ Business \| US Market \| By Industry \| IPO \| AP \| S&P \| International \| PRNews \| BizWire \| CCN ] -------------------------------------------------------------------------------- Related Quotes LOILY 3 9/32 -5/32 delayed 20 mins - disclaimer Friday August 20, 11:42 am Eastern Time Company Press Release Lundin Oil 1999 First Half Results VANCOUVER, BRITISH COLUMBIA--Results converted from Swedish Krona to USD at 8.2148 (average exchange rate over six month period). Lundin Oil AB (the ''Company'') today announced that its net production for the first six months ending June 30, 1999 was 2,441,295 barrels of oil equivalent (boe), down 2 percent over the same period last year. Average daily production was 13,488 boe per day versus 13,795 boe/d. Operating cash flow for the first half totalled U.S. $17.7 million (U.S. $0.22 per share), up 3 percent from U.S. $17.1 over the same period last year. Average price received on crude oil sales during the first six months was U.S. $13.54 per barrel versus U.S. $13.73, a decrease of 1 percent. Average price received on crude oil sales going into the third quarter is expected to improve significantly. July, 1999 crude oil sales averaged U.S. $18.75 per barrel. Cash and short term investments as at June 30, 1999 was U.S. $34.5 million. Net loss for the first half narrowed to U.S. $2.1 million (U.S. -$0.03 per share) versus a loss of U.S. $3.8 million over the same period last year. Operational highlights: - New major oil discovery in Sudan. Testing of discovery well to be conducted toward the end of the fourth quarter. - Development plan in place for oil discovery in Libya. Proven/probable recoverable reserves in excess of 71 million barrels of high quality light crude. Approval for development expected in third quarter. UN sanctions against Libya suspended resulting in an improved investment climate with several new international oil and gas companies now active in Libya. - Exploration drilling resumes in Libya on Haruj A prospect. - New 3D seismic program completed on Block PM3 in Malaysia. Significant further exploration potential exists. Proven/probable reserves currently stand at 155 million barrels of hydrocarbon liquids and 1.85 trillion cubic feet of gas. - Discussions to finalize a gas sales agreement ongoing and have been encouraging. A finalized gas sales agreement will provide a firm timetable for Phase 2 development of Block PM3 which is expected to boost oil production from the block to 40,000 boe/d and 250 million cubic feet of gas per day. - A Queensland government-owned utility committed to purchase enough gas to underwrite Chevron's proposed gas pipeline from Papua New Guinea to Queensland. The proposed pipeline is expected to provide an access to market for Lundin Oil's Pandora gas discovery in Papua New Guinea. Estimated gas reserves for the Pandora field are 1.6 trillion cubic feet. -------------------------------------------------------------------------------- Contact: Lundin Oil AB Magnus Nordin Deputy Managing Director 011 46 8 440 54 50 or Lundin Oil AB Sophia Shane Corporate Development - North America (604) 689-7842

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