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

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To: Tomas who wrote (1248)	8/20/1999 11:30:00 PM
From: Tomas	of 2742

AFX (UK) Aug.20: Sodra Petroleum To Decide On More Falklands Write-Offs After Study Completed Sodra Petroleum AB said it will make a further decision on writing off exploration expenditure once Robertson Research has completed a study of data from its operations in the Falkland Islands. "To date, Robertson Research has compiled all the data available and started the first studies which involved seismic processing and interpretation of the 9000 km of 2D seismic available in the Basin," the company said. The report will be completed during the second half of 1999. For the six months to June, the group reported net profit of 1.406 mln skr against 7.88 mln a year earlier. The parent company saw net profit for the same period of 477,000 skr against a loss of 2.519 mln a year ago. je/ Sodra Petroleum's parent company Lundin Oil AB reported a net loss of 17.5 mln skr for the first half to end-June. The loss per share was 0.22 skr, down from a 0.38 loss. The pretax loss was 1.3 mln skr, compared with a 3.7 mln profit. Lundin attributed the loss to the continued depressed world oil prices throughout the majority of the period. "It is expected that the recent recovery in oil prices will result in a return to profitability for the company in the third quarter," it added. Lundin Oil received an average price on its crude oil sales of 13.54 usd per barrel for the first six months, compared with 12.89 usd in 1998. The average oil price received for July was 18.75 usd per barrel. Production for the first six months on a working interest basis amounted to 2.44 mln barrels of oil equivalents, of which 2.119 mln were barrels of oil. Lundin said this corresponds to a production of 13,488 barrels of oil equivalents per day for the half year. The company said a field development plan for the En Naga North and West oil field in Libya has been submitted for the approval of the management committee. The forecast peak production rate from the En Naga North and West field is estimated at 22,000 bpd, 24 months after start-up. Lundin Oil said it is currently in discussions with various financial institutions regarding a project financing for the development. It said the discussions with financial institutions are well advanced and that it is "confident" that the funding of the development costs will be successfully completed. ak/

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