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

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To: Tomas who wrote (1465)	1/20/2000 10:18:00 AM
From: Tomas	Read Replies (2) of 2742

Lundin Oil AB To Exercise Warrants In Red Sea Oil Corporation VANCOUVER, BRITISH COLUMBIA -- Red Sea Oil Corporation (``RSO') is pleased to announce that Lundin Oil AB will, through a wholly-owned subsidiary, exercise 20,334,100 Red Sea Oil Corporation (``RSO') share purchase warrants prior to expiry on January 31, 2000. Two warrants plus C$l.50 entitle Lundin to acquire one RSO common share and as such Lundin will invest C$l5.25 million (approximately SEK 89.3 million) and receive 10,167,050 additional shares in RSO. Lundin and RSO have announced that they have agreed in principle to proceed with a business combination, subject to mutually agreeable terms, which will most likely involve the offer to RSO shareholders of newly issued shares in Lundin. Prior to the exercise of the warrants, Lundin owns approximately 58% of the outstanding shares in RSO. biz.yahoo.com

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