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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1466)1/20/2000 11:32:00 AM
From: Greywolf  Read Replies (1) of 2742
 
En Naga Project in Libya Receives Development Approval

International Petroleum Libya Limited ("IPLL"), a subsidiary of Red Sea Oil
Corporation ("RSO") and Lundin Oil AB ("Lundin Oil"), is pleased to announce that
the En Naga North and West oil field ("En Naga") in Area NC177 has been declared
a "Commercial Discovery" by the Owners Management Committee. The Owners
Management Committee has also approved the Development Plan submitted by the
operator and as a result the development of En Naga will now proceed.

En Naga contains estimated proven and probable recoverable reserves of in excess
of 90 million barrels of oil, based upon an updated certified reserve report. It is
estimated that first production from En Naga will commence in the first quarter of
2001.

Ian H Lundin, President of Lundin Oil said "This approval is a major milestone for us
in Libya and is the culmination of many years of hard work. We have been
successful from an exploration perspective in NC177 and now look forward to
monetizing the discovery to the benefit of our shareholders and the Libyan National
Oil Company. I am confident that there is still much more oil to be discovered in
Area NC177 and, due to our long history in the country, we are well positioned to
take advantage of the improved climate for investment and operations in the Libyan
oil industry".
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